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Mortgage Rates Up But Still Under 5 Percent

Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS) on Thursday, which showed that mortgage interest rates rose slightly this week, though they remain at historically low levels.

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Massachusetts AG Sues Foreclosure Rescue Companies

Massachusetts Attorney General Martha Coakley has filed a lawsuit and obtained a temporary restraining order against four defendants for their involvement in a foreclosure rescue scam. The complaint, filed in Suffolk Superior Court, alleges that Loan Modification Group Corp.

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Fed Purchases $30B in Agency MBS

The New York Federal Reserve Bank purchased $30.425 billion in mortgage-backed securities (MBS) from government agencies this week. Total MBS purchases since the Fed program began in early January now stands at $333 billion.

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Four Banks Repay Government Aid

Last week, four regional community banks became the first institutions to pay the government back the bailout money they received through the Troubled Asset Relief Program (TARP), citing their concern over stringent conditions now attached to the federal recovery plan.

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Officials Delay Stress Test Results

Federal regulators met this week to decide how to interpret and apply the results of the government’s bank stress tests, but said they will delay the release of their analysis until after the banks’ first-quarter earnings are issued so as not to confuse market reaction.

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RealEC Surpasses Processing Milestone, Provides HVCC-Compliance

Santa Ana, California-based RealEC Technologies Inc., a provider of collaborative network solutions to the mortgage industry, recently announced surpassing a corporate milestone of more than 42 million real estate orders processed through its network, since the company was founded in 1998.

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Lenders One Teams With Rapid Reporting

Lenders One Mortgage Cooperative, a national alliance of mortgage bankers headquartered in St. Louis, Missouri, has entered into an agreement with Fort Worth, Texas-based Rapid Reporting, a provider of pre-funding income and identity verification products that help the mortgage industry combat fraud.

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Louisville, Kentucky Starts Foreclosure Mediation Pilot

The courts of Jefferson County, Kentucky – which includes the city of Louisville – have initiated a pilot foreclosure mediation program for owner-occupied residential properties. The program will impact all servicers handling defaulted accounts in Jefferson County, and if the program is considered successful, it may be adopted by other Kentucky counties.

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