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Two Plead Guilty to Fraud With Argent Vice President
David E. Tuggle Jr. and Eric S. Steinhauser pleaded guilty to a mortgage fraud conspiracy in which the two mortgage brokers paid a former Argent vice president more than $100,000 for ensuring the approval of the fraudulent loans.
Read More... Wednesday, May 14, 2008
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Goldman Sachs: Mortgage Losses to Hit Half-Trillion Dollars
A new research note from a Goldman Sachs economist suggested that losses stemming for the mortgage crisis will be greater than generally expected and could reach up to half a trillion dollars.
Read More... Wednesday, May 14, 2008
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Foreclosure Risk Jumped 16% As Delinquencies Grow
A new analysis released by real estate data analyzer First American CoreLogic showed a 16% increase in its index of foreclosure risk in the first quarter with an expectation that mortgage delinquencies will keep rising as home prices keep falling.
Read More... Wednesday, May 14, 2008
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Home Prices Show Sharpest Drop in Quarter of a Century
The National Association of Realtors (NAR) reported the largest quarterly price decline in their 26-year history of tracking home sales with nearly 19% of the nation’s metro areas posting double-digit percentage declines.
Read More... Wednesday, May 14, 2008
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FEMA Employee Guilty of Stealing 200 Disaster Victim IDs
Robert G. Davis, a former employee of the Federal Emergency Management Agency (FEMA), faces 32 years in prison after pleading guilty to stealing the personal identification information of over 200 disaster victims, many of whom had submitted their information to the mortgage companies where he also worked as a clerk, to open accounts on various television shopping networks.
Read More... Tuesday, May 13, 2008
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1Q: IndyMac Posts Third Straight Loss, Expects Three More
IndyMac Bancorp Inc. posted its third consecutive quarterly loss with a $184.2 million shortfall in the first quarter, and does not expect to return to profitably for at least another three quarters.
Read More... Tuesday, May 13, 2008
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JPMorgan Offers Dwindling For Bear Stearns Employees
At a recent conference, CEO Jamie Dimon of JPMorgan Chase & Co. said the company has extended job offers to about 60% of the workforce at Bear Stearns Cos following an acquisition deal that Dimon expects to result in a $1 billion second-quarter gain.
Read More... Tuesday, May 13, 2008
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1Q: One Mortgage Insurer Posts a Profit, One Reports a Loss
Mortgage insurers PMI Group Inc. and Radian Group Inc. reported very different results for the first quarter, with one company posted a quarterly loss of roughly $275 million and the other seeing a net profit of just under $200 million.
Read More... Tuesday, May 13, 2008
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No Matter What You Call Her, She’s Prison Bound For Fraud
Whether she goes by Marlene Henry, Marlene Angela Hall or Marlene Morris, the 48-year-old woman born Marlene Dinnall will be spending more than five years in prison selling numerous stolen identities and using others for a mortgage fraud scheme.
Read More... Monday, May 12, 2008
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White House Unveils “Risk-Based” FHA Premiums
The Department of Housing and Urban Development (HUD) announced the Bush administration has finalized its guidance on FHA mortgage insurance premiums, which would begin implementation of "risk-based" pricing by mid-July to allow more flexibility for securely dealing with troubled subprime borrowers.
Read More... Monday, May 12, 2008
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1Q: PHH Earnings Double As Mortgage Losses Shrink
While many larger lenders suffered in the first quarter, PHH Corp. managed to double its quarterly earnings as the company’s mortgage unit significantly reduced its losses from both the prior quarter and the year-ago period.
Read More... Monday, May 12, 2008
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House Approves Two Major Housing Measures
The House approved two key measures last week, a $300 billion expansion of Federal Housing Administration (FHA) loan guarantee programs and a $15 billion fund for individual states to purchase and restore foreclosed properties, but the sweeping housing package faces significant opposition before it can become enacted.
Read More... Monday, May 12, 2008
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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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