While Treasury has stated it recovered $264 billion of the $245 billion invested in TARP, Treasury Assistant Secretary Timothy G. Massad said 343 banks still remain in TARP’s taxpayer-funded bank programs. Most of these banks are smaller, community len…
News
Texas Man Gets 61 Months in Prison for Foreclosure-Rescue Scheme
An Austin, Texas, man was sentenced Thursday to 61 months in prison for his role in a foreclosure-rescue scam that took place in Southern California and elsewhere, Special Inspector General for the Troubled Asset Relief Program (SIGTARP) announced Frid…
Economists Give Their Take on April’s Troubling Employment Numbers
The economy added 115,000 jobs, and the unemployment rate dropped to 8.1 percent. With an upward revision of 53,000, March’s payroll growth is now 159,000. Economists expected payrolls to grow by 165,000 for April. The government sector cut 15,000 jobs…
DocMagic Offers Compliance Solutions Throughout the Loan Process
With compliance issues becoming a growing concern in the mortgage industry, Dominic Iannitti, president and CEO of DocMagic, advised loan originators to integrate automated loan file audits in their workflow from the time an applicant makes a submissio…
Slow Growth: 115,000 Jobs Added In April, Unemployment Rate Down
The nation added 115,000 jobs in April, far below expectations and a drop from March’s revised payroll growth of 154,000, the Bureau of Labor Statistics reported Friday. The closely watched unemployment rate dipped again to 8.1 percent – …
Payment to Treasury Drags Freddie Mac to Net Worth Deficit
Freddie Mac reported net income of $577 million for the first quarter of 2012. That combined with $1.21 billion in unrealized gains on securities investments resulted in comprehensive income of $1.79 billion. The GSE’s finances didn’t sit in the black …
Trulia: Rent Prices Climb While Asking Prices Point Towards Recovery
While reports on home prices have been mostly uninspiring, with some flickering of hope here and there, rent prices continue to make significant strides, with rent increasing more than 10 percent compared to a year ago in certain markets, according to…
ICM Announces New Fannie Mae Direct Product
International City Mortgage (ICM) recently released ICM Fannie Mae Direct, a new conventional service retained home loan product.
Is This Market ‘Bottom’ a True One That Will Stick?
During a CoreLogic economic webinar Thursday, the company’s chief economist, Mark Fleming, Ph.D., was asked if the housing market has hit bottom and will it stick, as reports seem to be speculating. Apparently, the market was thought to have hit bottom…
Armitage Research Hires Jayson Dammen as Managing Director
Armitage Research announced the appointment of Jayson Dammen as managing director for the company’s traditional and mortgage finance business channels.
