July 25, 2008
Existing Home Sales
Posted by S. Germain at 08:23 AM | Comments (0)
First American Loan Production Solutions Expands Data, Workout Options
First American Loan Production Solutions has announced the expansion of its borrower identification data and workout options to create a complete loan modification system designed to help servicers prevent foreclosures. The new offering combines credit scoring, valuation services, risk modeling, scoring, document preparation, and document recording to identify borrowers who are most at risk of foreclosure, the company said. Borrower refinance and workout options are then presented, and documents needed to complete the loan modification process may be created.
Posted by S. Germain at 08:21 AM | Comments (0)
The First American Corporation to Hold Second-Quarter Conference Call on July 31, 2008
The First American Corporation announced that it will host a conference call on July 31, 2008, at 11 a.m. EDT. The call will follow the announcement of the company's operating results for the second-quarter of 2008, which is scheduled for release on July 31, 2008, at 8:32 a.m. EDT.
The conference call, which will also be broadcast over the Internet can be accessed online at http://www.firstam.com/investor or by dialing toll free (888) 955-3516. Callers from outside the United States may dial (210) 234-5896. The pass code for the event is "First American."
An audio replay of the conference call will be available through Aug. 8, 2008, by dialing (203) 369-3865. An audio archive of the call; a copy of the 2008 second-quarter earnings release, including the financial information contained therein; and the accompanying financial presentation will also be available on First American's investor Web site.
Posted by S. Germain at 08:20 AM | Comments (0)
Fidelity National Financial, Inc. Announces Opening of Fidelity National Title de Mexico S.A. de C.V.
Fidelity National Financial, Inc. announced the opening of its title insurance operation in Mexico, Fidelity National Title de Mexico S.A. de C.V. ("Fidelity Title Mexico").
Posted by S. Germain at 08:18 AM | Comments (0)
NatCity Sees Big Loss on 'Liquidating Portfolio'
National City Corp., Cleveland, lost $1.8 billion ($2.45 per share) in the second quarter, driven by a $1.6 billion loss provision related to broker-originated home equity, subprime mortgage, and construction loans to individuals.
Posted by S. Germain at 08:17 AM | Comments (0)
House Passes Landmark Housing Bill
The House has passed a landmark housing bill that includes a financial backstop for Fannie Mae and Freddie Mac, and the measure now goes to the Senate, where a few Republican stalwarts might delay final passage for a few days. The bill increases Fannie's and Freddie's line of credit at the U.S. Treasury and authorizes the Treasury secretary for the first time to purchase stock in the two government-sponsored enterprises, if necessary. The bill also strengthens regulation of Fannie and Freddie, and passage of the bill should make it easier for the mortgage giants to raise additional capital, according to James Lockhart, director of the Office of Federal Housing Enterprise Oversight.
Posted by S. Germain at 08:16 AM | Comments (0)
Clear Capital Releases New Property Condition Report That Includes Neighborhood Context
Clear Capital introduced the Condition Conformity Inspection: a new report that helps banks and lenders determine whether their vacant, bank-owned homes are at risk of contributing to urban blight.
Condition Conformity Inspections bring together subject property and neighborhood information into a single, easy-to-read form that includes visual tools such as images of the subject property, street views, the ten closest neighboring homes, and a map of the neighborhood. These inspections also include narratives on the condition of the subject, its conformity to the neighborhood, and possible deferred maintenance issues.
Posted by S. Germain at 08:11 AM | Comments (0)
Radian Guaranty Joins Hope Now Alliance
Radian Guaranty, the primary mortgage insurance subsidiary of Radian Group Inc. announced that it has become a member of the Hope Now Alliance.
Posted by S. Germain at 08:09 AM | Comments (0)
DocuSign Launches New Enterprise Service Capabilities for Electronic Contract Execution
DocuSign announced the latest release of DocuSign, now available at www.docusign.com, that introduces an extensive set of new features to help customers achieve the long-sought goal of replacing the expensive and slow use of paper in all contract execution processes.
This latest release of DocuSign automates the entire contract execution process, further enhancing the most powerful solution available in the marketplace today. As a SaaS (Software as a Service) offering, DocuSign's automated contract execution services can be deployed very quickly into existing business processes such as sales contract execution, new account openings, HR forms processing and document transaction processing.
Posted by S. Germain at 08:07 AM | Comments (0)
Cogent Road Introduces Padded Credit Score Detection Tool
Cogent Road has launched an automated tool for detecting if a credit score has been artificially inflated due to questionable or untrustworthy "authorized user" accounts within the borrower's profile.
