Fannie Mae on Friday suspended Republic Mortgage Insurance Co. as an approved MI to the GSE and took the added step of suspending a subsidiary that RMIC planned to write all new business through come September 1.
The policy that prevents mortgage servicers from initiating foreclosures in the name of Mortgage Electronic Registration Systems Inc. became permanent this week after parent company Merscorp Inc. finalized changes to its procedures and quality assurance manuals.
Bank of America over the past 10 days tried – and failed – to sell roughly $50 billion of ‘legacy’ mortgage servicing rights, according to servicing advisors familiar with the auction.
The Federal Housing Finance Agency on Wednesday filed suit against UBS Americas for misrepresenting the quality of private label, non prime MBS it sold to Fannie Mae and Freddie Mac during the housing and mortgage boom.
High-ranking members of the House Financial Services Committee have introduced a bipartisan bill that encourages banks, Fannie Mae and Freddie Mac to rent foreclosed properties as a way to reduce REO sales and stabilize house prices and communities.
The nation’s robosigning debacle and the overhang of foreclosed properties on the market caused foreclosure activity to drop significantly during the first-half of the year, according to new figures compiled by RealtyTrac.
Mortgage, housing, and even local politicians are stepping up pressure on congressional appropriators to extend the maximum $729,750 loan limit on government-backed loans for another year, fearing that a failure to act will damage already stressed real estate markets.
