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Judge Rejects Countrywide Attempts to Settle Charges
A bankruptcy judge overseeing hundreds of bankruptcy cases involving Countrywide Financial Corp. tossed out a proposal to settle charges with a woman the company threatened with foreclosure using documents that were proven court to be fabricated.
Read More... Friday, May 09, 2008
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Man Guilty of Mortgage Fraud And Check-Kiting Schemes
Forty-year-old John Andreas Tsiaoushis faces spending the next 30 years in prison after pleading guilty to a mortgage fraud scheme that already has his personal driver sitting in prison, as well as to an unrelated check-kiting scheme and giving false testimony in bankruptcy court.
Read More... Friday, May 09, 2008
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HUD Extends Comment Period on RESPA Overhaul
Under pressure from industry groups and members of Congress, the Department of Housing and Urban Development (HUD) announced that the public will be given an additional 30 days to comment on an overhaul of the Real Estate Settlement Procedures Act (RESPA) proposed by the Bush administration.
Read More... Friday, May 09, 2008
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Weekly Mortgage Rates Remain Virtually Unchanged
Graph: Average 30-year Fixed-Rate Mortgage over 52 weeks
Click “read more” to view a detailed breakdown of the weekly average rates for a number of long-term and short-term mortgage loans.
Read More... Friday, May 09, 2008
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Baseball Celebrity Jose Canseco’s Home in Foreclosure
Former American League MVP and author of anabolic-steroids confessional, “Juiced: Wild Times, Rampant 'Roids, Smash Hits & How Baseball Got Big,” Jose Canseco has lost his home to foreclosure, citing taxes and two multi-million divorces as reasons for walking away from his $2.5 million mansion.
Read More... Thursday, May 08, 2008
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Young Single Men More Likely To Buy Foreclosed Home
A new poll conducted by Harris Interactive Survey found that certain demographic profiles were more likely to buy a home lost to foreclosure, with far more people concerned about hidden costs than “having a personal connection with someone who lost their home to foreclosure.”
Read More... Thursday, May 08, 2008
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CitiGroup’s Consolidation of Mortgage Ops Churns Forward
After posting a first quarter loss of $5.1 billion on mortgage losses, Citigroup Inc. has begun to enact plans to consolidate all of its mortgage businesses into one unit as an internal memo indicated that the company does not expect the retail staff and offices of Citi Residential Lending (CRL) to remain following the consolidation.
Read More... Thursday, May 08, 2008
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Mortgage Demand Spikes 15.6% For The Week
Graph: MBA Applications Index over 52 Weeks
Click "read more" to see a detailed breakdown of the weekly report on mortgage demand.
Read More... Thursday, May 08, 2008
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Countrywide Grilled By Senate On Bankruptcy Abuse
The Senate Judiciary subcommittee heard testimony regarding allegations that Countrywide abused bankruptcy laws to overcharge struggling borrowers, with one company executive admitting that employees made mistakes “from time to time,” but denied any “systematic errors” and pledged that the company would hire an ombudsman to review the matter.
Read More... Wednesday, May 07, 2008
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1Q: Fannie Mae Reports Third Straight Quarterly Loss
Fannie Mae reported its third consecutive quarterly loss with the posting of a net loss of $2.19 billion in the first quarter, while announcing plans to raise $6 million in new capital.
Read More... Wednesday, May 07, 2008
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Home Prices Tank, Over 50% of Homeowners “Underwater”
Home prices fell by the largest year-over-year measure in the past 12 years as more than half of the homeowners who purchased a home in 2006 currently owe more on their mortgage than their home is worth, according to a new report by real estate information website Zillow.com.
Read More... Wednesday, May 07, 2008
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Survey: Lenders Not Done Tightening Loan Underwriting
The Federal Reserve released the results of its quarterly Senior Loan Officers' Survey indicating that mortgage lenders have not yet stopped tightening their loan underwriting standards as the housing crisis storms on.
Read More... Wednesday, May 07, 2008
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Nurse Poses As Her 72-Year-Old Cancer Patient For Fraud
Authorities say 37-year-old Erica Kaprice Pollard went into the medical files of her 72-year-old cancer patient and shared the personal information with eight others in a mortgage fraud conspiracy that was discovered by the victim’s family in a puzzling letter.
Read More... Tuesday, May 06, 2008
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Countrywide Stock Plunges As BoA Deal Turns Shaky
Shares of Countrywide Financial Corp. fell 10.37% as a new research report by Friedman Billings Ramsey (FBR) recommended that Bank of America drop its planned acquisition of the troubled mortgage lender because it may have to write down $30 billion in loans as a result.
Read More... Tuesday, May 06, 2008
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ResCap Faces “Significant Risk” With Liquidity Crisis
Residential Capital LLC, the mortgage unit of GMAC LLC, disclosed that it may not be able to meet debt obligations next month and faces “significant risk” that it could end up in a “negative liquidity position,” which would leave it open to potential bankruptcy.
Read More... Tuesday, May 06, 2008
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CMT and MTA Indexes Go Their Separate Ways
The Federal Reserve has released April’s statistical data regarding the 1-Year Constant Maturity Treasury Rate (CMT) and the 12-Month Treasury Average (MTA) with mixed results.
Click “read more” to view a table detailing the trajectory of each index.
Read More... Tuesday, May 06, 2008
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Countrywide Reduced to Junk Status As BoA Raises Doubts
Despite a proposed $4.1 billion acquisition deal with Bank of America amid bankruptcy rumors, Countrywide Financial Corp. was downgraded into “junk” status by Standard & Poor's after a regulatory filing by the bank suggested it may not guarantee Countrywide’s $38.1 billion debt.
Read More... Monday, May 05, 2008
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Treasury: Straw Buyers Used For Major Money Laundering
The U.S. Treasury Department's Financial Crimes Enforcement Network (FinCen) followed up an earlier report detailing a 42% increase in mortgage fraud last year with an analysis which found that mortgage transactions are increasingly used to launder criminally-obtained money.
Read More... Monday, May 05, 2008
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Mortgage Employment Declines For 13th Straight Month
Graph: In Thousands, Mortgage Employment since Jan. 2002
Although the rate of job losses in the mortgage industry has leveled since it began dropping precipitously last fall, industry employment has declined for more than 13 consecutive months.
Click "read more" to see a detailed breakdown of monthly employment levels in the mortgage industry.
Read More... Monday, May 05, 2008
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Monthly LIBOR Indexes All Trend Upward
Every category of the LIBOR index trended upward for the month of May following a decline for the month prior.
Click “read more” to view a historical breakdown of the various LIBOR indices over the past 12 months.
Read More... Monday, May 05, 2008
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