The solution examines credit reports to detect the probability that a borrower's credit score is being artificially manipulated based on a different individual's payment history. Using a complex series of comparative algorithms, this detection tool analyzes the borrower's credit profile as a whole to detect whether or not authorized user tradelines are consistent with his or her historical payment pattern.
Posted by S. Germain at 08:03 AM | Comments (0)
SigniaDocs Releases eSign eNsure To Enforce Legal Mortgage Disclosures
According to the company, eSign eNsure enforces compliant disclosure and closing practices by warranting the Good Faith Estimate, the Truth In Lending Statement and annual percentage rate calculations by creating electronic date and time stamps in key disclosure areas, signifying borrower understanding and acceptance of the loan conditions.
Posted by S. Germain at 08:02 AM | Comments (0)
Lender Processing Services Acquires McDash Analytics
Lender Processing Services Inc. (LPS), recently spun off from Fidelity National Information Services Inc., has acquired McDash Analytics, which provides access to the industry's largest loan-level database of mortgage assets for the purpose of benchmarking and analysis.
Posted by S. Germain at 08:01 AM | Comments (0)
2Q Home Vacancies Set a Record
The Census Bureau says the 18.6 million homes sitting unoccupied nationwide during the second quarter set a record attributable to the housing slump and rising foreclosure rate. Year-over-year, the number of vacant dwellings was up 6.9 percent, and 2.8 percent of these vacant homes were nonrentals. The report also shows 4 million rentals standing empty during the second quarter and a jump in vacant homes in the "other" category--including foreclosures and those empty while undergoing improvements--to 3.2 million from 3 million in 2007.
Posted by S. Germain at 07:59 AM | Comments (0)
San Diego Sues Bank of America to Halt Foreclosures
Bank of America and its Countrywide unit have been sued by the city of San Diego in an attempt to keep the mortgage lenders from foreclosing on local homes. Filed in San Diego County Superior Court by City Attorney Michael Aguirre, the suit alleges that homeowners were defrauded with subprime loans that did not comply with Countrywide's policies. San Diego County has lost 20,000 homes to foreclosure so far this year, but some analysts believe the number could rise to 40,000 for 2008. "We would like to see San Diego become a foreclosure sanctuary," said Aguirre, who expects to file similar suits against Washington Mutual, Wells Fargo and Wachovia to get lenders to negotiate with borrowers.
Posted by S. Germain at 07:58 AM | Comments (0)
Title Insurer Fidelity National's Net Sinks 92 Pct
Fidelity National Financial Inc., parent company to one of the country's biggest title insurers, blames the housing slump and mortgage crisis for pushing its second-quarter profit down 92 percent to 3 cents a share from 38 cents a share in the 2007 second quarter. Reuters Estimates reports that analysts had anticipated revenue of 13 cents per share. Fidelity National additionally reports a 25-percent drop in closed title orders to 307,500 for the April-through-June period, a 26-percent decrease in opened title orders to 462,600 and a 23-percent decline in title and escrow premiums and fees to $1.04 billion.
Posted by S. Germain at 07:57 AM | Comments (0)
Wachovia and Washington Mutual Post Billions in Mortgage Losses
Wachovia Corp. and Washington Mutual Inc. announced record second-quarter losses tied to the mortgage crisis, indicating that the fallout is now affecting loans to prime borrowers. Wachovia lost $8.9 billion in the second quarter, mainly due to its $122 billion portfolio of option adjustable-rate mortgages (ARMs), with $3.3 billion of the $5.6 billion reserved for loan losses set aside for these mortgages. Washington Mutual, also indicating problems with option ARMs, posted a $3.3 billion loss for the quarter. Its loan loss reserves total $5.9 billion.
Posted by S. Germain at 07:56 AM | Comments (0)
Mortgage Lobby Replaces President
The president of the Mortgage Bankers Association--one of the most powerful lobby groups in the nation's capital and a key player in the housing bill now winding its way through Congress--has announced plans to step down at the end of the year, following more than seven years at the helm. California Housing Finance Agency Chairman and former MBA chairman John Courson has been tapped to replace Jonathan Kempner and will additionally assume the role of COO, beginning on Aug. 1.
Posted by S. Germain at 07:55 AM | Comments (0)
Wachovia to Stop Buying Loans From Mortgage Brokers
Beginning on July 25, Wachovia Corp. will no longer approve mortgages made by mortgage brokers--which, along with other third parties, accounted for 40 percent of the bank's loan volume last year. The company announced the change as part of its plans to recover from losses sustained by Golden West Financial Corp., which it acquired for $24 billion in 2006.
