Did policies in place at Fannie Mae and Freddie Mac help fuel foreclosure abuses such as robo-signing? That’s the question posed by Rep. Elijah Cummings to the GSEs’ regulator. As ranking member of a House oversight committee, the nation’s housing cris…
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SIGTARP Terminates More Mortgage Modification Scams
The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) announced Monday that it intervened to block 40 mortgage modification schemes advertised on Yahoo! and Bing. In response, Microsoft terminated 400 advertising c…
Regulators Shut Down Lenders in Iowa and Louisiana
This year’s tally of failed banks rose to 90 over the weekend, as state and federal regulators stepped in to close the doors on two more community-based lenders in Iowa and Louisiana. Polk County Bank has been acquired by Grinnell State Bank in Iowa, a…
Mortgage-Related Jobs Are on the Rise: Report
The third quarter of 2011 saw a net increase of 2,738 mortgage-related jobs, according to recent industry data. This increase is the first recorded in five quarters. The recent increase in refinances encouraged by remarkably low interest rates sparked …
First Guaranty Mortgage Corporation to Grow Capital Markets Group
First Guaranty Mortgage Corp. (FGMC), signaling that it will become more aggressive in the capital markets channel, has added Mark Mayhook as managing director, capital markets. FGMC is a national mortgage lending firm offering retail, wholesale, and …
Existing-Home Sales Rise Unexpectedly in October
Sales of previously owned homes got an unexpected boost last month while the number of homes on the market continued to decline, according to data released Monday by the National Association of Realtors. The trade group recorded a 1.4 percent month-ove…
Congress Raises FHA Loan Limit
Lawmakers voted late Thursday to increase the ceiling for loans insured by the Federal Housing Administration (FHA). Included in a “minibus” spending bill passed by both the House and Senate was an amendment to restore the FHA loan limit to $729,750 in…
Freddie Mac to Securitize Previously Delinquent Mortgage Loans
Freddie Mac plans to re-securitize certain mortgage loans that were previously delinquent but have been reinstated to current, performing status. The new-issue bonds will not, however, include loans that have been modified. The GSE says this new avenue…
California AG Subpoenas Fannie and Freddie
California Attorney General Kamala Harris reportedly sent subpoenas to Fannie Mae and Freddie Mac, requesting information about their servicing, foreclosure, and property leasing actions in the state. The attorney general’s office also intends to inves…
Clayton Holdings to Acquire Green River Capital Businesses
Clayton Holdings announced Friday that it has agreed to buy Green River Capital. The transaction is expected to close within 60 days. No financial details were announced. Green River will become a wholly owned subsidiary of Clayton Holdings. The compan…
