The 30-year fixed averaged 3.56 percent (0.7 point) for the week ending July 12, down from 3.62 percent the previous week. At the same time in 2011, the 30-year fixed averaged 4.51 percent. This week marks the 16th straight week that the 30-year average has stayed below 4 percent. The 15-year fixed also fell, averaging 2.86 percent (0.7 point), a drop from 2.89 percent last week. A year ago, the 15-year fixed averaged 3.65 percent.
Read More »CMG Mortgage Insurance Gives Fannie Mae Delegation of Authority
As of Wednesday, Fannie Mae has blanket delegation of authority on behalf of all servicers from CMG Mortgage Insurance Company.
Read More »Seasonal Factors Drive Initial Claims to 4-Year Low
First-time claims for unemployment insurance fell 26,000 for the week ended July 6 to 350,000 the lowest level since March 2008, the Labor Department reported Thursday. The prior week's total was revised up to 376,000 from the originally reported 374,000.
Read More »California Homeowner Bill of Rights Signed Into Law
The Homeowner Bill of Rights so far consists of a series of related bills containing provisions that prohibit certain practices by lenders that have been attributed to the state's foreclosure crisis. Chief among the banned practices are robo-signing (signing of fraudulent mortgage documents without review) and dual-track foreclosure (starting foreclosure proceedings while the homeowner is in negotiations to save the home). The bill imposes civil penalties on perpetrators of these activities. In addition, it guarantees struggling homeowners a single point of contact at their lender who has knowledge of their loan and direct access to decision makers.
Read More »Barclays Ex-CEO Waives Bonuses, Will Still Receive Year’s Salary
One week after announcing that CEO Bob Diamond stepped down in the wake of a rates manipulation scandal, Barclays: announced Tuesday that the bank reached an agreement with Diamond regarding the terms of his resignation. According to a release from Barclays, Diamond voluntarily offered to waive all of his deferred bonus awards and long-term incentive share awards. The release noted that consistent with his employment contract, Diamond will still receive up to a year's salary, pension allowance, and other benefits.
Read More »Settlement’s Impact on Foreclosures and Principal Reduction: Fitch
The most significant impact of the $25 billion robo-signing settlement has been the clarification of foreclosure standards for servicers, which has led to a higher number of initiated foreclosures, Fitch Ratings said in a note. Foreclosure initiation rates rose to roughly 12 percent in June, the highest figure since first half-2009, according to Fitch. While there has been an increase in principal reductions, Fitch said the growing use of principal reduction may be a continuation of an earlier trend, not a result of the settlement. In February, state and federal officials reached a landmark settlement with five of the largest servicers - Bank of America, JPMorgan Chase, Wells Fargo, Citi, and Ally over foreclosure practices.
Read More »CFPB Proposes Redesigned Mortgage Forms for Clarity
The Consumer Financial Protection Bureau (CFPB) proposed mortgage disclosure forms designed for understanding on Monday. The forms are a result of research, testing, writing, and review and are being created to help consumers comprehend the terms of their mortgage and the costs involved. The proposed forms are part of the agency's Know Before You Owe project and are to be provided after applying for a loan and before closing.
Read More »VRM to Start Managing VA Foreclosures
As of July, Vendor Resource Management became the exclusive provider of property management services for the Department of Veterans Affairs' (VA) foreclosed homes.
Read More »IndyMac Execs Settle Class-Action Suit for $6.5M
In a shareholder class-action lawsuit, former executives of IndyMac Bankcorp agreed to settle for $6.5 million following the bank's 2008 collapse, the Associated Press reported Sunday.
Read More »Georgia Bank Closes After Director Disappears
The FDIC announced Friday the closure of Montgomery Bank & Trust in Ailey, Georgia, after the disappearance of the bank's director. Aubrey Lee Price, an investment advisor and the director of Montgomery Bank & Trust, was accused by the government of wire fraud related to the embezzlement of $17 million from the bank.
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