Posted by S. Germain at 07:54 AM | Comments (0)
Trouble at Fannie and Freddie Stirs Concern Abroad
As of the end of this year's first quarter, roughly 20 percent of securities issued by Fannie Mae, Freddie Mac and a few smaller quasi-governmental agencies were held by foreign investors, meaning that one out of 10 American mortgages is essentially owned by institutions and governments not based in this country. Now that the two big government-sponsored enterprises are faltering, analysts note that how their bailout is handled will ultimately test American markets in the world view and could have an effect on the level of interest rates and the strength of the dollar for years to come.
Posted by S. Germain at 07:52 AM | Comments (0)
July 18, 2008
Housing Starts
Posted by S. Germain at 08:42 AM | Comments (0)
The First American Corporation to Hold Second Quarter 2008 Conference Call
The First American Corporation, America's largest provider of business information, announced that it will host a conference call on July 31, 2008, at 11 a.m. EDT. The call will follow the announcement of the company's second-quarter operating results, which is scheduled for release on July 31, 2008, at 8:32 a.m. EDT.
Investors, members of the financial community and the media can access the call by dialing (888) 955-3516, and giving the pass code "First American." The call will also be webcast at www.firstam.com/investor.
An audio replay of the conference call will be available through August 9, 2008, by dialing (203) 369-3865. An audio archive of the call will also be available for replay on First American's Web site.
Posted by S. Germain at 08:40 AM | Comments (0)
First Title and Winmarkt Sign Title Insurance Deal
First Title Insurance plc (First Title), a subsidiary of First Title plc and the largest provider of title insurance in the United Kingdom and Europe, is pleased to announce that it provided title insurance to facilitate the purchase of Winmarkt Magazine by the IGD Group — one of the primary players in the Italian retail real estate market — for €182.50 million.
Posted by S. Germain at 08:39 AM | Comments (0)
Fidelity National Financial, Inc. Announces 2nd Quarter 2008 Earnings Release and Conference Call
Fidelity National Financial, Inc. will release 2nd quarter 2008 earnings after the close of regular market trading on Wednesday, July 23, 2008. A conference call will follow at 10:00 a.m. Eastern Time on Thursday, July 24, 2008. Those wishing to participate via the webcast should access the call through FNF's Investor Relations website at www.fnf.com. Those wishing to participate via the telephone may dial-in at 800-762-6085 (USA) or 480-248-5088 (International). The conference call replay will be available via webcast through FNF's Investor Relations website at www.fnf.com. The telephone replay will be available from 12:00 p.m. Eastern Time on July 24, 2008, through July 31, 2008, by dialing 800-475-6701 (USA) or 320-365-3844 (International). The access code will be 953610.
Posted by S. Germain at 08:37 AM | Comments (0)
Cogent Road Tool Detects Credit Piggybacking
Cogent Road has launched an automated tool for detecting if a credit score has been artificially inflated due to questionable or untrustworthy "authorized user" accounts within the borrower's profile. This process is known as "piggybacking," because the borrower's credit score "piggybacks" on the seasoning and payment history of the actual card holder. The tool is available free of charge to Cogent Road's existing Funding Suite clients. The application examines credit reports to detect the probability that a borrower's credit score is being artificially manipulated based on a different individual's payment history.
Posted by S. Germain at 08:36 AM | Comments (0)
Landata Technologies, Inc. Announces Launch of New eRecording, Document Management Software, Landata eClipse(TM)
Landata Technologies, Inc. (LTI) announced the launch of their new product, Landata’s eClipse™. This new document management system is an all-in-one platform supporting recordation of real estate, court, vital records and miscellaneous documents.
Integrated with the latest eRecording technology, eClipse includes a multi-user examination module used to review real estate and court eRecording packages at the courthouse, as well as a sophisticated redaction capability supporting interactive and batch processing. Landata’s eClipse™ is built around a multiple device interface (MDI) that supports a host of features. A single login provides access to multiple module applications such as the examination, cashiering, electronic recording, imaging, indexing and public access modules to list a few.
Posted by S. Germain at 08:34 AM | Comments (0)
Kirtland Federal Credit Union Turns to FICS for Mortgage Origination and Servicing Solutions
Financial Industry Computer Systems, Inc. (FICS®), announced that New Mexico-based Kirtland Federal Credit Union is successfully utilizing its residential loan origination and servicing suite of mortgage technology solutions.
