The Congressional Oversight Panel, one of the federal watchdogs that oversees the government’s $700 billion bailout of the financial industry, says regulators’ stress tests of the nation’s 19 largest banks should be administered again using more severe economic assumptions, and should be conducted over a longer period.
Read More »Nationstar Signs Federal Mod Contract
Nationstar Mortgage LLC, headquartered in Dallas, Texas, has joined the list of mortgage companies officially under contract to provide federal loan modifications through the government’s Home Affordable Modification program.
Read More »Ten Big Banks Allowed to Repay Bailout
Regulators have given 10 major financial institutions the green light to start repaying billions of dollars in federal bailout money. These banks were deemed by their regulatory supervisors on Tuesday to be strong enough to withdraw from what was formerly the Troubled Asset Relief Program (TARP) but was renamed the Capital Purchase Program (CPP) under the Obama administration.
Read More »Lenders One Members Gather On The Hill
Lenders One Mortgage Cooperative recently sponsored the Third Annual Lenders One Legislative Summit in Washington, D.C., to give its mortgage banker members an audience with federal housing agencies and lawmakers.
Read More »Massachusetts Regulator Closes 82 Mortgage Lenders and Brokers
The Massachusetts Division of Banks issued 87 cease-and-desist orders against licensed mortgage lenders and brokers in the state last week. The regulator cited failure to provide required financial information, including failure to post a bond, as the reason for the closures.
Read More »Freddie Mac Loosens Refinance Rules
Freddie Mac announced on Friday that it is instituting several changes to its refinance offering under the Obama administration’s Making Home Affordable program. The McLean, Virginia-based GSE explained that the new relaxed guidelines will make the refinancing option available to a wider scope of borrowers looking for mortgage relief from the government program.
Read More »Anti-Predatory Lending Bill Passes California Assembly
As federal lawmakers continue to pour over proposals that would tighten anti-predatory lending statutes throughout the nation, California may become one of the first states to enact its own mortgage reform legislation.
Read More »BofA Facilitates Cities' REO Purchases
Bank of America Home Loans recently announced a new streamlined program for municipalities to purchase properties from its REO portfolio. The new guidelines are exclusively for local and state government departments receiving HUD’s Neighborhood Stabilization Program (NSP) grants.
Read More »Mortgage Rates Climb Higher
Mortgage interest rates across the board spiked this week, following long-term bond yields higher as the focus among investors shifted to the budget deficit and the possibility of inflation. According to Freddie Mac, the commitment rate for a 30-year fixed rate mortgage is now at its highest level since December 11, 2008, 25 weeks ago.
Read More »SEC Charges Former Countrywide Chief Mozilo With Fraud, Insider Trading
The Securities and Exchange Commission (SEC) has formally accused former Countrywide Chief Executive Angelo Mozilo and two other top executives of defrauding investors. Mozilo also faces charges of insider trading.
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