Home / News (page 1719)

News

HARP’s Rep and Warranty Waiver: Will It Spark a Refinancing Frenzy?

With the Federal Housing Finance Agency's (FHFA) retooling of the Home Affordable Refinance Program (HARP), one change in particular may hold the answer to just how much of an impact the initiative will have -- FHFA's decision to waive representations and warranties on loans that are refinanced through the program. The debate has already begun about whether such a move will indeed persuade lenders to step up participation in the program. Some lenders do see it as an opportunity, but market analysts say the rep and warranty waiver may be less effective than expected.

Read More »

Citigroup Settles with SEC over Collateralized Debt Obligation

Citigroup has agreed to a $285 million settlement with the Securities and Exchange Commission (SEC) after accusations that it misled investors about a collateralized debt obligation (CDO) that defaulted after the housing market began showing signs of distress. The SEC alleges that a Citigroup subsidiary selected $500 million of the $1 billion CDO portfolio and then took a proprietary short position against the investments. But Citi says while the company did subsequently realize gains on its short positions, other affiliates also retained over $100 million of the notes issued and ultimately sustained losses.

Read More »

Woodward Asset Capital’s OfferSubmission Nabs Realtor for Fraud

A few weeks ago, a Midwestern bank was alerted that a Realtor under contract to sell its foreclosed assets was double-dipping and costing the bank potentially $60,000 on one sale alone. The bank learned of the scheme through OfferSubmission.com, an online software system that tracks offers made on foreclosed properties. Thanks to the system's early red flag, the bank thwarted the agent's elaborate fraud scam which would have put more dollars in the agent's pockets but cost the bank a significant sum.

Read More »

Regulators Shutter Four More Community-Based Lenders

Four more community-based lenders have been seized by regulators. That brings this year's tally of failed institutions to 84. But the number of fallen banks in the U.S. continues to lag behind the 139 closures recorded at this time during 2010. Officials with the FDIC say bank failures have peaked and are expected to continue to decline as the financial sector returns to health. This latest round of closings claimed two lenders in Georgia and one each in Colorado and Florida.

Read More »

FHFA’s Home Price Index Breaks Four-Month Run of Gains

The monthly home price index from the Federal Housing Finance Agency (FHFA) has recorded its first decline since March. FHFA reported Tuesday that home prices in the U.S. fell 0.1 percent from July to August, and the previously reported 0.8 percent increase recorded for July was revised to reflect no change. Data released the very same day by Standard & Poor's showed a 0.2 percent increase in the Case-Shiller home price index for the same period. Economists say FHFA's index is ""a better barometer.""

Read More »

Case-Shiller Continues to Record Improvements in Annual Price Changes

The annual rate of change in home prices continues to show improvement, according to Standard & Poor's. Data released Tuesday by the agency shows the 20-city composite reading of the S&P/Case-Shiller index for August came in below its year-ago level by 3.8 percent. The previous month, S&P reported a 4.1 percent annual decline. The closely watched gauge posted a 0.2 percent increase in August versus July, marking the fifth consecutive monthly gain.

Read More »

Fewer Distressed Sales Give Boost to Commercial Property Prices

Commercial real estate prices in the U.S. rose 2.4 percent between July and August, Moody's Investors Service reported Monday. The agency's index has risen in each of the last four months, and that monthly boost pushes its reading 15.3 percent above this cycle's low set in April 2011. Much of the improvement in August came from a reduction in the share of distressed deals changing hands, which were 21.7 percent of transactions. That's the lowest distressed reading since January of 2010.

Read More »

PMI Mortgage Insurance Under Conservatorship

PMI Mortgage Insurance Co. (PMI) and PMI Insurance Co. (PIC) have been taken into conservatorship by the Arizona Department of Insurance. PMI announced on its website that there will not be a moratorium on claim payments. However, under order by the Arizona regulator, PMI will be fulfilling only 50 percent of claims, with the remaining amount deferred as a policy holder claim. The action occurs after an August announcement that the regulator was prohibiting the company from writing new policies.

Read More »

Ocwen to Buy Saxon for $59.3 Million

Morgan Stanley has announced the sale of Saxon Mortgage Services to Ocwen Financial Corporation. Ocwen has agreed to acquire Saxon for the base purchase price of $59.3 million. The deal also includes an estimated $1.4 billion for servicing advance receivables outstanding. The transaction is expected to close in the first quarter of 2012. This marks Ocwen's third major acquisition over the past year.

Read More »

Home Closing Timelines Increase, Especially in Distressed Market

Refinance applications and appraisal complications are holding up home sale closings, according to a HousingPulse survey released Monday. The report states that the normal timeline for a closing is about 30 days. That timeline has been extended to between 45 and 60 days. However, the delay is even more exacerbated among short sales and sales of foreclosed homes - which according to the survey made up 44.4 percent of the market in September.

Read More »