Posted by S. Germain at 08:31 AM | Comments (0)
ServiceLink Web-Based Closing Product Expands In Market
ServiceLink the national mortgage services platform of Fidelity National Financial says it has received solid reviews from borrowers and lenders for its growing iClose Web-based closing product.
iClose is a secure and convenient method for borrowers to close their loans in an online virtual meeting room. Borrowers schedule a date and time that is convenient, and a ServiceLink closing agent guides them through their paperwork, using an online interface.
Posted by S. Germain at 08:25 AM | Comments (0)
Wholesale Bank Implements DocuTech's Compliant Doc Solution
DocuTech Corp. says that San Francisco-based Parkside Lending has implemented the company’s compliant document solution, ConformX.
Posted by S. Germain at 08:24 AM | Comments (0)
ZC Sterling Receives ISO 9001:2000 Certification
ZC Sterling Corp. has announced that its management system for monitoring and placing lender-placed hazard and flood insurance services is now ISO 9001:2000 certified. The certification comes at the conclusion of a rigorous audit performed by independent ISO registrar, FM Approvals.
Posted by S. Germain at 08:23 AM | Comments (0)
Fed Finalizes Final Amendment to HOEPA
The Federal Reserve Board approved a final rule amendment today to the Truth in Lending Act (TILA), or Regulation Z, requirement of the Home Ownership and Equity Protection Act (HOEPA). This rule addition, which addresses “higher-priced” mortgage loans, loans taken out against a consumer's principal dwelling, and loans advertising standards will further regulate mortgage lending practices and ensure that consumers are protected against many of the same unscrupulous practices that led to the subprime loan delinquencies the market is seeing today.
Posted by S. Germain at 08:22 AM | Comments (0)
Lydian Forms New FHA/VA Loan Processing Subsidiary
Lydian Data Services announced the establishment of Lydian Data Government Services, a new subsidiary to provide expert mortgage processing, closing, postclosing, and quality control services for FHA and VA loans. The new subsidiary will also offer consulting services to help originators become approved by FHA, and training services to help lenders familiarize their Realtors, loan officers, and brokers with government lending programs.
Posted by S. Germain at 08:21 AM | Comments (0)
RedVision Completes Acquisition of Colorado Record Data and CRS Title Services
RedVision, a national real estate property research organization, yesterday announced the completion of its acquisition of Colorado Record Data (CRD) and its sister company CRS Title Services (CRS).
Posted by S. Germain at 08:20 AM | Comments (0)
Ticor Employs DepotPoint's TrackPoint to Manage Foreclosure and REOs
Ticor Title Company of California, a subsidiary of Fidelity National Financial, Inc., announced today that it has taken steps to streamline the tracking and management of thousands of foreclosure and REO properties.
To this end, Ticor will employ DepotPoint, Inc.'s Default and REO TrackPoint, a vertical processing system that reduces the time it takes to move properties through the default process. The system's custom Web portal allows law firms, title companies, lenders and servicers to share title, disposition and management information in real time. In addition, TrackPoint ensures nationwide compliance to foreclosure guidelines with its state-by-state exception handling for debt disputes, forbearance, loan reinstatement, bankruptcy, and other issues.
Posted by S. Germain at 08:19 AM | Comments (0)
IndyMac Under FBI Investigation
According to the AP, IndyMac Federal Bank, is being investigated by the FBI for possible fraud in connection with home loans made to risky borrowers. AP spoke to an official, who said that the investigation is focused on the company itself and not individual company employees.
AP went on to say that the investigation of IndyMac is part of a larger investigation the FBI is doing into companies connected to the wave of subprime mortgage failures. According to the story, the indictions made last month against two former Bear Stearns mangers who were charged with conspiracy and securities and wired fraud charges was the first time criminal charges were brought to a Wall Street company concerning subprime mortgages.
Posted by S. Germain at 08:17 AM | Comments (0)
Bernanke: Economy Faces 'Numerous Difficulties'
The country's economic problems present "significant challenges" for Federal Reserve policymakers as they try to get the economy back on track, Fed Chairman Ben Bernanke said. Lowering rates to prop up the economy would exacerbate inflation, and an increase to keep prices in check would stifle the struggling economy and housing sector. As a result, most economists expect the central bank policymakers to hold rates steady when they meet on Aug. 5.
Posted by S. Germain at 08:14 AM | Comments (0)
Analysts Say More Banks Will Fail
As many as 150 banks across the country could fail over the next 12 to 18 months, and many other lenders are likely to shut branches or pursue mergers, according to analysts. "Everybody is drawing up lists, trying to figure out who the next bank is, No. 1, and No. 2, how many of them are there," says Richard Bove, a banking analyst with Ladenburg Thalmann.
