By Carrie Bay | 12/04/2013
Hudson & Marshall will auction more than 150 single-family properties for the FDIC using a specially tailored version of the company's online and offline auction process. Five separate auctions will take place from December 4–10 on properties located in Alabama, Florida, Georgia, and North Carolina.
By Krista Franks Brock | 12/03/2013
Speaking at an industry symposium recently, Gene Sperling, director of the National Economic Council for the White House, stressed the importance of securitization in the housing market, saying it makes mortgages cheaper and enables banks to free up limited capital to support additional home purchases and other forms of lending. However, he says the current securitization market is in need of major reforms.
By Ashley R. Harris | 12/02/2013
Conforming loan limits will remain the same according to recent guidance issued by the Federal Housing Finance Agency (FHFA). The agency announced that the 2014 maximum loan limit for mortgages acquired by Fannie Mae and Freddie Mac will remain at $417,000 for one-unit properties in most areas of the country. The baseline limit was left unchanged based on national average home prices.
By Tory Barringer | 12/02/2013
Fannie Mae and Freddie Mac have aligned their master policies for mortgage insurance.
Among the new requirements incorporated by each GSE are provisions to facilitate faster and more consistent claims processing, specific time frame mandates, and standards for when coverage must be maintained and when it may be revoked. The new policies are expected to take effect in 2014.
By Carrie Bay | 12/02/2013
To address widespread negative equity, at least 15 cities and counties are considering using eminent domain to seize underwater homes and lower borrowers' mortgage principal balances, according to the Urban Institute. The institute conducted a study to see what commonalities these communities share and found that all 15 suffer from high levels of poverty and unemployment, stagnant incomes, and low housing prices.
By Krista Franks Brock | 11/26/2013
For the first time in more than four years, banks insured by the Federal Deposit Insurance Corporation (FDIC) reported an annual loss, according to the regulator's Quarterly Banking Profile released Tuesday. At $36 million, the net income of FDIC-insured banks in the third quarter is $1.5 million below earnings reported in the third quarter of last year.
By Tory Barringer | 11/26/2013
Lenders Compliance Group Inc. announced the appointment of Michael J. Wallace Esq. to the position of director of marketing compliance. Wallace has spent more than 20 years counseling clients on federal and state industry laws and regulations regarding mortgage acts, practices, and marketing.
By Carrie Bay | 11/25/2013
Fannie Mae and Freddie Mac announced changes to their Servicing Guides Monday aimed at helping more borrowers avoid foreclosure through short sales and deeds-in-lieu of foreclosure (DILs). Some of the changes are to align with certain Consumer Financial Protection Bureau (CFPB) rules and regulations that implement the mortgage servicing provisions of the Dodd-Frank Act, and some are simply to ease eligibility requirements for liquidation workout options.
By Krista Franks Brock | 11/25/2013
A former U.S. Bank executive plead guilty to receiving bribes from Oxford Collection Agency over the course of several years in exchange for business, according to the Office of the Special Inspector General for the Troubled Asset Relief Program. Wilbur Tate III served as the assistant VP at U.S. Bank from January 2004 through February 2011. He allegedly accepted bribes from Oxford starting in 2008--bribes which began as expensive cigars and escalated to cash payments disguised in cigar boxes.
By Tory Barringer | 11/25/2013
Diane Nordin, a seasoned asset management executive, has joined Fannie Mae's board of directors, the company announced. Nordin most recently spent a year as a fellow at the Advanced Leadership Initiative at Harvard University. Before that, she worked for 20 years at Wellington Management Company, a private asset management firm.