August saw 303,879 foreclosures filed, RealtyTrac reported. Foreclosures jumped from July and were 27 percent higher than year earlier. Real estate owned filings, where the foreclosure was completed and the property became owned by the lender, totaled 90,893 in August, jumping from the month before and more than doubling from August 2007.
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Since the government takeover of Fannie and Freddie on Sunday, Fannie has seen its common shares spiral to 74 cents from nearly $70 last October. Shares of Freddie, which had traded at more than $65 in October, now trade at 58 cents. The dramatic decline has led a growing number of institutions to warn about their investments in the government sponsored enterprises. Among them was Citigroup, which said in a Securities and Exchange Commission filing Wednesday that its exposure stood at $1 billio
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Excluding foreclosures, loans delinquent at least 30 days were 5.80 percent on June 30, according to a report jointly issued from the Office of the Comptroller of the Currency and the Office of Thrift Supervision. The report was based on data reported by 14 institutions. There were 288,740 new foreclosures started in the second quarter. Foreclosures in process ended the second quarter at 1.60 percent.
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GreenPoint Mortgage has decided to utilize a sub-servicer to service its mortgage portfolio, a spokeswoman told MortgageDaily.com in a statement. The servicing portfolio has been shrinking since the unit stopped originating loans last year. As a result of the decision to exit servicing, the spokeswoman said 220 positions will be eliminated by Dec. 31, 2008, at the earliest.
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The 30-year fixed-rate mortgage averaged 5.9 percent in Freddie Mac's latest Primary Mortgage Market Survey. The 30-year plunged 42 basis points from last week to its lowest level since the week ended April 17 -- when it stood at 5.9 pecent. The average 30-year was 6.3 percent 12 months ago. The average 15-year fixed-rate mortgage fell 43 BPS from a week earlier.
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Wachovia Corp.'s Web site was ranked among the best three, Change Sciences Group reported. Change Sciences said its findings were based on an analysis during the past month of 18 leading mortgage lender sites using advanced software models that simulated how prospects interact with sites. Also listed among the top three sites were ditech and E-LOAN.
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Lendability.com has been launched as an online lending firm, a press release Wednesday said. The new venture is based in Scottsdale, Ariz. The online company sees opportunity in a low-overhead structure with a transparent loan pricing model.
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Wells Fargo & Co.'s president and chief executive officer talked about underwriting changes at an investor conference this week. He explained that home-equity loan growth has slowed as a result of tighter underwriting. Wells has stopped acquiring business from the highest-risk indirect channels, reduced the maximum combined loan-to-values in all channels and reinforced its focus on retail. The CEO also noted that on first mortgages, maximum LTVs have been revised, income-documentation sta
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Rapidly falling mortgage rates are bringing consumers seeking a mortgage out in droves, according to the report released today by the Mortgage Bankers Association. The association’s Weekly Mortgage Applications Survey, which measures week-over-week volume of people applying for a mortgage to either purchase a home or refinance an existing mortgage, showed loan application activity increased 9.5%.
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A senior financial analyst at Full Spectrum Lending has been accused of stealing customer databases from the unit and affiliated companies. A criminal complaint indicates he downloaded 20,000 customer records each week for two years. He allegedly sold the each week's batch for $500 to mortgage and lead brokers.
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Mortgagee Letter 2008-23 has been issued by The Department of Housing and Urban Development. The letter outlines changes to downpayments on loans insured by the Federal Housing Administration as a result of recent housing legislation. HUD said borrowers must make a cash downpayment of at least 3.5 percent of the purchase price. Closing costs paid by the borrower cannot be used to help meet the 3.5 percent requirement.
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Prajna Group Inc., which did business as Liberty Mortgage Funding, filed for Chapter 7 bankruptcy last month, according to a copy of the bankruptcy petition. An emergency motion was filed by Texas Capital Bank, which claims to be the biggest creditor in the case. That filing indicated loans Texas Capital had acquired from Liberty may have also been sold to other institutions.
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