Posted by S. Germain at 08:12 AM | Comments (0)
Regulators Seize IndyMac Bancorp
The FDIC has taken over IndyMac Bancorp after the bank continued to lose huge amounts of money daily from depositors. The agency will operate the bank while trying to sell it. With $32 billion in assets as of late March, the IndyMac failure represents one of the largest collapses in the history of U.S. banking. An inability to sell off a portion of its Alt-A mortgage loans started creating problems for IndyMac at the tail end of last year.
Posted by S. Germain at 08:12 AM | Comments (0)
U.S. Unveils Plan to Aid Mortgage Giants
The Bush administration has outlined a plan to help Fannie Mae and Freddie Mac weather investor concerns about capitalization and expects the measures to be passed by Congress and signed into law by the president by the end of next week. Under the plan, the government-sponsored enterprises would be able to trade certain assets for cash at the Federal Reserve's discount window in the event of an emergency. Additionally, the Treasury secretary would be given authority to boost Fannie Mae and Freddie Mac's $2.25 billion credit lines as necessary and negotiate terms under which the government would purchase their stock.
Posted by S. Germain at 08:11 AM | Comments (0)
July 11, 2008
First Title and Winmarkt Sign Title Insurance Deal
First Title Insurance plc (First Title), a subsidiary of First Title plc and the largest provider of title insurance in the United Kingdom and Europe, is pleased to announce that it provided title insurance to facilitate the purchase of Winmarkt Magazine by the IGD Group — one of the primary players in the Italian retail real estate market — for €182.50 million.
By providing comprehensive title insurance, First Title enabled the complex transaction to take place, replacing some of the vendor’s warranties. The transaction covered 16 Winmarkt commercial centres in Romania, spanning a total of 147,000 square metres.
Posted by S. Germain at 08:47 AM | Comments (0)
First American CoreLogic Releases April 2008 LoanPerformance House Price Index
First American CoreLogic announced the release of its April 2008 LoanPerformance Home Price Index (HPI).
The LoanPerformance HPI provides a comprehensive set of monthly home price indices and median sales prices covering 7,529 ZIP codes, 958 Core Based Statistical Areas (CBSA) and 672 counties located in all 50 states and the District of Columbia. The indices, which are the most comprehensive available in the industry, are reported to clients five weeks after each full month ends. Visit www.loanperformance.com/assets/images for map information.
Posted by S. Germain at 08:44 AM | Comments (0)
LandAm Reducing 'Bricks & Mortar'
LandAmerica Financial Group has announced that its recently reported merger of two title insurance subsidiaries in Colorado is part of a new business model that will reduce the number of "bricks-and-mortar" locations in the state. The company recently announced that it was merging its Transnation Title Insurance Co. subsidiary into its Lawyers Title Insurance Corp. subsidiary as part of an effort to transform its independent businesses into a unified operating company.
Posted by S. Germain at 08:41 AM | Comments (0)
Fidelity National Financial, Inc. Announces 2nd Quarter 2008 Earnings Release and Conference Call
Fidelity National Financial, Inc. will release 2nd quarter 2008 earnings after the close of regular market trading on Wednesday, July 23, 2008. A conference call will follow at 10:00 a.m. Eastern Time on Thursday, July 24, 2008. Those wishing to participate via the webcast should access the call through FNF's Investor Relations website at www.fnf.com. The conference call replay will be available via webcast through FNF's Investor Relations website at www.fnf.com.
Posted by S. Germain at 08:37 AM | Comments (0)
ChargeSmart(TM) Launches New Credit Card Bill Payment Solution
ChargeSmart LLC, a provider of online payment solutions to the financial and mortgage industries, today announced the launch of its comprehensive Web-based payment service allowing consumers to pay their mortgage, auto and education loans as well as utility bills using a major credit card. Having a network of more than 4,000 billers across the United States, ChargeSmart completes transactions using a secure Internet-based payment system.
Posted by S. Germain at 08:33 AM | Comments (0)
Governor signs California mortgage bill
Lenders must now call California homeowners or visit them in person and explore restructuring options before foreclosing on their homes under legislation signed Tuesday by Gov. Arnold Schwarzenegger.
The new law also doubles the amount of time tenants have to relocate from a foreclosed property to 60 days and requires owners to maintain foreclosed properties.
