The Pulse

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
FHA announces suspension of Equitable Trust Mortgage Corporation
The Federal Housing Administration (FHA) has announced that it is immediately suspending Equitable Trust Mortgage Corporation (ETM) of Baltimore, Md., thereby preventing the company from originating and underwriting new FHA-insured... Read more
Bank of America's loan mod efforts provides relief to 600,000-plus homeowners
Bank of America has provided mortgage relief through concluded and trial modifications to more than 600,000 homeowners since January 2008. "At Bank of America, we remain focused on providing long-term solutions to help distressed customers... Read more
MBA report finds dip in Q3 commercial and multifamily mortgage performance
Delinquency rates continued to increase in the third quarter for most commercial/multifamily mortgage investor groups, according to the Mortgage Bankers Association's (MBA) Commercial/Multifamily Delinquency Report. "Commercial and... Read more
Oklahoma man sentenced to 30 months for mortgage fraud scheme
Phillip Seibel of Edmond, Okla. was sentenced by United States District Judge David Russell to serve 30 months in prison for money laundering stemming from a mortgage fraud scheme, announced Robert J. Troester, Acting United States... Read more
Rates dip once again according to Freddie Mac survey
Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 4.71 percent with an average 0.7 point for the week ending Dec. 3, 2009, down from last week when it... Read more
The co-author of the Dodd-Frank Act of 2010 defended his legislation by warning that popular opinion would go against any effort to eliminate the Consumer Financial Protection Bureau (CFPB)
Rep. Frank comments on FHA loan limits
House Financial Services Committee Chairman Rep. Barney Frank (D-MA) issued the following statement regarding recent press reports on FHA loan limits: “Recent press reports about FHA loan limits have created the mistaken impression that... Read more
House Financial Services Committee passes "Too Big to Fail" legislation
The House Financial Services Committee has approved legislation that will put an end to “too big to fail” financial firms, help prevent the failure of large institutions from becoming a systemwide crisis, and ensure that taxpayers are... Read more
MBA delivers testimony on FHA's fiscal year report
Robert E. Story Jr., CMB, chairman of the Mortgage Bankers Association (MBA), testified before the House Financial Services Committee at a hearing on the Federal Housing Administration's (FHA) Fiscal Year 2009 actuarial report. The... Read more
LPS report shows loan deterioration ratio climbs above 3:1
The November Mortgage Monitor report, released by Lender Processing Services Inc. (LPS), reveals a nationwide loan deterioration ratio higher than 3:1,  indicating that for every one loan improved, three more loans are deteriorating.... Read more