Home / News / Government (page 530)

Government

FDIC Closes Sales of Failed Banks’ Loans

The FDIC has completed sales of $2 billion in notes backed by real estate loans seized from two big bank failures - Corus Bank in Chicago and Franklin Bank in Houston, Texas. According to the FDIC, the structured note sales - the first from the agency since the early 1990s - will increase recoveries for the two bank closings and return substantial funds to the deposit insurance fund, which has taken repeated hits with the elevated number of bank failures over the past two years.

Read More »

Freddie Mac Offers Mortgage Assistance to Flood Victims

Freddie Mac said Wednesday that its full menu of mortgage relief options is being extended to families whose homes were damaged or destroyed by the recent floods in Rhode Island, Massachusetts, New Jersey, and West Virginia. Specifically, the mortgage giant is giving servicers the discretion to reduce or suspend mortgage payments for up to 12 months for borrowers with Freddie Mac-owned mortgages.

Read More »

Ginnie Mae Guarantees More Than $22 Billion in MBS in March

The Government National Mortgage Association (Ginnie Mae) announced Tuesday that it guaranteed $22.7 billion in mortgage-backed securities (MBS) in March. Total single-family issuance for March was more than $22 billion. Ginnie Mae II single-family pools lead the way with nearly $14 billion in issuance, while Ginnie Mae I single-family pools totaled nearly $8 billion. In addition, Ginnie Mae's multifamily MBS issuance was nearly $828 million.

Read More »

PPIP Funds’ Toxic Asset Holdings Hit $10 Billion

Private equity investment funds, in collaboration with the U.S. Treasury, have relieved the market of $10 billion in souring real estate assets, purchased through the federal government's Legacy Securities Public-Private Investment Program (PPIP). About 88 percent of the portfolio holdings, or $8.8 billion, are non-agency residential mortgage-backed securities (RMBS). Twelve percent, or $1.2 billion, are commercial mortgage-backed securities (CMBS). Of the RMBS assets, nearly half fall into the Alt-A loan category.

Read More »

Inspector General Casts Shadow on New HAMP Programs

Neil Barofsky, TARP special inspector general, has been highly critical of the government's foreclosure prevention programs. On Tuesday, he put the administration's new initiatives to help unemployed and underwater homeowners under the microscope. Barofsky says several issues could impede program effectiveness, including the voluntary nature of principal write-downs, disparate appraisal requirements across subprograms, and the short timeframe given for unemployment forbearance.

Read More »

NeighborWorks Awards $59.5 Million for Foreclosure Counseling

Just four months after the fourth round of National Foreclosure Mitigation Counseling (NFMC) Program funds were appropriated, $59.5 million was awarded to 35 state housing financing agencies (HFAs), 15 HUD-approved housing counseling intermediaries, and 81 community-based NeighborWorks organizations to provide counseling to homeowners facing foreclosure, according to a recent announcement by Washington, D.C.-based NeighborWorks America, administrator of the NFMC Program.

Read More »

Goldman Sachs Beats Expectations with Q1 Profit of $3.46 Billion

Amid the legal storm building over allegations of securities fraud in the subprime mortgage space, Goldman Sachs said Tuesday that its first quarter business dealings turned a hefty $3.46 billion profit, more than doubling its numbers from a year ago and coming out far ahead of analysts' expectations. New details surrounding the SEC's partisan decision to sue the Wall Street fixture may be further evidence of the political motivation behind the charges, but Goldman Sachs isn't going down without a fight, and deep pockets mean a strong defense.

Read More »

Michigan to Use Hardest Hit Funding to Help Unemployed Homeowners

The Michigan State Housing Development Authority recently submitted its plan to the Treasury, detailing its intentions to use the majority of the $154.5 million it received under the Hardest Hit Fund to help unemployed borrowers. Through a nonprofit corporation set up specifically for the purpose of being an ""eligible entity"" under the Hardest-Hit Fund, MSHDA plans to administer three programs, including the Unemployment Mortgage Subsidy Program, the Principal Curtailment Program, and the Loan Rescue Program.

Read More »

First-Time Homebuyers Drive Housing Market in March: Report

First-time homebuyers accounted for a record-high share of purchases last month, according to new data from Campbell Surveys. With the April 30 contract deadline to receive the federal homebuyer tax credit fast approaching, the momentum is likely to continue into this month. But some economists have warned that sales are being pulled forward to make the tax credit window, and as a result will slip fairly substantially in the months ahead. There are no plans to extend the credit again.

Read More »

Caliber Funding Expands Relationship with LenderLive Network

LenderLive Network Inc. said Monday that it has helped Caliber Funding streamline the upfront disclosure and good faith estimate (GFE) issuance process for brokers by creating completed signature-ready documents with a single click. Arizona-based Caliber Funding, started its partnership with LenderLive in 2007 with document preparation for back office services. Since then, the industry has changed drastically and more broker-specific regulations have been put into place.

Read More »

GET YOUR DAILY DOSE OF DS NEWS

Featuring daily updates on foreclosure, REO, and the secondary market, DS News has the timely and relevant content you need to stay at the top of your game. Get each day’s most important default servicing news and market information delivered directly to your inbox, complimentary, when you subscribe.