U.S. Bancorp announced Monday that its lead bank, Minneapolis-based U.S. Bank N.A., was selected by Fannie Mae and Freddie Mac to act as administrator and closing agent for the federal government's temporary credit and liquidity program and the new issuance bond program for state and local housing finance agencies (HFAs).
Read More »Fed Reports a Pause in Credit Tightening
Most large banks have stopped tightening standards on a number of loan types, according to a new report from the Federal Reserve. But the central bank's latest loan officer survey says that while it may not be getting tougher for consumers to borrow, it's not getting any easier yet either because financial institutions have yet to unwind the considerable contraction that has built up over the past two years. Still, the pause in the stiffening might be seen as a hopeful sign for a financing world that's been strained since 2007.
Read More »IndiSoft and FLS Team Up To Educate Homeowners on Foreclosures
In an effort to bring Web-based tools to homeowners in need of foreclosure prevention assistance, Columbia, Maryland-based IndiSoft and Financial Literacy Solutions (FLS), headquartered in Coral Springs, Florida, have entered into a strategic partnership.
Read More »Pending Home Sales Stabilize in December
Following a market swing driven by response to the homebuyer tax credit, pending home sales in December have leveled off, according to a report Tuesday by the National Association of Realtors (NAR). In November, the Pending Home Sales Index (PHSI), a forward-looking indicator based on contracts signed during the month, dropped 16.4 percent after surging in preceding months before expiration of the original tax credit. After the credit was extended, the PHSI gained 1 percent in December, and NAR says it's a sign of stabilization.
Read More »Investment Firms Launch $400M Fund to Buy Distressed Commercial Real Estate
Atlanta-based Regent Partners LLC and TriGate Capital have joined forces to form a $400 million fund to invest in commercial real estate in Atlanta and the Southwest. It's just one more sign that the downturn in the sector has created a buyer's market of incredible bargains.
Read More »Properties Sold at Tax Sale in One Pennsylvania County Results in $2 Million Loss
A group of properties located in Montgomery County, Pennsylvania valued at almost $3.4 million were sold for less than a third of their value at the September 2009 annual upset tax sale. According to a recent report by the Real Estate Tax Sale Law Network, Inc. (RETSL), a servicer who connects lenders and property owners with legal experts who know the intricacies of real estate tax sale law, the properties sold for a total of $1,066,394, equaling only 31 percent of their value.
Read More »California Revokes Record Number of Real Estate Licenses
The California State Department of Real Estate (DRE) says it revoked a record number of real estate licenses in 2009, and accepted another record number of license surrenders from real estate professionals facing disciplinary action. All told, over 775 licensees in the state had their license revoked or simply surrendered their license while facing accusations last year.
Read More »Obama’s Budget Puts Big Lenders on the Hook
President Obama released his budget for fiscal year 2011 on Monday, and as expected, it includes a proposal for a hefty tax on big banks - a fee intended to recoup taxpayer dollars that the government shelled out to pull the financial system back from the brink of collapse. If approved by Congress, the levy would go into effect on June 30, 2010, but it's a touchy subject for the big guys since most of them have repaid their capital injections in full and the Treasury has already said it expects to turn a $19 billion profit from its bailout investments in banks.
Read More »ASF Names Executive Director
After a comprehensive search process by the American Securitization Forum (ASF) board of directors, Tom Deutsch was appointed as the organization's executive director. Members of the board said they strongly believe Deutsch has the leadership skills, as well as the depth of experience and understanding of the industry to guide ASF in its efforts to restart the securitization markets and restore vital credit to Maine Street and everyday Americans.
Read More »Chicago Bancorp Receives Direct-Endorsement Designation from HUD
Following a review by HUD, Chicago Bancorp, an independent mortgage bank based in Chicago, will be permitted to underwrite and close mortgage loans without prior HUD review, according to an announcement Monday by the bank. Participation in the Direct Endorsement Program is a privilege accorded only to mortgagees who continue to demonstrate the ability to originate mortgage loans in according with HUD underwriting policy, the federal agency said.
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