The Lender of Choice in Collier County Florida
Along with tight credit and unstable home values, a new set of rules governing home appraisals have been blamed for making it hard to buy a home or refinance a mortgage over the past year. Now those rules are being replaced, which hopefully will lead to more accurate valuations and make home loans a bit easier to obtain as well.
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The 12 Federal Home Loan Banks reported combined earnings of $732 million in the third quarter, an impressive 343% jump from the same period a year ago.
Fannie Mae, which has temporarily suspended certain REO sales because of the foreclosure-gate scandal, plans to hold its servicers responsible for increased carrying costs on these properties, industry sources told National Mortgage News.
Moody’s Investors Service has separately placed some servicer ratings of Wells Fargo Bank N.A. and IndyMac Mortgage Servicers on review for possible downgrade, citing actions related to foreclosure affidavits.
Investors sold off their shares in Flagstar Bancorp in droves, driving the company’s common stock price down by 46% on Thursday. This is in apparent reaction to the company pricing a 110 million share common stock offering at $1 per share.
The National Credit Union Administration will continue the liquidation of U.S. Central Federal Credit Union and WesCorp Federal Credit Union next week with the sale of $2.82 billion worth of ten-year guaranteed notes comprised of cash-flows from commercial mortgage-backed securities held by the two now-defunct corporate CUs.
HAMP compliance agents are targeting the 10 largest servicers to see if they exhausted all loss mitigation options before proceeding with foreclosure sales, according to a Treasury Department official.
