Government

Is country superstar Tim McGraw entering the housing finance industry? All signs point to yes, according to a recent release revealing the recording artist's decision to launch HomeFront, a nationwide program that will provide mortgage-free homes to the country's wounded service members.

Improvements in mortgage banking and credit quality helped Wells Fargo see income gains for the second quarter of 2012. On Friday, Wells Fargo reported a net income of $4.6 billion, or $0.82 per share. The reported earnings for the most recent quarter was an 18 percent increase from the same quarter a year ago, when net income was $3.9 billion, or $0.70 per share. Net income for the most recent quarter was also up from the previous quarter when net income was $4.2 billion, or $0.75 per share.

Rallying investors by end of day Friday, JPMorgan Chase posted strong earnings from the second-quarter, with Home Affordable Refinance Program modifications helping boost income for the laggardly mortgage servicing unit year-over-year. For mortgage production and servicing, the financial institution fielded $604 million in net income over the second quarter, a figure that trumps a net loss of $649 million from the past year. Mortgage production rose to $931 million in pretax income for the lender.

Summer vacation seekers can live like Thomas Crown in the Malibu manse of Pierce Brosnan, because the actor's 13,000-square-foot estate is up for lease at $250,000 per month. According to RealEstalker, the stunning property boasts beach access, as well as unique design elements like Indonesian-themed decor.

Carrington Mortgage Services, LLC, is bolstering its wholesale lending operations, recently hiring nine new employees for the company's sales team. Adding three sales leaders, as well as six account executives, Carrington hopes to continue the expansion of the company's mortgage lending division.

Arizona-based Meritage Homes has reported second-quarter data that shows eight consecutive months of year-over-year increases in orders for the company. In addition to home orders numbers, Meritage's recently released survey also catalogs the company's closings and backlog figures. According to Meritage, home orders reached 1,353 units for the quarter ended June 30, representing a 49 percent rise year-over-year. Home order value shot up by 63 percent versus 2011 numbers, totaling $385,829.

Wells Fargo wrote a check for $175 million on Thursday to settle claims that independent brokers drove a disproportionate number of otherwise creditworthy minority borrowers to higher-priced variable mortgages in the lead-up to the financial crisis. Wells Fargo denied any of the claims and took action Thursday to stop originating loans with independent mortgage brokers by Friday, a move that it billed as one separate from the settlement and ensuing controversy. The lender will work to close and process existing applications after Friday.

Mortgage origination fraud may be on the decline, but incidences of collusion appear to be trending up, according to a report released Wednesday by LexisNexis Risk Solutions. After noticing a rising trend in collusion, LexisNexis created a new index specifically to measure incidences of collusion. Collusion has been on the rise since 2009, according to Tim Coyle, senior director of real estate and mortgage solutions at LexisNexis. LexisNexis also observed collusion reports on properties experiencing 50 percent to 95 percent price depreciation.

California Attorney General Kamala Harris announced Wednesday that Gov. Edmund G. Brown signed two provisions of the much-debated Homeowner Bill of Rights into law. The Homeowner Bill of Rights so far consists of a series of related bills containing provisions that prohibit certain practices by lenders that have been attributed to the state├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós foreclosure crisis. The new law bans robo-signing, the act of fraudulently signing mortgage documents without review.

Aspiring Material Girls take note - Madonna's former Beverly Hills residence can be yours for $18.495 million. The recently listed 1940s estate has also played home to mega-watt stars including Betty Grable and Diane Keaton, and we're sure they;re very thankful that the walls of the seven-bedroom pad cannot talk.