Third-quarter residential originations were $22 billion at Citigroup Inc., according to earnings data reported. Production was off more than 20 percent from the second quarter. Citi said that compared to a year earlier, delinquency of at least 90 days has more than doubled. Company-wide losses amount to $20.3 billion during the past four quarters.
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The 30-year fixed-rate mortgage averaged 6.46% in Freddie Mac's rate survey for the week ending Oct. 16, soaring from the prior week. Freddie said the weekly increase was the biggest since April 17, 1987. An increase in loan application activity was driven by refinance applications, which rose 13 percent from the prior week.
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Third-quarter mortgage originations at JPMorgan Chase & Co. fell to $40 billion, according to earnings data. During the second quarter, production was more than $60 billion. Earnings, meanwhile, declined 75 percent from the second quarter.
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Summer is now a thing of the past and fall is upon us. In parts of the country, you may already have turned on your furnace during cold nights. In many northern U.S. states, temperatures have already dipped into the 40s and high 30s. Brrrr, that’s cold…..
Cold weather is coming and now’s the time to get ready. It’s especially important this year, with energy costs at record highs. But don’t worry, it’s not all hopeless and bad news. read more »
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During 2007, originations of mortgages for apartment buildings of at least five units were $148 billion, according data released from the Mortgage Bankers Association. In 2006, multifamily originations were $138 billion. The increase contrasts residential volume, which dropped from 2006 to last year, according to MBA data.
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During the fiscal year ended Sept. 30, 112,100 home equity conversion mortgages were closed, the National Reverse Mortgage Lenders Association reported. Activity rose from 107,558 loans during fiscal 2007. The trade group projects higher growth as seniors seek out additional sources of income and new reverse lending provisions kick in.
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South Shore Savings Bank will acquire The Cambridge Mortgage Group, according to a news release. Banco Santander will acquire Sovereign Bancorp Inc. in a stock-for-stock transaction, a statement said. The Federal Reserve Board approved the acquisition of Wachovia Corp. and subsidiaries by Wells Fargo & Co., an announcement said. Direct Finance Corp. has acquired First Call Mortgage Company Inc., an announcement said.
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San Diego's city attorney filed a lawsuit against Washington Mutual Inc., an announcement said. WaMu is accused of engaging in a "pattern of unlawful, unfair or fraudulent predatory real estate lending practices." Its alleged illegal activity has caused numerous foreclosures, and the city is seeking to prevent WaMu from proceeding on foreclosures of owner-occupied subprime mortgages until it evaluates the borrowers for loan modifications or provides relocation assistance. The city als
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The interim assistant Treasury secretary for financial stability gave the Institute of International Bankers an update Monday on the Troubled Asset Relief Program. He said seven policy teams have already been established to develop tools. Among the teams is one that identifies troubled mortgage-backed securities, one that focuses on purchases of whole loans and one that is structuring insurance for MBS and whole loans. He noted the magnitude of TARP would normally require months or years to est
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Standard and Poor's Ratings Service lowered ratings today on 189 classes from 49 subprime RMBS for $5.92 billion issued in 2005, reflecting probable projected credit support for the affected classes is insufficient to maintain the previous ratings. Moody's Investors Service downgraded nearly 150 second-lien classes because of declining second-lien performance as well as credit enhancement levels, including excess spread and subordination, that were low compared to the current projected loss num
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Assistant U.S. Attorney Shamoil Shipchandler spoke to the Dallas Mortgage Bankers Association last month about the prosecution of fraud. He described fraud for property, where criminals commit mortgage fraud so they can live in a property. Shipchandler also discussed fraud for profit, where the bad guy pulls out significant money from mortgage fraud transactions without actually being part of the transaction. Shipchandler explained that before he can prosecute a case, another U.S. Department of
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The average 30-year fixed rate mortgage declined 0.16 percent from the prior week to 5.94 percent in Freddie Mac's Primary Mortgage Market Survey for the week ending Oct. 9. But the 1-year Treasury-indexed adjustable-rate mortgage increased 3 basis points. At the same time, the 1-year Treasury yield itself was 1.28 percent on Wednesday -- tumbling 44 BPS from one week earlier, the U.S. Treasury Department reported.
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