A notice filed with California's employment department by Bank of America Corp. indicated 90 employees will be laid off on Sept. 30. A spokesman told MortgageDaily.com that the positions are being eliminated from a Countrywide location. He noted the layoffs are tied to the expiration of a lease at the location.
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The credit downturn is far from over, the chairman of the Federal Deposit Insurance Corporation told attendees at a Florida Bankers Association conference. There were 117 institutions on the "problem list" as of June 30, the highest since mid-2003, and the list is growing. And more banks are expected to fail, with the number reaching 10 so far this year.
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Around 356,400 people were employed in mortgage-related jobs during July, the Bureau of Labor Statistics reported. Jobs in the sector edged down from June and were well down from July 2007. Across all U.S. business sectors, unemployment during August rose to 6.1 percent.
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Alan E. Master has been appointed chief executive officer of struggling Franklin Bank Corp., an announcement Thursday said. Security Pacific Bancorp entered an agreement with the Federal Reserve Bank of San Francisco to conserve capital earlier this month as a result of an inspection by the Fed in May. The Federal Deposit Insurance Corporation announced cease-and-desist orders were issued in July against five banks. The FDIC issued civil money penalties against eight banks. The Georgia Departme
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Next year's mortgage originations are projected to range from $1.5 trillion to $1.6 trillion, according to a forecast from iEmergent. In units, the projection is between 8.9 million loans and 9.3 million loans. The forecast represents a 22 percent decline from iEmergent's projection for 2008 production.
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In the first six months of 2008, more than 1,000 new companies entered the reverse mortgage origination market, Reverse Market Insight Inc. reported. But reverse mortgage originations have only increased 5 percent during the first half of this year. "That combination of statistics is alarming and spells certain pressure for any originators looking to reverse as a growth engine," the company said.
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Risk-based mortgage insurance premiums on loans insured by the Federal Housing Administration will be suspended on Oct. 1 for at least one year, a notice from the Department of Housing and Urban Development said. HUD said upfront premiums will be 1.75 percent on purchase-money mortgage and full-credit qualifying refinances beginning on Oct. 1. In other FHA news, Interthinx Inc. announced it provides fraud-prevention and compliance services designed specifically for FHA loans. NAMP Publishing Gr
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Knowing when to lock mortgage interest rates is extremely important and something everyone interest in buying a home or refinancing should understand. Today's audio news stories talks about locking rates and what you need to know to make the best decisions.
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The number of Americans seeking a home mortgage to purchase a home or refinance an existing loan increased 0.5 percent last week, according to a weekly report issued today by the Mortgage Bankers Association (MBA).
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First- and second-lien pools within a wide credit spectrum are being impacted from difficult market conditions, Moody's Investors Service said in a mid-year update announced today. Delinquencies and losses have recently continued to rise. While Alternative-A, junior-lien and subprime transactions continue to be the worst performers, recent jumbo activity is prompting Moody's to review all jumbo issuances from 2006 and 2007.
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David C. Hisey was named chief financial officer of Fannie Mae, an announcement said. Peter Niculescu has assumed the duties of chief business officer, the company said. In addition, Michael Shaw was named chief risk officer.
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Wachovia Corp. announced earlier this month that it reached an agreement in principle for a global settlement with the North American Securities Administrators Association task force investigating the marketing and sale of auction rate securities. Franklin Credit Management Corp. is evaluating the legal structure of its servicing platform as a result of a big second-quarter loss. LendingTree was spunoff from IAC and now trades on the NASDAQ under the symbol LEND, an announcement Thursday said.
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July purchases and issuances were $35 billion, Freddie Mac reported in its monthly volume summary. Activity tumbled from June and fell from July 2007. The government-sponsored enterprise said residential delinquency as of July 31 was 1.01 percent, climbing from June 30. Delinquency is at its highest level since at least February 2001 -- the oldest data available at MortgageDaily.com.
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The National Association of Realtors announced today that Existing Home Sales rebounded in July to a 5-month high. The report, which measures the month-over-month sale of previously owned homes, indicated sales of such homes increased 3.1 percent possibly influenced by FHA Loans.
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