The monthly Treasury average was 2.48 percent during September, according to Federal Reserve data. The index was lower than in August and in September 2007. In fact, MTA has not been this low since March 2005.
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A class-action lawsuit filed against Prudential Federal Savings and Loan Association in 1975 in state district court sought earnings on escrow accounts be paid to borrowers. Prudential was subsequently acquired by Washington Mutual Bank. After the case was appealed and remanded back to the state district court, the Utah Supreme Court ruled in favor of WaMu. Federal preemption was cited in the decision.
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Mortgage broker share accounted for 25 percent of 2007 residential originations, according to a cost study released by the Mortgage Bankers Association. Broker share fell from 38 percent in 2006. Meanwile, mortgage banking firms saw production profits of a negative $560 on a per-loan basis last year. In 2006, mortgage bankers lost just $50 per loan.
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Under H.R.1424, the Emergency Economic Stabilization Act of 2008, the Troubled Asset Relief Program enables the Treasury to purchase $700 billion in illiquid mortgage assets. Throwing nearly three-quarters of a trillion dollars at this problem is very likely to yield some pretty positive results. In addition to freeing up capital for the current holders of the investments, it will also establish prices where no bidding had been occurring. Furthermore, with so much money flowing through the seco
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Six years ago, Georgia enacted the Georgia Fair Lending Act, which made lenders and mortgage investors legally liable for any predatory loans that they underwrote or bought. Standard & Poor's objected.
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A report published by the International Monetary Fund said financial institutions have been shedding bad assets, reducing borrowing and seeking new capital. Through September, losses on U.S.-based loans and securities of $0.6 trillion had already been realized, the report said. The IMF now projects losses could ultimately reach $1.4 trillion -- climbing from an estimate of $0.9 trillion in April.
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CitiMortgage is cutting off some of its mortgage brokers, a spokesman told MortgageDaily.com in an interview. "In the current challenging environment, we are redefining the wholesale business model to work with a smaller, targeted group of brokers," the spokesman said in a written statement. Sister company CitiFinancial severed relationships with more than 1000 mortgage brokers in 2001 following the acquisition of Associates First Capital Corp.
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Wells Fargo & Co. reported yesterday that Citigroup Inc. has dropped its bid for Wachovia Corp. The move leaves Wells on track to complete a stock-swap acquisition by the end of this year. Combined, W&W originated nearly $80 billion during the second quarter, well above the $58 billion in residential third-quarter production reported by Bank of America Corp. -- including volume from recently acquired Countrywide Financial Corp. The merged entity could wind up as the No. 1 U.S. mortgage
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Cook County's sheriff has issued a statement indicating he is suspending all foreclosure evictions. The county is home to the City of Chicago. A local banking trade group executive reportedly said that if lenders can't be assured that they have the ability to take over collateral upon default, "we simply won't make the loan."
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Thornburg Mortgage Inc. said it was unable to complete an exchange offer because it couldn't resolve reverse repurchase agreement with its counterparties. It was forced to return $189 million in badly needed capital. The company also said it laid off 16 percent of its staff.
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From January through July, Lenders One originated $20 billion, a press release said. The level of activity represented record growth, according to the statement. Growth in membership, which currently stands at 125, has also maintained a record pace so far this year.
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