HousingWire, Jan. 12, 2016–Lane, Ben
A trio of California foreclosure rescue companies targeted Hispanics with fake loan modifications, offering the false promise of mortgage relief in exchange for thousands of dollars, HUD alleged Tuesday.
Category: Top National News
Fannie Mae Borrows Trouble with New Mortgage Program
Las Vegas Review-Journal, Jan. 12
In an editorial, the paper says Fannie Mae’s HomeReady program echoes back to subprime programs that exacerbated the financial crisis of 2008 and should be squelched.
Life Cos.’ Mortgage Returns Rebound
GlobeSt.com, Jan. 15, 2016–Bubny, Paul
Returns on commercial mortgage loans held by life insurance companies made a strong recovery in the third quarter, LifeComps said Friday.
Why Dodd-Frank Is Helping Large Lenders
National Mortgage News, Jan. 15, 2016–Gillen, Kevin
The author, general manager with TD Bank, said as the purchasing market heats up, the earnings advantage will go to MLOs who are backed by mortgage lenders that have a strong brand, deep pockets and an infrastructure that can support competitive rates, on-time closings and a suite of products that appeal to market needs.
Goldman Sachs Agrees to $5 Billion Mortgage Settlement
Fortune, Jan. 14, 2016–Gandel, Stephen
Goldman Sachs on Thursday said it reached an agreement in principal to resolve a long running government investigation into its sales of residential mortgage bonds in the run up to the financial crisis. The total settlement is just over $5 billion, and will include $1.8 billion in consumer mortgage relief.
Life in the Post-Subprime Mortgage Era
Mississippi Business, Jan. 14, 2016–Wilmesherr, Ed
Reading between the lines of the Dodd-Frank Act, it was easy to see Congress was not satisfied with the job the bank regulatory agencies had done in the run up to the 2007-2008 banking crisis.
Why Reverse Mortgage Lenders Are Upbeat About 2016
National Mortgage News, Jan. 14, 2016–Collins, Brian
The reverse mortgage industry is optimistic after recent reforms to the Home Equity Conversion Mortgage by the FHA and newfound respect from financial planners.
Not Too Big to Fail. Too Expensive to Exist
Wall Street Journal, Jan. 13, 2016–Tracy, Ryan; Rexrode, Christina; Glazer, Emily
Forget too-big-to-fail. The operative question for the country’s largest financial firms is increasingly whether the government has made it too expensive to be big.
Wells Fargo Home Lending Default Servicing Promotes New SVP
HousingWire, Jan. 8, 2016–Swanson, Brena
Wells Fargo promoted Carmen Bell to senior vice president of Wells Fargo Home Lending Default Servicing, where she will lead teams dedicated to helping customers prevent and resolve delinquencies, oversight of collections, single point-of-contact initiatives, underwriting, short sales and mediations.
TRID Training Lacked Effectiveness
Mortgage Professional America, Jan. 8, 2016–da Rosa, Justin
The industry may have trained for it but not all training was equal, according to John Gates, president of the Raleigh Mortgage Bankers Association.