9.1 million U.S. residential properties were seriously underwater in the first quarter of 2014, according to RealtyTrac's U.S. Home Equity & Underwater Report. Seriously underwater properties, which are homes where the combined loan amount secured by the property is at least 25 percent higher than the property's estimated market value, represented 17 percent of all properties with a mortgage.
Read More »Bank of America Legal Expenses Hurt Q1 Earnings
Bank of America’s first-quarter earnings were hit hard by legal expenses, resulting in a net loss of $276 million to start the year. The loss follows a profitable fourth quarter of 2013, which saw the bank taking in $3.4 billion. For the first quarter of 2013, BofA reported net income of $1.5 billion. The results for the first quarter include $6 billion in litigation expenses related to a major settlement the Federal Housing Finance Agency (FHFA) over legacy securities claims.
Read More »PNC Reports Q1 Income of $1.1 Billion
PNC Financial Services Group released its quarterly earnings, reporting a net income of $1.1 billion, or $1.82 per diluted common share. While net income was positive, it didn't reach as high as the fourth quarter of 2013, when net income was $1.1 billion or $1.87 per diluted common share.
Read More »Advances Rise Due to Secured Loans to JPMorgan, Wells Fargo
After a steep plunge in the amount of housing finance aid given to banks, federal money poured into the country’s largest lenders in 2012 and 2013, as liquidity at the banks found stable ground, according to a report released Wednesday by the Federal Housing Finance Agency.
Read More »United Wholesale Mortgage Launches Non-QM Program for Jumbo Loans
United Wholesale Mortgage (UWM), headquartered in Troy, Michigan, announced it has launched a new program called "Big & Easy Plus," designed for non-QM jumbo loans.
Read More »SoCal Home Sales Stuck at 6-Year Low
Southern California home sales quickened slightly in March compared to February but are far below average, according to a new report issued by DataQuick. The company reported that home sales were at the lowest levels for a March in six years.
Read More »Fay Servicing Welcomes New SVP
Fay Servicing, a residential mortgages servicer, announced the addition of Nancy Barthel to its executive team as SVP of operational risk. Her role will be to develop and strengthen the company's QA/QC programs, as well as managing risk across the organization.
Read More »Recent Ellie Mae Outage Not a Cyber-Attack
In a fortuitous reversal for Ellie Mae, the company announced that a previously reported outage stemming from a presumed cyber-attack was in fact "triggered by a confluence of factors involving network, hardware, software and demand for service."
Read More »Builders Remain in a Holding Pattern, Expect Improvement
The National Association of Home Builders (NAHB) reported a one-point increase in its monthly Housing Market Index (HMI), a measure of builders’ confidence in the market for newly constructed single-family homes. Registering 47 as of the latest release, the index has now spent three straight months below 50, the threshold between a market viewed largely as “good” and one viewed as “bad.”
Read More »HUD and Dubuque, Iowa Settle Allegations of Discrimination
The U.S. Department of Housing and Urban Development (HUD) announced an agreement with the city of Dubuque, Iowa, settling allegations that the city discriminated against African Americans. The agreement stemmed from allegations of discrimination in the administration of the city's Housing Choice Voucher Program.
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