Tag Archives: Subprime Loans

A Connecticut attorney, former police officer, and 25 people accused of reaping millions from mortgage fraud all made the mortgage fraud blotter for Wednesday. MReport sourced the stories from a number of news outlets that include the Associated Press, New London Patch, and The Sacramento Bee. The attorney and former police officer each pled guilty to their respective counts, while the ring of fraudsters, largely from a Russian-American community, pled not guilty.

Nearly three-quarters of Americans will look for positions on housing from presidential candidates for the 2012 election cycle, according to a recent survey. Move, Inc. released the findings in a survey that it facilitated in phone interviews with respondents in early October. According to the survey, some seven in 10 Americans, or roughly 70 percent, expect candidates for the presidency to address housing concerns. Of these, nearly 71 percent identified themselves as Millennials. About 82 percent called housing "critical" to the recovery.

The feud between lawmakers over the Consumer Financial Protection Bureau dragged on Wednesday, as de facto acting director Raj Date defended the struggling agency to Republican House members and the role of the Dodd-Frank Act in financial regulation. Republicans advanced their critiques by highlighting the apparent power of the CFPB director and more compliance workload for financial institutions. Democratic lawmakers played their part by praising the bureau. At other times lawmakers ratcheted up the rhetoric.

Modifications in line for the Home Affordable Refinance Program from the Obama administration will buoy homeowners with negative equity and origination markets, but field few other benefits for investors in mortgage-backed securities, according to a new outlook. Analytics provider CoreLogic released a statement Monday demarcating HARP├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós benefits and problem areas, skewering assertions that the program will alleviate a chronic lack of demand and showing that economic troubles may persist despite government assistance.

Litigation fees, bold restructuring moves, and new regulation helped shape earnings figures over the third quarter for the nation's largest lenders and financial institutions in October. Along with numerous other banking holding companies and investment firms, Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo released their reports to the media and investors over the past two weeks. The results: more mortgage lenders continue to exit the business, while financial institutions stepped up the public debate against onerous regulations.

As debate heats up about whether to repeal the Dodd-Frank Act, witnesses testifying before the House Financial Services Committee Monday appeared as divided over the issue as the general public, with some criticizing the law and others praising it. The leaders of banks and credit unions largely panned the financial regulatory overhaul, highlighting the demand for more resources and manpower in compliance issues even as regulators themselves continue to scrutinize new loans. Others said that Dodd-Frank benefited the recovery.