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SEC Has Credit Ratings Agencies in Its Sights

As it peels back the layers of the secondary market to delve deeper into the trading of the subprime mortgage bonds reputed for setting off the financial crisis, the Securities and Exchange Commission (SEC) has set its sights on major credit ratings agencies. The SEC is considering bringing civil fraud charges against Standard & Poor's and Moody's Investors Service for their role in positioning mortgage-backed securities that held a high risk of default as grade-A investments.

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New York Appellate Court Rules Against MERS

A New York appellate court has ruled against Mortgage Electronic Registration Systems, Inc. (MERS), increasing speculation about the role that possible re-foreclosures may play in a still-brittle market. It's the latest in a series of suits involving MERS, which was designed to allow the industry to fluidly and inexpensively transfer millions of mortgages from note-holding banks and institutions via an electronic system. MERS' own proposed rule prohibiting banks from foreclosing in its name - a central part of the controversy - remains in the works.

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Bankers Advocate Opposition of Mortgage Servicing Amendment

The American Bankers Association has sent a letter to key lawmakers in the Senate, urging them to reject foreclosure legislation proposed by Sens. Jeff Merkley and Olympia Snowe. Their bill, tagged the Regulation of Mortgage Servicing Act, has been introduced as an amendment to a larger economic development bill being considered. It mandates an independent, third-party case review prior to foreclosure, among other things, and the bankers group says it would prolong the market correction by slowing down legitimate foreclosures.

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PMI Program Rewards Servicers for Foreclosure Prevention

Mortgage insurer PMI has announced the launch of a new program to identify mortgage servicers who score high marks for keeping borrowers in their homes. These companies will benefit from certain advantages when doing business with PMI. The company has identified certain servicing best practices that play a central role in maximizing home retention and achieving positive results for borrowers, communities, and mortgage investors, alike, and PMI says servicers who follow these practices should be recognized.

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HUD’s Single-Family Housing Chief Resigns

Vicki Bott, HUD's deputy assistant secretary for single-family housing, is departing the federal agency, a HUD spokesperson has confirmed. Bott joined HUD in September 2009, just as the administration was knee-deep in ramping up and rolling out a host of programs to address the nation's raging foreclosure crisis. At HUD, Bott was responsible for the direction and management of all single-family Federal Housing Administration (FHA) mortgage insurance programs, including the disposition of repossessed homes.

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CoreLogic Chooses Mercury Network for Appraisal Management

Oklahoma-based a la mode announced this week that CoreLogic chose to connect its ValuEdge platform with Mercury Network for receipt of the Native XML appraisal data needed for compliance with Fannie Mae and Freddie Mac's jointly established Uniform Mortgage Data Program (UMDP). A custom plugin will connect CoreLogic with the Mercury Network of real estate appraisers. The plugin will run an extensive set of quality control rules against the report prior to delivery.

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Commerce Velocity Releases Loss Mitigation Borrower Portal

Commerce Velocity, a member of the Fidelity National Financial family of companies, recently released its Loss Mitigation Borrower Portal. The portal supports the federal requirement instituted by regulators under the consent orders issued to servicers in April for communicating with borrowers via a single point-of-contact (SPOC). It also provides borrowers with a place to review the status of a loan, upload financial documents.

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Fed Voices Concern Over Chronic Weakness in Real Estate Markets

Ongoing deterioration in real estate markets and rising levels of distressed residential and commercial properties are areas of acute concern for officials at the Federal Reserve, as banks' performance and capital continue to be adversely affected. Renewed concerns have surfaced about the health of the mortgage market and home equity loans in particular, while high vacancy rates and declining rents still plague the commercial sector. The Fed says it will take time to make progress on the overhang of distress, and banks should expect continuing losses.

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ISGN Appoints President of Sales and Marketing

ISGN Solutions Inc., a provider of technology solutions and services to the U.S. mortgage industry, has hired Scott Slifer as its new president of sales and marketing. Slifer brings over 22 years of financial services industry experience to the company, including 16 years in housing finance and technology. He was previously SVP of business development and marketing with Altisource Portfolio Solutions and also held positions at Citi, ABN AMRO, and Freddie Mac.

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Housing Report Card Points to Future Distress

John Burns Real Estate Consulting released a housing report card Thursday that confirms most key market indicators trending southerly, signaling more distress may be in store. The research firm notes that annual resale activity within the existing-home market has slipped to just over 5 million residences, and home prices by some measurements have dropped to 2002 levels. With these numbers, the firm says, affordability has never been better for entry-level buyers, or worse for move-up and move-down buyers.

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