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FDIC Voices Concerns Over BAC Settlement

The FDIC stepped in late Monday to halt the mega $8.5-billion Bank of America deal over mortgage-backed securities, according to multiple news outlets. The federal agency, an erstwhile bank regulator, filed its concerns in a U.S. District in New York as an investor with claims to securities at stake in the settlement. A state judge in New York will preside over the decision to green-light the settlement come November, even as an investor group persists in trying to kick the case up to a federal court, according to Bloomberg News.

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Overture’s Mortgage Division Acquired

Overture Technologies, Inc., has been partially acquired by CompuGain Corporation and its mortgage division is now a wholly-owned subsidiary of the company. Overture, a software solutions company for the mortgage and educational finance industries, sold its mortgage component to CompuGain and will continue to operate as Overture Financial Solutions under the CompuGain banner.

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New Position, New Hire for Sperlonga

Sperlonga Data and Analytics welcomes Brent Stokes as its choice for the company├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós newly created position of senior vice president. Stokes brings veteran experience earned over a 26-year career in the mortgage industry to his new role, which encompasses Sperlonga├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós homeowners association-oriented programs for lenders, investors, servicers, and other stakeholders.

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FDIC Slaps 34 Banks with Penalties, Orders

The FDIC went after 34 banks for violations of federal law and agency requirements over July, slapping nearly 20 with civil fines, notifying some to correct recent decisions, and barring directors with two institutions to cease their involvement in executive decisions over allegations of personal and fiduciary misconduct. The majority of institutions felt the sting of civil money fines for various reasons. Also, no banks failed over the weekend, leading an FDIC spokesperson to conclude that the trend will continue over 2011.

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Nine Alleged, Convicted in Mortgage Fraud Cases

Another week rolled by with more instances of mortgage fraud, as reported by several news outlets from around the country. Defendants alternately received indictments, pled guilty, and submitted to their sentences from courts as a result of allegations and convictions stemming from mortgage fraud conspiracy, wire fraud, and money-laundering activities. The alleged activities resulted in millions of dollars in fraudulently obtained money from lenders.

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Fall Bond Sale by Big Banks Set

Big lenders are set to unload up to $5 billion in commercial mortgage bonds, with planned securities offerings scheduled in September and October. Participating financial institutions include Goldman Sachs Group Inc., Citigroup Inc., Bank of America Corp., Morgan Stanley, Wells Fargo & Co., Royal Bank of Scotland Group Plc, and JPMorgan Chase & Co. The upcoming bond sales are largely attributed to the effects of struggling U.S. employment numbers, the European debt crisis, and the resistance against debt.

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New Acquisition for Purchase-Happy PSMH

Another acquisition for PSM Holdings, Inc. is in the works, with the company├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós announcement that it has established a letter of intent to purchase Iowa Mortgage Professionals, Inc. This is the third such move by PSMH.

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Bernanke Remarks Promise No Action, Send Yields Falling

Fed

Delivering highly anticipated remarks in Wyoming Thursday, Federal Reserve Chairman Ben Bernanke promised no new stimulus measures, opting instead to offer an optimistic view of fundamental strength of the economy, coupled with a blistering critique of fiscal management by policymakers and an overview of the housing sector. In response to his speech, Treasury bonds rose, forcing a downward shift in yields and likely mortgage rates for next week, following continuing fiscal distress.

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NYT: Obama Administration Floating Refi Proposal

On Wednesday the New York Times broke a story suggesting that Obama administration officials are floating proposals to inject the ailing housing industry with needed relief, encourage the markets, and potentially energize the broader economy. If it passed with recommendations from a Columbia Business School proposal, the refinance plan could potentially infuse the economy with $118 billion in savings and add to historic highs for mortgage applications.

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FHFA: Q2 Home Prices Decline by 0.6%

Home prices for the second quarter dropped 0.6 percent beneath figures reported during the first quarter this year, according to the Federal Housing Finance Agency, which released a price index for seasonally adjusted home purchases Thursday. Quarterly declines in prices amounted to 5.9 percent on a seasonally adjusted basis. Seasonally adjusted prices plunged by 5.9 percent over the past year, according to the FHFA, with a quarterly decline occurring despite an uptick in seasonally adjusted house prices month-over-month.

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