Home / News (page 1608)

News

Amherst Voices Concerns Over Potential HAMP 2.0 Abuses

Amherst Securities Group expressed in a Mortgage Insight release worries about loopholes in eligibility requirements under the expanded HAMP program. The release specifically points to a rule that requires investors to pledge that they actually intend to rent the home; the requirement has no provisions about reporting on the investor's actual efforts to rent or on the income collected.

Read More »

Moody’s Analyzes Impact of Eminent Domain on RMBS Pools

After testing out different scenarios, Moody's Investor Services concluded a widespread adoption of San Bernardino County's proposed use of eminent domain will increase losses for RMBS pools by around 30 percent. The proposal calls for the seizure of underwater mortgages to address the problem of negative equity. Moody's argues seizing underwater performing loans ""would increase RMBS pool losses if other jurisdictions were to adopt it because it would force losses on performing loans that could otherwise have avoided default.""

Read More »

Three Sentenced for Roles in Mortgage Modification Scam

Three individuals out of California were sentenced for their roles in a mortgage modification scam, SIGTARP announced Monday. Ziad Nabil Mohammed Al Saffar, Sara Beth Bushore Rosengrant, and Daniel Al Saffar were charged with conspiracy to commit wire fraud and mail fraud and sentenced Friday in federal court in San Diego. U.S. District Court Judge Anthony J. Battaglia sentenced Ziad to 21 months in federal prison, Rosengrant to 12 months of home detention as a part of a three-year term of probation, and Daniel to six months home detention as a part of a three-year term of probation.

Read More »

Fannie Mae Revises Growth Estimates Downward

A weakened second quarter may indicate a slowdown in economic activity for the rest of the year, Fannie Mae reported Monday. The GSE's Economic & Strategic Research Group revealed that it may have been too optimistic in its original 2012 GDP growth projection of 2.2 percent, revising its growth rate estimate to 2.0 percent. The group attributed the waning economic growth to drops in consumer confidence and employment opportunities.

Read More »

CFPB and Dodd-Frank Act Have Reasons to Celebrate Financial Reform

Financial reform advocates have two birthdays to celebrate on Saturday. This weekend marks the one-year anniversary of the watchdog Consumer Financial Protection Bureau and the two-year anniversary of the Dodd-Frank Act, the sweeping financial reform law that spawned it. Their stories run parallel to each other – and rightly so. The consumer bureau squeaked past partisan gridlock this time last year, just one year after Democrats, then in the majority of both houses of Congress, cleared Dodd-Frank for the president’s signature.

Read More »

GAO: More Transparency Needed on HHF’s Administrative Costs

The U.S. Government Accountability Office (GAO) released a report evaluating the Treasury’s monitoring of state housing finance agencies’ (HFA) and their implementation of the Hardest Hit Fund. One area in which the GAO found Treasury lacked transparency was administrative costs. A chart from the report showed that 27 percent of states' total spending was for administrative expenses as of March 2012. Beginning with the third quarter of this year, Treasury officials said states would be required to publicly report administrative costs, according to the report.

Read More »

U.S. Attorney Charges 11 for Mortgage Fraud, One for Attempted Murder

United States Attorney for the District of New Jersey Paul J. Fishman announced Thursday that 11 people are charged for their alleged roles in a mortgage fraud scheme, including one defendant who attempted to murder a witness. The 11 individuals include seven from New Jersey and others from Pennsylvania, Massachusetts, Georgia, and Alabama. According to a report on NJ.com, the New Jersey defendants include Seth Fuscellaro, a public defender in Lower Township. The defendants are charged for their roles in a $15 million mortgage fraud scam that used phony documents and straw buyers to make illegal profits on overvalued condos.

Read More »

Short Sale Bill Addresses Slow Approval from 2nd Lien Holders

Rep. Jerry McNerney (D-Stockton) recently introduced a bill to speed up the short sale process by requiring subordinate mortgage lien holders to make a decision on a short sale within 45 days. McNerney's bill proposes that if the lender does not make a decision within the given time period, the short sale will be approved on the 46th day. The bill, titled Fast Help For Homeowners (FHFH) Act, received strong support from the ""National Association of Realtors.

Read More »

Home Sales, Prices Up in Sunshine State as Recovery Continues

Home sales and prices picked up for Florida in June, according to housing data released by Florida Realtors. The organization's report shows a 5.3 percent year-over-year increase in closed single-family home sales in the Sunshine State, while pending sales jumped up 31 percent. Year-to-date, closed and pending sales are up from 2011 by 2.3 percent and 19.3 percent, respectively.

Read More »