The House Judiciary Committee approved bipartisan legislation that is aimed at speeding up the bankruptcy process and preventing taxpayers from taking the hit in the event of the failure of large financial institutions.
Read More »Fannie Mae Relaxes Waiting Period for Distressed Borrowers
Fannie Mae recently released a report revising the waiting periods for borrowers with a derogatory credit event such as a foreclosure, bankruptcy, short sale, or deed-in-lieu of foreclosure on their credit history to obtain a new loan.
Read More »Florida Has Nation’s Top Foreclosure Rate for 11th Straight Month
For the 11th consecutive month, Florida owned the highest foreclosure rate in the nation, according to RealtyTrac's monthly U.S. Foreclosure Market Report for August 2014 released Thursday.
Read More »Report: Foreclosure Filings Rise Monthly, But Fall Annually
The number of foreclosure filings in the nation has increased month-over-month but declined year-over-year, according to RealtyTrac's monthly U.S. Foreclosure Market Report for August 2014 released today.
Read More »CFPB Director Tells Senate His Bureau Has Made ‘Considerable Progress’
In testifying before the Senate Committee on Banking, Housing, and Urban Affairs earlier this week, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray said the bureau had made "considerable progress" toward its goal of protecting consumers since the passage of the Dodd-Frank Reform Act in 2010.
Read More »Fifth Third Promotes Van Dyke to Lead Mortgage Operations
Van Dyke joined Fifth Third in 2001 through the company's acquisition of Old Kent Bank, where her duties included serving as SVP and manager of the Central U.S. Mortgage region and president of the Illinois bank. Since joining Fifth Third, she has served as regional president for the Michigan affiliates, also taking responsibility for the St. Louis, Indiana, and Ohio affiliates.
Read More »Connecticut Housing Activity Slow, But Still Creeping Upward
A slight increase in single-family home sales in Connecticut for the month of July marked the fifth time in 2014 that single-family home sales increased year-over-year, according to a report released on Wednesday by the Warren Group, publisher of the Commercial Record. The 3,152 homes sold in Connecticut in July represented the highest total for any month since June 2010, when 3,400 homes were sold in the state, according to the Warren Group. July's total of 3,152 was an increase of less than 1 percent from June's home sales of 3,129 in Connecticut. Year-to-date, through the end of July, home sales in the state have fallen by 1.2 percent (from 14,230 down to 14,059).
Read More »Representative Proposes Sweeping Changes to Consumer Reporting System
Congresswoman Maxine Waters (D-California), a ranking member of the Financial Services Committee, unveiled a proposal today that would make sweeping changes to the way consumer credit is scored.
Read More »Morgan Stanley Settles MBS Suit for $95 Million
Morgan Stanley has agreed to pay $95 million to settle a lawsuit alleging that the New York City-based financial services giant misled investors in mortgage-backed securities prior to the financial crisis of 2008, according to New York federal court papers.
Read More »Investors Skeptical of Fed Rate Increase Forecast
In their latest economic projections from June, the members of the Federal Open Market Committee (FOMC) projected a median federal funds rate of 1 percent at year-end 2015 and 2.5 percent at the end of 2016. Based on their own modeling, the analysts say investors put the probability of the federal funds rate hitting the FOMC's target next year at 31 percent, with 2016's projected rate having a 27 percent probability.
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