HousingWire

Multistate AG settlement unfairly punishes investors: Amherst

Thu, 09 Feb 2012 23:49:07 +0000

The $26 billion settlement between government officials and the five largest mortgage servicers will exacerbate servicer conflict of interest by allowing the banks to use investor dollars to satisfy their obligations, according to analysts at Amherst Securities Group.

Ohio AG to use $75 million of foreclosure settlement for demolitions

Thu, 09 Feb 2012 23:38:33 +0000

A hefty $75 million slice of Ohio's mortgage-settlement pie will go toward demolishing vacant homes in a state hit hard by the housing crisis.

Mortgage industry eagerly ends robo-signing saga

Thu, 09 Feb 2012 23:15:41 +0000

Where one investigation ends another begins. Representatives from mortgage banks, trade groups and organizations expressed relief throughout the day Thursday as the settlement with state attorneys general and federal prosecutors finally arrived.

Senate bill gives principal write-downs through shared-appreciation plan

Thu, 09 Feb 2012 22:37:19 +0000

A proposed bill from Sen. Bob Menendez would allow underwater borrowers to reduce their loan principal through a federal shared-mortgage-appreciation program.

Q&A: Oklahoma AG goes his own way on robo-signing settlement

Thu, 09 Feb 2012 20:52:00 +0000

When the robo-signing settlement negotiations finally ended and officials took their turn at the different podiums Thursday, one man was noticeably absent.

REO auctions commonplace in commercial real estate

Thu, 09 Feb 2012 20:44:56 +0000

Bank of America Plaza in Atlanta is likely heading to liquidation via an REO auction in a move that is becoming commonplace as the commercial real estate market continues to struggle.

Economists tout principal reductions, refinancings in Senate hearing

Thu, 09 Feb 2012 20:26:33 +0000

Economists testified before the Senate Banking Committee that the Federal Housing Finance Agency must step up its role to help homeowners, which could stabilize the housing market in the process.

Home affordability reaches record heights, Midwest leads way

Thu, 09 Feb 2012 20:22:33 +0000

Stronger job creation from the Dakotas and Nebraska to Oklahoma and Texas are translating into stable home price trends and, in turn, record home affordability.

Miami, Fort Lauderdale home prices rise in 4Q

Thu, 09 Feb 2012 19:48:29 +0000

Home prices in Miami and Broward County, Fla., jumped in the fourth quarter as international buyers and investors nabbed affordable inventory.

Oklahoma reaches its own foreclosure settlement

Thu, 09 Feb 2012 19:20:30 +0000

Oklahoma Attorney General Scott Pruitt reached his own settlement with the top mortgage servicers.

BofA to pay $1 billion to settle FHA, HAMP claims

Thu, 09 Feb 2012 18:02:10 +0000

Bank of America will pay $1 billion to settle harm done to the Federal Housing Administration by mortgage originator Countrywide, which it acquired in 2008.

Fitch: Interest rate environment snubs subprime borrowers

Thu, 09 Feb 2012 16:52:37 +0000

Only 5% of subprime residential mortgage-backed securities borrowers have been able to refinance into lower interest rates in the past two years, compared to 40% of all prime RMBS borrowers, Fitch Ratings said.

Wells Fargo to start $5.3 billion foreclosure settlement relief in March

Thu, 09 Feb 2012 16:46:48 +0000

Wells Fargo will begin implementing the mortgage refinancing requirements under the state and federal foreclosure settlement in March.

Feds threaten $1 billion consent order fine to mortgage servicers

Thu, 09 Feb 2012 16:06:53 +0000

The Office of the Comptroller of the Currency settled with the top mortgage servicers over $394 million in possible penalties as part of the foreclosure consent orders signed last year.

Mortgage bonds and Greece pull down ING

Thu, 09 Feb 2012 15:49:45 +0000

Netherlands-based ING Group reported income from investments deteriorated in the fourth quarter, primarily due to poor performance on Greek sovereign bonds and mortgage investments.

10th Circuit upholds MERS right to foreclosure

Thu, 09 Feb 2012 15:29:49 +0000

The 10th Circuit Court of Appeals upheld a lower court's ruling, giving the Mortgage Electronic Registration Systems and a trustee overseeing securitized loans standing to foreclose on a mortgage pooled into a securitization trust.

Illinois home sales swell 14.8% in 4Q, but prices dip

Thu, 09 Feb 2012 15:13:19 +0000

Home sales in Illinois rose double digits in fourth-quarter 2011 over the year-ago period, while the state's median price dwindled, reflecting the downward pressure distressed sales continue to have on property values.

Mortgage rates remain near historical lows

Thu, 09 Feb 2012 15:02:05 +0000

The 30-year, fixed-rate mortgage remained unchanged for the week ending February 9, while other rates edged higher on improved employment data, Freddie Mac said.

Mortgage servicers sign $26 billion foreclosure settlement

Thu, 09 Feb 2012 14:31:34 +0000

The 16-month robo-signing saga ends with a $26 billion settlement. Nearly all 50 states agreed to a deal with Bank of America, JPMorgan Chase, Wells Fargo, Ally Financial and Citigroup.

Jobless claims down to 358,000

Thu, 09 Feb 2012 13:44:44 +0000

Initial jobless claims fell 4% last week, coming in lower than most analysts estimates and staying well below 400,000.

Credit Suisse posts 4Q loss on market conditions, regulatory costs

Thu, 09 Feb 2012 13:35:13 +0000

Credit Suisse posted a quarterly loss for the first time in years as the Swiss banking giant firm struggled with adverse market conditions and costs tied to new regulatory compliance measures.