With vacant and deteriorating properties taking a toll on communities throughout Ohio and Michigan, 16 congressmen from the two states are proposing large-scale demolition as a means of easing the burden of these problematic properties, and they’ve pet…
News
Equator Promotes Two to Vice President Positions
Default technology provider Equator has promoted Chris Michaels to VP of product development and Robert McKinley to VP of business development. Michaels has nine years of business analysis and product development experience. He will lead the team that …
Mortgage Rates Reverse Course
Freddie Mac reported Thursday that mortgage interest rates have done a 180 and are now starting to climb, buoyed by positive housing data over recent weeks which show the market ended 2011 on a high note. The 30-year fixed-rate mortgage rose 10 basis p…
Obama’s Investigative Unit: Absolving Iniquities or Slowing Progress?
New York Attorney General Eric Schneiderman has reportedly been designated co-chair of President Obama’s new investigative team to probe the mortgage industry for past misconduct. In his State of the Union address, Obama announced the creation of a spe…
Homes Backing GSE Mortgages Post 1% Price Gain in November
Data released this week by the Federal Housing Finance Agency (FHFA) show purchase prices of homes backing mortgages that have been sold to or guaranteed by Fannie Mae and Freddie Mac rose 1.0 percent between October and November. The agency’s index ha…
Illinois AG Sues S&P
Illinois Attorney General Lisa Madigan filed a lawsuit against Standard & Poor’s this week alleging the ratings agency inflated ratings of mortgage-backed securities investments – an act Madigan believes triggered the financial crisis. The suit, filed …
Foreclosures for Sale: 34% Off
Foreclosure homes sold for 34 percent less than the average price of a non-distressed home during the third quarter of 2011, according to new data released by RealtyTrac Thursday. The average sales price of homes in the process of foreclosure or bank-o…
Fed Extends Expectations for Low Rates Through 2014
The Federal Reserve said Wednesday that it will hold a key benchmark interest rate near zero through 2014. The setting of this federal funds rate – the rate at which banks lend to one another – is one of the most fundamental and principal tools in the …
Pending Home Sales Decline Monthly, Rise Annually
After reaching a 19-month high in November, pending home sales declined 3.5 percent in December, according to data released by the National Association of Realtors (NAR) Wednesday. November’s pending home sales stood at 100.1 for the nation, just above…
MBA Names VP of Strategic Planning and Internal Technology
The Mortgage Bankers Association (MBA) announced Wednesday the appointment of Peter J. Grace as the trade group’s new VP of strategic planning and internal technology. Grace will facilitate the implementation of initiatives that involve membership enga…
