The Obama administration is expanding its flagging HAMP program to address the two main drivers of foreclosures-job loss and underwater mortgages where borrowers owe more on their loan than the property is worth.
The Federal Housing Administration is taking another crack at creating a refinancing program that requires principal writedowns and gives investors an option to cut their losses on underwater conventional loans.
The Department of Labor late Wednesday declared that commissioned loan officers are entitled to overtime pay, reversing a 2006 ruling that favored the mortgage firms that employed them.
Ambac Financial Group Inc. has at the direction of Wisconsin’s insurance commissioner established a segregated account for certain mortgage-related liabilities in a move the commissioner said is aimed at protecting the company’s municipal bond policyholders.
The newest participant in the government’s Second-Lien Modification Program is Citigroup.
The USDA’s ‘Guaranteed Rural Housing Program,’ which has soared in popularity the past two years, could run out of allocated funds shortly, affecting hundreds of lenders and secondary market buyers, including JPMorgan Chase.
Fannie Mae and Freddie Mac will not be buyers — or active sellers — of mortgage-backed securities while they remain in conservatorship, Treasury secretary Timothy Geithner declared Tuesday.
