News

The Federal Housing Administration (FHA) told Congress and reporters Thursday that its cash reserve fund has deteriorated to $3.6 billion - the lowest it's been in the agency's 75-year history.

American Home Mortgage Servicing, Inc. (AHMSI), headquartered in Texas, is fighting back against the lawsuit filed against them yesterday. Filed by Ohio Attorney General, Richard Cordray, the lawsuit against AHMSI alleges the company was under numerous violations of the Ohio Consumer Sales Practices Act.

Goldman Sachs' latest clever idea to make money poses a dilemma for the government as the Wall Street firm negotiates to acquire tax credits from Fannie Mae.

California-based Equator (formerly known as REOTrans) says it has launched the industry's first-ever short sale module for a large national lender.

Since the market ""crash"" of last spring, The NYSE Financial Stock Index is up 137 percent.

The headline unemployment rate rose to 9.8 percent in September as nonfarm payroll unemployment fell a greater-than-expected 263,000, with construction among the hardest hit sectors.

Mortgage Contracting Services (MCS), a property preservation and inspection services based in Tampa, Florida, announced Monday that effective Thursday, October 1, Caroline Reaves will make the transition to CEO of the company.

Effective immediately, the Federal Reserve will start scrutinizing a class of bank subsidiaries that includes subprime lenders, determining whether they comply with all the government agency's consumer-protection rules and investigating customer complaints.

The House of Representatives passed two housing measures this week designed to assist certain borrowers of Federal Housing Administration loans, earning kudos from some of the nation's largest trade groups in the mortgage and housing industries.

President Barack Obama said Monday that the need for intense government involvement in the financial sector was waning, but he still laid a blueprint for wide-reaching regulatory reforms.