Under the terms of the RMK Financial Corporation consent order, RMK must pay a civil penalty of $250,000 in addition to halting the practices the CFPB found issue with.
Read More »‘Great Expectations’ Remain for Housing in 2015 Despite Recent Economic Slowdown
Despite a brutal winter and a slowdown in economic activity in the first quarter, Freddie Mac is sticking to its previous prediction that 2015 will be the best year for home sales since 2007, according to Freddie Mac's U.S. Economic and Housing Report for April 2015 released Thursday.
Read More »U.S. Congressman Proposes Common Sense Housing Investment Act
Officially dubbed the Common Sense Housing Investment Act, HR 1662 would convert the current Mortgage Interest Deduction into a non-refundable, 15 percent flat-rate tax credit instead. This tax credit would apply to all interest paid on mortgages up to $500,000.
Read More »Lawmaker Asks Treasury, Justice Department for Transparency on GSE Profits
Grassley wrote in his letters that it is unclear whether the President asserted executive privilege to withhold documents regarding the sweeping of GSE profits into Treasury and questions whether the Justice Department was authorized to withhold the documents.
Read More »Servicers Report Q4 Consumer Relief To Settlement Monitor; Investigation of Ocwen Continues
Ocwen also reported that an additional 284,089 borrowers had either started a trial modification or were offered or approved for a trial modification by the end of Q4. These were Ocwen's self-reported numbers and they have not been credited by the monitor as of yet.
Read More »Judge Blasts Prosecutors in Wells Fargo Mortgage Insurance Lawsuit
The federal judge overseeing a $189 million mortgage insurance lawsuit against Wells Fargo admonished prosecutors Tuesday for dumping millions of documents on the bank so late in the process, making good on an earlier warning against using dumping tactics in the case.
Read More »Housing Demand and Median List Prices Surge, Indicating a Seller’s Market
Smoke determined the 20 hottest housing markets in the nation based on the number of listing views relative to the number of listings when looking at March data and website traffic. Realtor.com said these markets should see plenty of activity in the next few months as homebuying season gets underway.
Read More »Freddie Mac: Potential Homebuyers May Be In Better Shape Than They Think
In a recent posting on Freddie’s blog, Boyle encourages mortgage seekers to keep in mind the “four Cs” ‒‒ the main four things lenders look at when deciding whether to write a loan. First there is the borrower’s capacity to repay the loan.
Read More »Mortgage Credit Still Tight for Most Borrowers
The effects of the contemporary lending environment are rather significant. According to the institute, if the “cautious” credit standards of 2001 were in place in 2013, rather than that year’s “severe” standards, an additional 1.25 million loans would have been made in 2013.
Read More »Study Shows New Jersey Has Highest Property Taxes; Hawaii Has Lowest
The recently released April report finds that homeowners in Hawaii have the country’s lowest property tax burden, coming in at an average of $482 per year. Meanwhile, New Jerseyans must contend with the highest property taxes, paying an average of just under $4,000 a year.
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