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Author Archives: Xhevrije West

Xhevrije West is a writer and editor based in Dallas, Texas. She has worked for a number of publications including The Syracuse New Times, Dallas Flow Magazine, and Bellwethr Magazine. She completed her Bachelors at Alcorn State University and went on to complete her Masters at Syracuse University.

Flagstar Hires President of Mortgage

Flagstar Bancorp, Inc., recently announced that Leonard Israel has joined Flagstar as president of mortgage, where he will be responsible for all aspects of Flagstar's mortgage originations business. Israel will report to Flagstar President and CEO Alessandro DiNello.

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CFPB Names New Acting Deputy Director

The Consumer Financial Protection Bureau recently announced that Meredith Fuchs will serve as acting deputy director following Deputy Director Steve Antonakes' announcement last week to depart from the agency.

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Opposition Filed to BofA’s Appeal to Dismiss $1.27 Billion Mortgage Fraud Verdict

The U.S. government has filed an opposition to Bank of America's appeal to dismiss a $1.27 billion penalty in a mortgage fraud case, according to media reports. Bank of America was ordered to pay a $1.27 billion civil penalty by Judge Jed Rakoff of the U.S. District Court of the Southern District of New York in July 2014 as a result of the bank's alleged role in selling toxic mortgage-backed securities to Fannie Mae andFreddie Mac before the crisis.

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Forecast Reveals Months of Remaining Housing Inventory Drops 12 Percent

In 200 housing markets in the U.S., the weighted average months of remaining inventory data point average dropped lower in June 2015, declining more than 12 percent from the same time last year. According to U.S. ProTeck Valuation Serivices' Home Value Forecast, the MRI as of June 2015 stands at 6.11 months, while last year, this average was 6.97 months.

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Refinance Volume Dropped in May, But Remains Above 2014 Levels

refinance

Refinance volume dropped lower in May 2015, but remained above levels recorded in 2014, according to the Federal Housing Finance Agency's (FHFA) May 2015 Refinance Report. The report also found that mortgage rates increased in May, with the average interest rate on a 30 year fixed-rate mortgage reaching 3.84 percent.

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HUD Offers Over $39 Million Toward Fighting Housing Discrimination

Under department's 2015 Fair Housing Initiatives Program Notice of Funding Availability, HUD outlined in a grant notice on Thursday that it is making $39.2 million available to fight housing discrimination. This year’s funding notice will also create six new types of grants that support fair housing capacity building, education, and outreach activities, as well as testing in rental and sales transactions.

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Low Down Payment Initiatives Offer Homeownership to Qualified, Locked Out Buyers

New low down payment initiatives extend homeownership opportunities to qualified borrowers who might otherwise be locked out. According to Freddie Mac's July U.S. Housing Market Insight & Outlook, pre-crisis low payment underwriting allowed layered risk, while post-crisis low payment underwriting controls credit risk by requiring features that reduce risk. Pre-crisis payments were variable, while post-crisis payments are predictable.

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Stewart’s Faust Named TNLTA President

Stewart Title Guaranty Company recently announced that Ted Faust, senior agency services manager of Tennessee, has been selected as president of the Tennessee Land Title Association, one of the largest trade associations of the title insurance industry in the state of Tennessee.

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Judge Orders Treasury to Disclose Fannie & Freddie Conservatorship Documents

A ruling in the Federal Claims Court on Tuesday made by Judge Margaret Sweeney will force the U.S. Treasury to disclose all of Fannie Mae’s and Freddie Mac’s conservatorship documents. Over 10,000 discovery documents will be released to the United States District Court of Appeals in Washington D.C. and the United States District Court. Fairholme Funds made the request in court against the GSEs, claiming that their investor ownership stake was taken unlawfully from them by the government when the conservatorship occurred. Fairholme's efforts are a step toward getting their ownership stake returned to them.

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