On 2006 subprime residential mortgage-backed securities, total delinquency was 41.72 percent in July, jumping from 34.17 percent in February, Standard and Poor's Ratings Services said in a report. Foreclosures rose to 15.21 percent from 11.70 percent, and cumulative losses climbed to 3.96 percent from 1.68 percent. At the 12-month seasoning mark, the 2007 subprime vintage had substantially worse total delinquency and foreclosure rates than any other vintage since 2000.
read more »
Add this link to...
Tell a friend
Bury
Add to:
| Bookmarks
In a class-action lawsuit alleging bad faith foreclosure tactics, a Massachusetts couple sued Washington Mutual Bank for negligent misrepresentation. In their complaint, the borrowers allege that WaMu foreclosed on their home despite public statements that it would assist distressed borrowers in fashioning repayment plans and other alternatives to foreclosure, as well as statements directly to the Pestanas that it would not foreclose while it considered their application for homeowners assista
read more »
Add this link to...
Tell a friend
Bury
Add to:
| Bookmarks
The Federal Deposit Insurance Corporation announced that IndyMac Federal Bank FSB will implement a new program to systematically modify troubled Alt-A mortgages. The program will initially be targeted at borrowers who have defaulted or are seriously delinquent. It will subsequently seek to work with borrowers who cannot afford payments due to payment resets or changes in the borrowers' repayment capacities.
read more »
Add this link to...
Tell a friend
Bury
Add to:
| Bookmarks
Second-quarter commercial mortgage originations fell 2 percent from the first quarter, the Mortgage Bankers Association reported. Loans on industrial properties fell 23 percent, while multifamily property fundings were down 14 percent and retail property loan volume was off 7 percent. Compared to the second quarter 2007, commercial mortgage production was 63 percent lower.
read more »
Add this link to...
Tell a friend
Bury
Add to:
| Bookmarks
What can homeowners and homeowner hopefuls do to lower their interest rate? A temporary rate buy-down paid by your lender! Some lenders are offering a temporary buy-down version of FHA mortgages. What’s a temporary buy-down? The program gives clients who are purchasing a home a reduced interest rate for up to the first two years that they’re in their home.
read more »
Add this link to...
Tell a friend
Bury
Add to:
| Bookmarks
Mortgage Contracting Services announced that it has recently doubled its office space. The company, based in Tampa, Fla., has also added more than 90 employees this year. The expansion is the result of "explosive growth."
read more »
Add this link to...
Tell a friend
Bury
Add to:
| Bookmarks
Fannie Mae will no longer purchase or securitize loans on New York properties that are considered subprime under a new law passed in the state. Fannie said the New York law is effective on loans closed on or after Sept. 1. The secondary lender noted the prohibition is effective "regardless of whether any provision of the law is preempted by federal law with respect to a particular mortgage or for a particular originator."
read more »
Add this link to...
Tell a friend
Bury
Add to:
| Bookmarks
The New Hampshire Banking Department has entered into a consent order with The Mortgage Specialists Inc. In a staff petition, the state said it conducted a routine examination of 20 loan files. The files were missing required documents -- which were subsequently found in a shredding bin. After studying the shredded documents, the state said if found altered documents. The broker, its owner and its controller were fined $400,000.
read more »
Add this link to...
Tell a friend
Bury
Add to:
| Bookmarks
A lawsuit was filed in federal court against National Bank of Kansas City by its former partners in First Fractional Funding. First Fractional was shut down earlier this year after the bank allegedly stopped funding mortgages for the unit. The plaintiffs seek a judgment of more than $6 million.
read more »
Add this link to...
Tell a friend
Bury
Add to:
| Bookmarks
Mission Capital Advisors LLC reported that it has brokered the successful sale of more than $6 billion in mortgage portfolios during the past year. Among sellers are banks other financial institutions, commercial mortgage-backed securities trust and "major" originators, the statement said. Mission said its proprietary pricing models and successful recent history ensures accurate loan valuation and pricing.
read more »
Add this link to...
Tell a friend
Bury
Add to:
| Bookmarks
The Mortgage Bankers Association reported that the government share of loan applications has gone from 8 percent in July 2007 to 29 percent during July 2008. Among companies that are helping mortgage bankers manage the shift from conventional to FHA originations is First American Loan Production Solutions, which has "a great deal of experience with FHA lending," is a major provider of FHA outsourcing services as well as compliance and document solutions, the company's president told M
read more »
Add this link to...
Tell a friend
Bury
Add to:
| Bookmarks
Wachovia Corp. plans to eliminate mortgage jobs in Pennsylvania, according to a Workers Adjustment and Retraining Notification. The affected employees work in Bensalem. The date of the planned layoffs is Oct. 1.
read more »
Add this link to...
Tell a friend
Bury
Add to:
| Bookmarks
Discuss
![](\"".my_pligg_base."/templates/".The_Template."/images/expand.png\"/)
