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Tag Archives: Foreclosure

SIFMA Expresses Opposition Toward Eminent Domain at Meeting

Oh behalf of the Securities Industry and Financial Markets Association (SIFMA), managing director Tim Cameron prepared remarks for a meeting in San Bernardino County to once again, express opposition towards the area's proposed use of eminent domain. In his remarks, Cameron stated, ""we believe that the use of eminent domain would significantly harm mortgage finance markets, reduce access to credit for borrowers, and negatively impact average investors' portfolios."" San Bernardino County and the cities of Fontana and Ontario created a Joint Powers Authority to explore the use of eminent domain to seize underwater mortgages at fair market value.

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FHA Calls Claims It Will Need Taxpayer Bailout a Myth

After a forecast from Moody's Analytics hinted that the Federal Housing Administration (FHA) is at risk of requiring a taxpayer bailout, the FHA released a myths and facts sheet and categorized speculation about a bailout as myth. ""Sweeping changes enacted by FHA since 2009, including an important series of recent steps such as the enforcement actions that resulted in over $900 million in compensation to FHA from settlement agreements with major banks, and further increases to FHA's insurance premiums, it is unlikely that FHA would require additional resources from the U.S. Treasury in FY 2012,"" the FHA stated.

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Mortgage Apps, Interest Rates Down

The surge of mortgage applications the industry has seen during the past few weeks seems to have cooled off, as the Mortgage Bankers Association’s (MBA) Market Composite Index dropped 38.8 percent from to 732.

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MISMO Rolls Out MXCompliance Title

MISMO, a subsidiary of the Mortgage Bankers Association) that conceptualizes e-commerce standards for the residential and commercial real estate industries, announced the availability of the MXCompliance Title v2.

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Clayton Holdings Agrees to Help Wall Street Probe

Shelton, Connecticut-based Clayton Holdings Inc., a platform dedicated to providing advanced analytics for lending firms, capital market institutions and investors, confirmed with DSNews.com on Monday that it will be assisting the New York Attorney General’s Office in its case against major Wall Street firms, who are accused of not properly disclosing risky subprime loans to investors.

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