GMAC Financial Services confirmed that it is discussing becoming a bank-holding company with federal regulators. The move would enable GMAC to expand opportunities for funding. It would also improve access to more capital and increase its flexibility and stability.
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Fannie Mae has partnered with the Federal Home Loan Bank of Chicago to offer MPF Xtra. The new program will enable FHLBank of Chicago members to sell fixed-rate mortgages without dealing directly with Fannie. Multifamily loans are also being targeted by Fannie, a bulletin last month said. Ginnie Mae issued a bulletin indicating that all loans under the H4H program must be pooled only under the Ginnie Mae II program's multiple issuer pool type, "MFS." The new 5.8 version of PowerSelle
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Fitch Ratings reported that the six-month London Interbank Offered Rate has been the most widely used index for subprime hybrid adjustable-rate mortgages. On Oct. 15, the six-month LIBOR reached 4.3 percent -- around 1.3 percent higher than it stood on Sept. 17, data from Bankrate.com indicated. Fitch noted that while some ARM borrowers could have seen their payments increase between 30 and 50 percent as a result of the jump, in increased in work-out plans has offset the rising payments.
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Enforcement of the Red Flags Rule has been postponed until May 1, 2009, by the Federal Trade Commission, a statement said. The Office of Thrift Supervision issued examination procedures based on the FACT Act, a bulletin said. The Office of the Comptroller of the Currency said that it is issuing new Fair Credit Reporting Act examination procedures for rules addressing affiliate marketing, identity-theft red flags and address discrepancies. The Federal Reserve Board said that as of Oct. 1, 2009,
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Updates to its loss projections led Moody's Investors Service to downgrade certificates of dozens of subprime RMBS. Moody's downgraded classes of the several second-lien transactions because of continued worsening second-lien performance. Higher-than-anticipated rates of delinquency, foreclosure and REO in the underlying collateral relative to credit enhancement levels prompted Moody's to downgrade tranches of more than 100 Alt-A securitizations.
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HOPE NOW reported that Subprime foreclosures declined to 85,000 September from 87,000 in August. Subprime foreclosures started during the third quarter were 264,000, down from the second quarter's 286,000. Subprime foreclosures completed in September were 43,000, down from 44,000 in August.
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The Housing and Economic Recovery Act of 2008 enables qualified borrowers to utilize home-equity conversion mortgages to purchase a home, according to a mortgagee letter from the U.S. Department of Housing and Urban Development. Acceptable properties include owner-occupied 1- to 4-unit homes. Aside from a first and second HECM lien, there can be no other liens against the property.
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GMAC Mortgage LLC has filed a lawsuit against Schaefer Mortgage Corp. and a number of former employees. The former employees were fired early last month when GMAC shut down all of its 200 retail offices. GMAC alleges the defendants stole confidential data on 1,400 GMAC customers as well as template sales letters after they were terminated. In addition, they allegedly took GMAC trademarked stationary and envelopes and used them to solicit GMAC borrowers.
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The Georgia Department of Banking and Finance has closed down Alpha Bank and Trust, a news release said. An order from the Superior Court of Fulton County named the Federal Deposit Insurance Corporation as receiver. Stearns Bank, N.A., has acquired Alpha's insured deposits.
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September foreclosure filings totaled 265,968, RealtyTrac reported. Filings fell from the prior month. One U.S. foreclosure was filed for every 475 households last month, also improving from August. RealtyTrac said the decrease was only temporary and was a result of legislation in California and North Carolina that delayed the inevitable.
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Mortgage Guaranty Insurance Corp. has implemented changes to its underwriting parameters. Among the changes are tighter debt-to-income ratios, lower loan-to-values and higher credit scores. The updated guidelines apply to mortgage insurance applications received on or after Nov. 24.
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Third quarter mortgage originations at SunTrust Banks Inc. fell 13 percent from the second quarter, earnings data indicated. Residential delinquency of at least 60 days on Sept. 30, climbed 33 basis points from June 30. The loss at the mortgage banking unit during the third quarter was $65 million worse than the second quarter.
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