New York Attorney General Andrew Cuomo has filed a lawsuit against First American eAppraiseIT and First American Corp., claiming that in an effort to keep the business of lender Washington Mutual (WaMu), eAppraiseIT agreed to use appraisers that were specifically pre-approved by WaMu and guilty of inflating prices.
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First American CoreLogic, a division of The First American Corp. and a provider of property information, analytics and services, has launched an initiative that offers concerned homeowners and industry observers data and information about the California wildfires.
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Credit Suisse, a global investment banking and asset management platform, admitted Thursday in its third quarter report that the company is feeling some of the negative effects of the housing market slump.
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Potestivo & Associates, P.C., a Michigan based law firm, which specializes in the mortgage banking and servicing industries, will be participating in Fannie Mae’s recently launched POA REO Pilot program, along with four other area firms.
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Rochester, New York-based Davidson Fink LLP, a law firm focused on everything from real estate transactions to financial and commercial litigation, has hired attorney Jeremy D. Newman to serve as an associate, specializing in residential foreclosures, real estate and loss mitigation.
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Santa Ana, California-based The First American Corporation faced a rough third quarter with the company reporting $2.1 billion in total revenue, a six-percent decrease when compared to figures from the previous year.
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RealtyTrac, a data provider and an online marketplace for foreclosure properties, released its Quarter Three-2007 U.S. Foreclosure Market Report on Thursday, which shows the number of foreclosure filings jumping 30-percent between the second and third quarter—and nearly 100-percent when compared to last year.
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Fannie Mae has elected John C. Sites Jr., a veteran mortgage and financial services industry professional, to its Board of Directors. As a member of the Board, Sites will oversee many issues while serving as a member of the Board’s Housing and Community Finance and Risk Policy and Capital Committees.
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LandAmerica Financial Group Inc. experienced a loss in net income and total revenue during the third quarter of 2007, according to a report released by the company Wednesday.
In the report, LandAmerica says its total revenue dropped 8.
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In light of the recent wildfires that swept through Southern California, the U.S Department of Housing and Urban Development has issued a 90-day foreclosure moratorium on all Southern California homes that are based on FHA-insured mortgages.
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The Federal Reserve System agreed Wednesday to reduce the federal funds rate 25 basis points to 4.5-percent, while also agreeing to a 25-basis-point cut in the discount rate, taking it to 5-percent.
In a statement released on the action, the Federal Reserve said the cuts were made to offset forecasts of a slowing economy, partly caused by the recent housing correction.
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Lender Countrywide Financial Corp. is facing a class action lawsuit, filed by two law firms, representing investors who claim the lender misrepresented its financial position and failed to warn investing parties about the potential risks within its mortgage lending portfolio.
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The chairman-elect of the Mortgage Bankers Association (MBA) warned the House Judiciary Committee’s Subcommittee on Commercial and Administrative Law that, if passed, the Emergency Home Ownership and Mortgage Equity Protection Act of 2007 (H.
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Hudson & Marshall, one of the nation’s mainstay auction companies, has plans to sell approximately 600 foreclosed homes located in Los Angeles and San Bernardino Valley in early November.
The properties, valued from $100,000 to $700,000, come with clean titles and can be previewed during an open house that will take place on November 3-4.
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Pressures related to the subprime market have taken a toll on UBS, an investment banking and securities firm.
The company reported Tuesday that it experienced a CHF (CHF-refers to Swiss Franc’s currency) 726 million pre-tax loss in the third quarter.
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Whether home sale prices have hit their rock bottom yet or not, auction companies like Irvine, California-based Real Estate Dispositon Corp. (REDC) say sellers looking for a good buy are flocking to REO auctions to shop for bargains.
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Irvine, California-based Real Estate Disposition Corp. (REDC), a company that offers REO auction services, announced the hiring of Tim Reilly on Tuesday. Reilly will fill the role of executive vice president, business development.
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Bear Stearns Co. announced 300 job cuts on Tuesday. The staff reductions will impact employees working in various units throughout the company.
A Bear Stearns representative released a statement to DSNews.
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Stewart Title of California Inc. says it has found a way to help homeowners who are forced to rebuild because of all the destruction recently caused by the property-damaging wildfires in the state of California.
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In a market where fears over the subprime shakedown are spreading pessimism nationwide, Charles Merrill, the cousin of the man who founded Merrill Lynch & Co., is predicting a stock market crash that will put the 1929 crash to shame.
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