Reuters, Jan. 23, 2017–Jonathan StempelA U.S. judge on Monday narrowed but refused to dismiss a lawsuit seeking to hold Deutsche Bank AG liable to investors, including dozens of portfolios from BlackRock Inc and Pacific Investment Management Co, for losses on poorly underwritten residential mortgage-backed securities.
Category: Top National News
Foreclosure Rate Down by 30% in 2016: Black Knight
National Mortgage News, Jan. 12, 2017–Jacob PassyThe foreclosure presale inventory rate fell year over year by 30% in December, signaling the most improvement of any year on record, according to Black Knight Financial Services.
Q4 Mortgage Fraud Risk Up 13%; Risk Greatest in Florida
Yahoo! Finance, Jan. 20, 2017–Ausick, PaulThe national mortgage application fraud risk index rose from 108 in the third quarter of 2016 to 122 in the fourth quarter, according to researchers at CoreLogic, a sequential increase of 13%.
Higher Prices Give Homeowners Billions More in Equity, But Mood is Soured by Rising Mortgage Rates
CNBC, Jan. 10, 2017–Olick, Diana
In the first three quarters of 2016 alone, homeowners added $837 billion in total equity. But apparently those gains are not enough to counter the negative effects of rising mortgage rates.
Post-Crisis Mortgage Success Stories
Mortgage Daily, Jan. 10, 2017–Garcia, Sam
Several non-bank home lenders have risen from the ashes of the financial crisis to become some of the biggest players in the nation’s new mortgage banking sector.
Trump Team Signals It Will Oust CFPB’s Cordray
National Mortgage News, Jan. 12, 2017–McKendry, Ian; Berry, Kate
Although Richard Cordray has a term that stretches until July 2018, Trump interviewed former Rep. Randy Neugebauer, R-Texas, for the CFPB spot on Wednesday, senior Trump spokesman Sean Spicer told reporters on a conference call.
Ocwen Helps 75,000 Homeowners Avoid Foreclosure in 2016
National Mortgage Professional, Jan. 12, 2017
Modification programs include both the Department of the Treasury Home Affordable Modification Program, as well as proprietary modifications for those homeowners who did not qualify for a HAMP modification.
Ted Tozer, Steward of Ginnie Mae for 7 Years, Departing
National Mortgage News, Jan. 13, 2017–Passy, Jacob
As president of the secondary marketing agency, Tozer has helped the mortgage market to continue functioning and keep up with changes following the financial crisis. The incoming Trump administration has not yet picked a successor.
Trump’s Treasury Secretary Pick Was Not a ‘Foreclosure King’
The Hill, Jan. 10, 2017–Crawford, Casey
The author, CEO of Movement Mortgage, asserts that Stephen Mnuchin is being unfairly characterized ahead of his Senate confirmation hearing.
Bankers Cry Foul Over CFPB’s Five-Star Complaint Rating System
National Mortgage News, Jan. 13, 2017–Berry, Kate
Bankers are trying to stop the Consumer Financial Protection Bureau from allowing consumers to rank how companies handle complaints on a one- to five-star scale and to publish narratives of consumer experiences in an online public database.