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Year-end mortgage foreclosure data released by Attom data Solutions showed U.S. Foreclosure activity dropped to a thirteen (13) year low in 2018. In spite of this good news, there were areas that suffered higher foreclosure rates in the same period. Among those with rising foreclosure rates, Texas, Michigan and Florida were among the highest in…
Read MoreWhat’s driving current mortgage rates? Average mortgage rates today did not change except on the government-backed loan front. The only report released today was December’s Producer Price Index (PPI). The index, which tracks prices at the producer (manufacturing) level, fell .2 percent, exceeding experts’ predictions of a /1 percent drop. That means less inflationary pressure and is…
Read MoreAuthor: Pat Enoch Mr. Cooper Bank, formerly known as Nationstar, agreed to a settlement of $500,000 to be paid to the state of Massachusetts, and millions of dollars of relief in the form of direct payments and mortgage loan modifications to hundreds of homeowners in Massachusetts. This settlement follows a suit filed by Massachusetts Attorney…
Read MoreGiven the recent market volatility, the accusation against former Fannie Mae REO Foreclosure Specialist, Shirene Hernandez, is no longer a leading story. But Homeowners losing their homes to foreclosure can’t overlook this issue. Banks have been accused of mortgage fraud, robo-signing, foreclosure fraud and more. When have you heard charges against Fannie Mae (FNMA)? Now…
Read MoreWells Fargo Unprecedented Fine Caps Growth-Stock Price Tumbled Monday, February 5, 2018 was a bad day on the stock markets. For Wells Fargo Bank, it was much worse. Wells Fargo shares tumbled 9.2% on Monday — their biggest single-day drop since the financial crisis. Janet Yellen’s last act as Chair of the Federal Reserve, was…
Read MoreBank of America and Wells Fargo Closing the Gender Pay Gap In the last decade, Bank of America and Wells Fargo have been accused, and settled for loads of cash much wrongdoing – robo-signing, fraudulent foreclosures, mishandling of loans etc. It is good to see something positive about both banks. Following Gender Pay Gap Shareholder…
Read MoreLast Month the US Department of Justice (DOJ) settled its suit against Louisiana based IberiaBank for $11.7 Million for FHA Mortgages that were falsely certified as FHA compliant. 20% of that settlement was split between two whistleblowers. Meanwhile, lenders are complaining that FHA isn’t trustworthy. Wait, who misrepresented the loans as FHA compliant? While Ben…
Read MoreoXvsAa4vvsA 700 400 default AFFH Suspended by HUD to Give Cities…and HUD Extra Time to Learn Program. Blog Title: AFFH Suspended by HUD to Give Cities…and HUD Extra Time to Learn Program. Author: Sam Knight Suspension of the AFFH (Affirmatively Furthering Fair Housing) rule sounds wicked on the surface of it, from some perspectives, but…
Read MoreIf you are still in an adjustable rate loan, look at your loan documents. Is the rate based on the LIBOR (London Inter Bank Offered Rate)? If you answered yes, sit up and take note. An international investigation into Libor rigging, begun in 2012 revealed widespread multi-bank rate fixing. Interest rates were discovered to have…
Read MoreOcwen Pulling Out of Correspondent Lending More than 20 state business regulators issued regulatory enforcement orders in April of 2017 to auxiliaries of Ocwen Financial Corp to address “misusing of buyer escrow accounts and a lacking financial condition,” as indicated by an April news discharge from the North Carolina Office of the Commissioner of Banks.
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