The Pulse

HUD's new transparency efforts to conform with Obama's government-wide initiative
As part of the Obama Administration's commitment to create a more open and transparent government, the U.S. Department of Housing & Urban Development (HUD) has announced two measures to make information more accessible to the general... Read more
Metropolitan Money Store execs sentenced to prison for mortgage fraud
U.S. District Judge Roger W. Titus has sentenced Jennifer McCall, age 48, the chief executive officer of the Metropolitan Money Store, of Fort Washington, Md., to 135 months in prison, followed by five years of supervised release, for... Read more
Loan application volume increases 8.5 percent in latest MBA Weekly Survey
The Mortgage Bankers Association (MBA) has released its Weekly Mortgage Applications Survey for the week ending Dec. 4, 2009. The Market Composite Index, a measure of mortgage loan application volume, increased 8.5 percent on a seasonally... Read more
ALTA shows support for pro-consumer mortgage bill
The American Land Title Association (ALTA) has announced its support for a bi-partisan bill introduced in the U.S. House of Representatives by U.S. Reps. Melissa Bean (D-IL) and Shelley Moore Capito (R-WV) that would bring greater... Read more
Five indicted in Philly foreclosure rescue and fraud scheme
A 15-count indictment has been filed against five defendants charged in a $14.6 million mortgage fraud scheme that resulted in at least 35 fraudulent mortgage loans, announced United States Attorney Michael L. Levy, Special Agent-in-Charge... Read more
SEC charges former New Century execs with fraud
The Securities and Exchange Commission (SEC) has charged three former top officers of New Century Financial Corporation with securities fraud for misleading investors as New Century's sub-prime mortgage business was collapsing in 2006. At... Read more
MBA sends joint letter to House seeking bipartisan amendment to HR 4173
On Dec. 8, the Mortgage Bankers Association (MBA) and several other trade associations sent a letter to the U.S. House of Representatives Committee on Rules requesting the committee make in order a bipartisan amendment to HR 4173, the Wall... Read more
Consumer Mortgage Audit Center finds recasting exotic loans will lead to crisis
Many exotic adjustable rate mortgages (ARMs) will recast in 2010, leading to a mortgage crisis as large as sub-prime in the New Year, according to the Consumer Mortgage Audit Center. “We’ve spoken to Florida attorneys who sit at the... Read more
Freddie Mac study: Home prices rise 0.9 percent in Q3 of '09
Freddie Mac has announced that its Conventional Mortgage Home Price Index (CMHPI) Purchase-Only Series registered a 0.9 percent quarterly gain (3.8 percent annualized) during the third quarter 2009 for the U.S., following an upward revised... Read more
NAMB Legislative Alert: House set to vote on CFPA legislation
The U.S. House of Representatives will take up HR 4173 within days. The measure provides for the long awaited reform of Wall Street and creates the Consumer Financial Protection Agency (CFPA). The legislative team of the National... Read more