Home / News (page 1471)

News

FDIC Launches Investigation of Officials of Failed Banks

In a move reminiscent of the last time the United States was in such dire financial straits, the FDIC announced recently that it has begun an investigation of executives and other employees of failed banks. In the 1980s and 1990s, the savings and loan (S&L) crisis prompted the government to investigate and prosecute hundreds of bank insiders, sending more than 1,000 to prison, and collecting $4.5 billion. This time around, the FDIC has opened more than 200 civil cases and is seeking to recover around $2 billion.

Read More »

Freddie Mac to Provide Pool-Level Delinquency Data on Securities

Freddie Mac announced Tuesday that beginning in January 2011, the company will begin disclosing pool-level delinquency data on a monthly basis for all single-family Freddie Mac Participation Certificate (PC) and Giant PC securities. Freddie Mac says providing this delinquency disclosure data at the pool level will make the company's delinquency disclosures consistent with an industry practice previously established by Ginnie Mae.

Read More »

Oregon to Launch Foreclosure Prevention Program on Friday

Since the development of the Hardest Hit Fund in February, the state of Oregon has received more than $200 million to help homeowners struggling with their mortgages and to develop foreclosure prevention measures. This Friday the state will open its first foreclosure prevention program. The application for the Mortgage Payment Assistance (MPA) program will be available on the recently launched OHSI Web site from December 10 to January 14, 2011.

Read More »

Foreclosure Prevention Fund to Assist 21,000 North Carolina Borrowers

The North Carolina Housing Finance Agency's new Foreclosure Prevention Fund is now available statewide through participating HUD-approved counseling agencies. Financed by the Department of Treasury's Hardest Hit Fund, the federal grant money will be used to financially assist homeowners struggling to pay their mortgages due to job loss or other temporary hardships. The agency expects the program to enable 21,000 North Carolina residents to keep their homes.

Read More »

Consumers Don’t Expect Housing Recovery Until 2013, Experts Agree

Americans continue to grapple with uncertainty about the housing market, with 58 percent of U.S. adults expecting recovery to be at least another two years away. Rick Sharga of RealtyTrac and Pete Flint of Trulia are of the same mind as consumers. They peg the housing recovery to begin taking shape between 2013 and 2014. The robo-signing debacle has left most consumers mired in distrust of banks and the government. The industry experts say its effect on REO sales will be minimal, but the impact on consumer confidence could be especially damaging.

Read More »

Treasury Divests Ownership Stake in Citi with $10.5B Stock Sale

The U.S. Treasury Department has priced a public offering of its remaining 2.4 billion shares of Citigroup Inc. common stock at $4.35 per share, bringing the government's ownership of the nation's third largest bank to an end. The deal should yield about $10.5 billion. Treasury expects to reap total proceeds of $57 billion from its $45 billion investment in Citigroup, netting a tidy $12 billion profit for taxpayers for the bank's bailout. The total amount of TARP funds returned to taxpayers now exceeds $261 billion.

Read More »

Prism Title and Closing Services Expands to Florida

Prism Title and Closing Services has expanded its services to include Florida, adding a sixth state to its service area, which also includes Ohio, Kentucky, Indiana, Michigan, and Minnesota. The company says the move was prompted by feedback from its bank clients who said that due to the marked increase in REO properties in Florida, their current vendors were having difficulty keeping up with the volume.

Read More »

Research Firm Says Housing Currently Undervalued by 14% to 17%

The sharp fall in residential property prices in the third quarter means that housing in the U.S. has become even more undervalued. Based on the latest readings of two closely watched industry gauges, the analysts at Capital Economics have concluded that house prices are now 14 to 17 percent undervalued relative to disposable income per capita. A 30-year high in housing affordability hasn't been enough to drive consumer demand, and the research firm says recovery appears to have stalled before it even really began.

Read More »

FinCEN Proposes New Regulation for Non-Bank Lenders and Originators

A proposal released Monday by the Financial Crimes Enforcement Network (FinCEN) would require non-bank residential mortgage lenders and originators to establish anti-money-laundering (AML) programs and to file reports with federal officials when suspicious activity is detected. Under current regulations only banks and insured depository institutions are required to file suspicious activity reports (SARs), which have become a critical tool in prosecuting mortgage fraud and related crimes.

Read More »

FHA Details Loan Limits for FY 2011

The Federal Housing Administration (FHA) has issued a notice to its approved mortgage lenders outlining the loan limitations it's put in place for fiscal year 2011. According to Mortgagee Letter 10-40 issued by the federal mortgage insurer last week, for forward loans, the limits apply to those that are originated and receive credit approval between January 1, 2011 and September 30, 2011. For reverse mortgages, the limits are applicable to all loans that have been assigned an FHA case number within the stated effective dates.

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.