Posted by S. Germain at 08:32 AM | Comments (0)
LION Shareholders Approve Sale of Assets to OpenClose
LION, Inc. announced that its shareholders had approved the sale of substantially all of the assets of LION to Beanstalk Networks dba OpenClose(R) pursuant to an asset purchase agreement between Beanstalk Networks Acquisition LLC and LION dated as of May 12, 2008. As a result of this approval, LION expects that the sale will be consummated shortly in accordance with the terms of the agreement.
Posted by S. Germain at 08:31 AM | Comments (0)
Titan Lenders Adds MERS Integration To Cerberyx Platform
Titan Lenders Corp., a mortgage back-office fulfillment services provider specializing in closing, funding and post-closing services, has integrated the Mortgage Electronic Registration System (MERS) with its Cerberyx platform, automating both the registration and transfer of mortgage loan assignments for its customers.
Posted by S. Germain at 08:27 AM | Comments (0)
Del Mar DataTrac, Loan-Score Now Integrated
Loan-Score Decisioning Systems and Del Mar DataTrac have completed an enhanced nine-point integration between Loan-Score's automated underwriting system (AUS) and DMD's mortgage banking automation solution, DataTrac.
The integration is bidirectional and enables the two systems to automatically talk to one another, updating conditions and loan-level status in real time using advanced Web services, the companies explain. Loan-Score's Web-based pricing engine and AUS serves as the point-of-sale decisioning solution, while DataTrac remains as the core system of record and workflow management solution for the fulfillment process.
Posted by S. Germain at 08:25 AM | Comments (0)
Interthinx Forms Strategic Alliance With iMortgage Services
Interthinx Inc. has formed a strategic alliance with iMortgage Services (iMS). iMS provides nationwide appraisal, automated valuation (AVM), broker price opinion fraud, closing, title and warranty products to the mortgage industry.
Posted by S. Germain at 08:13 AM | Comments (0)
Deutsche Bank Is Sued Over Vacant Homes
The nonprofit community development group Price Hill Will has filed suit against Deutsche Bank AG in state court in Hamilton County, Ohio, accusing Deutsche Bank National Trust of failing to maintain foreclosed properties and creating blight in Cincinnati's Price Hill neighborhood. The organization wants Deutsche Bank to pay damages and wants the court to force the company and other financial institutions to ensure that vacant properties comply with building codes.
Posted by S. Germain at 08:09 AM | Comments (0)
U.S. Weighs Takeover Plan for Two Mortgage Giants
With Fannie Mae and Freddie Mac's shares down 30 percent and 45 percent, respectively, in a week's time, senior Bush administration officials have initiated discussions about what do in the event that one or both of the government-sponsored enterprises fails. Although they insist the GSEs are well capitalized for the time being and a crisis is not imminent, there is talk that the government could take control of one or both of them and put them under a conservatorship--which would erode their stock values and make taxpayers responsible for losses--if necessary.
Posted by S. Germain at 08:08 AM | Comments (0)
Legislature Acts to Control Mortgage Servicers
North Carolina lawmakers have approved new rules that require mortgage servicers to be licensed in the state. The measure now goes to Gov. Mike Easley (D) for his signature. State House and Senate legislators voted in favor of the new rules, hoping to prevent the kinds of abuses that contributed to the housing market meltdown and severely undermined consumer confidence in the mortgage system. North Carolina stands to become just the ninth state to regulate mortgage servicers.
Posted by S. Germain at 08:07 AM | Comments (0)
IndyMac to Exit Most Home Lending, Slash 3,800 Jobs
IndyMac Bancorp has announced that it will reduce its payroll by more than 50 percent in the wake of growing defaults by borrowers. The savings and loan is the latest in a series of major California-based lenders that have either been absorbed by other firms or forced to stop making home loans altogether.
Posted by S. Germain at 08:05 AM | Comments (0)
Mortgage Giants Take Beating on Fears Over Loan Defaults
Fannie Mae and Freddie Mac watched their share prices fall to more than 14-year lows on July 7, as investors remain concerned about the government-sponsored enterprises' ability to meet capital requirements and the jump in borrowing costs and decline in home prices that would result. Investors worry that Fannie Mae and Freddie Mac's stock will be worthless if they are forced to issue billions in stock to offset mortgage-related losses. Experts note that the GSEs have purchased insurance to safeguard against rising mortgage defaults, but losses registered by these insurers could make it mandatory that Fannie Mae and Freddie Mac reserve more capital to cover losses.
Posted by S. Germain at 08:04 AM | Comments (0)