Making home improvements? With economic and election news dominating recent headlines, you might have missed some important information affecting homeowners like you. Most importantly, several tax credits for certain home improvements were just added or renewed. Make sure you are taking advantage of all of these home improvement tax credits!Read More
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Third-quarter trift originations plummeted 39 percent from the second quarter, according to earnings data reported by the Office of Thrift Supervision. Thrift mortgage holdings declined 28 percent. From January through September, thrifts had an aggregate net loss of $10.1 billion.
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Fitch Ratings announced an upgrade to Carrington Mortgage Services LLC's residential primary servicer rating for subprime loans. The upgrade reflects Carrington's effective loan administration, improved control environment and focused default management practices. Fitch noted that since its last review, an internal audit program has been established, policies and procedures have been re-written and critical systems have been backed up.
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DLJ Mortgage Capital Inc. has filed a lawsuit against dozens of defendants. The company claims it was defrauded on more than $50 million in mortgages it purchased over several years. The mortgages, which were never recorded, were made on properties that were not built or only partially constructed. One of the defendants was an appraiser who fabricated appraisals.
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GMAC Financial Services announced that it submitted its application to become a bank-holding company to the Federal Reserve Board of Governors. If approved, GMAC would become a Utah-chartered Federal Reserve member bank. Under its proposed structure, GMAC would qualify for desperately needed capital under the Treasury's capital purchase plan.
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The yield on the 10-year Treasury was 3.21 percent Wednesday, according to data reported by CNNMoney. A week earlier, the 10-year yield was 3.8 percent. The one-year Treasury yield Wednesday fell below 1 percent.
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Fannie Mae and Freddie Mac announced that all foreclosures and evictions on loans owned or securitized by either company would be suspended until Jan. 9, 2009. The move was taken to support the streamlined modification program announced on Nov. 11. "With this suspension, seriously delinquent borrowers may have an opportunity to avoid foreclosure and work out terms to stay in their homes," their regulator said in an announcement.
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Southern Community Bancshares Inc. last week entered an agreement with the Federal Reserve Bank of Atlanta and the Banking Commissioner of the State of Georgia. FirstBank Financial Services Inc. also entered an agreement with the Fed and Georgia's banking regulator. The New York State Banking Department issued a cease-and-desist order against Dresdner Bank AG of Germany and its New York branch.
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The chairman of the Mortgage Bankers Association testified before a Senate committee about giving bankruptcy judges the power to modify mortgages on primary residences, according to a transcript of his prepared statement. He said cramdown legislation would lead to tighter underwriting standards, increased interest rates and lower loan-to-values. It could also lead to the re-emergence of redlining.
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Cumulative losses on subprime residential mortgage-backed securities issued in 2007 are now projected at 31 percent, Fitch Ratings announced. The frequency of foreclosure on the 2007 issuances are projected at 52 percent. Fitch said it is reviewing subprime RMBS issued from 2005 to 2007 and expects to release updated ratings during the next several days.
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During fiscal 2008, the Federal Housing Administration endorsed 1.2 million loans, an annual FHA management report said. Endorsements were more than double the 0.5 million endorsements reported for 2007. "FHA saw an increase in market share primarily due to the collapse of the subprime mortgage market," the report stated.
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The Department of the Treasury released an editorial written by Secretary Henry M. Paulson Jr. for the New York Times. Between the proposal for the Troubled Asset Relief Program and its enactment, economic conditions deteriorated. After committing $250 billion in TARP funds for capital injections into U.S. banks, the Treasury decided that the remaining funds would not be enough to effectively impact the system.
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Three Colorado mortgage brokers have settled claims of deceptive advertising, according to an announcement from the Colorado attorney general. The firms ran newspaper advertisements for option adjustable-rate mortgage programs with low teaser rates. The state claims that disclosures of true interest rates and other loan terms were either buried in the fine print or not included at all.
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