Last year, FHA rolled out FHASecure, a loan program designed to help homeowners with adjusting ARMs (adjustable rate mortgages) get a fixed rate. Last month, FHA re-launched FHA Secure with some fresh new guidelines aimed at helping even more homeowners.
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First Collateral Services Inc. has notified the state of California of planned layoffs, according to Worker Adjustment and Retraining Notifications. The Citigroup Inc. subsidiary said in the latest filing that approximately 75 layoffs are planned at the unit this year. First Collateral filed a WARN notice earlier this year indicating another 142 layoffs were planned.
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Bank of America Corp. is laying off Illinois employees, according to a Worker Adjustment and Retraining Notification filing. Around 78 employees are impacted. A BoA spokeswoman confirmed in a statement to MortgageDaily.com that the layoffs are part of 7,500 planned layoffs previously announced.
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Freddie Mac reported the average 15-year fixed-rate mortgage was around 6.1 percent, down from the previous week. The average 1-year Treasury-indexed adjustable-rate mortgage was also down from the prior week to 2.2 percent. The Mortgage Bankers Association said overall mortgage applications edged down 2 percent in its Weekly Mortgage Applications Survey for the week ending Aug. 8.
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The Mortgage Bankers Association announced this morning that the number of people applying for a mortgage last week fell 1.5% as compared to the one that preceded it. While applications to purchase a home were flat, applications to refinance an existing mortgage fell 4.2%
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The Federal Trade Commission has issued to Countrywide Financial Corp. civil investigative demands for various documents and items of information in connection with an investigation related to its loan servicing activity, a filing with the Securities and Exchange Commission said. The SEC is conducting an informal investigation of National City Corp., a filing said. The Office of the Comptroller of the Currency announced that cease-and-desist orders were issued against Vineyard Bank N.A., The Fi
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The West Virginia attorney general announced that the state filed a lawsuit against Countrywide Financial Corp. The state claims the company made loans to borrowers "on terms that were unaffordable and unconscionable." Since May of this year, Countrywide has been sued by the states of California, Florida and Illinois.
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Second-quarter secured-loan direct mail pieces sent by both mortgage and home-equity loan lenders totaled 360 million, Mintel Comperemedia announced. Activity was down from 400 million pieces in the first quarter. But looking at just mortgage mailings, second-quarter volume rose from the first quarter.
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Fannie Mae reported that Alt-A mortgage loans represented approximately 11 percent of its total mortgage book of business as of June 30. But Alt-A loans were responsible for 50 percent of its second quarter credit losses. The poor performance has prompted Fannie to eliminate new Alt-A acquisitions altogether by the end of this year.
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A unit of the First American Corp. has notified the Texas Workforce Commission that it laid off 52 employees. The layoffs occurred on Aug. 1. A spokeswoman declined to provide more details about the layoffs.
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John A. Vella has been named senior vice president and managing director of Residential Capital LLC's high-risk mortgage servicing unit, a statement said. The Mortgage Special Operations business provides sub-servicing and asset management for high-risk loans. Vella previously headed a servicing subsidiary of Bear Stearns & Co. Inc.
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Wachovia Corp. will shut down retail mortgage operations in 19 states, a spokesman told MortgageDaily.com. The closings will result in around 125 layoffs involving loan originators, managers and other related personnel. Wachovia will, however, continue to provide mortgage services to borrowers in the impacted states by Internet, telephone and direct mail.
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Freddie Mac is increasing its market condition delivery fee to 50, according to a seller and servicer bulletin Friday. The increase applies to settlement dates on or after Nov. 7. Freddie originally introduced the delivery fee in December 2007, citing.
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