Only a week after the latest collapse, federal regulators announced the closure of yet another government-insured bank, bringing the year-to-date tally to 16. The Office of the Comptroller of the Currency (OCC) announced Friday the shuttering of the National Republic Bank of Chicago, appointing FDIC as receiver.
Read More »Report: Housing Recovery Favors High-Income Neighborhoods
While at a national level the housing market continues to recover, a look at local markets reveals a recovery that is most prominent in high-income areas, while lower-income neighborhoods continue to struggle. ProTeck Valuation Services delves into this phenomenon in its latest Home Value Forecast, with a spotlight on the Seattle metro area.
Read More »Leading Indicators Point to Moderate Economic Expansion Ahead
The Conference Board's Leading Economic Index, a measure of economic developments as an indicator of future trends, increased 0.8 percent last month to 104.4 following a downwardly revised August reading that showed no change. Nine of the index's ten components contributed to the latest increase.
Read More »Wingspan Receives Capital Infusion; Names New President
Wingspan Portfolio Advisors, a diversified mortgage services firm headquartered in Dallas, has a new president following a multi-million dollar capital infusion from its stockholder investor group.
Read More »Fed, SEC Approve Finalized QRM Rule
The residential mortgage loan risk retention rule, known as the "qualified residential mortgage" (QRM) rule, was approved on Wednesday by the U.S. Federal Reserve Board and the Securities and Exchange Commission (SEC). The agencies are the last of the six groups charged with putting together the finalized rule.
Read More »New York Reg Hits Ocwen on Backdated Foreclosure Notices
New York's top banking supervisor once again set his sights on Ocwen Financial Corp. this week, saying the non-bank servicer sent thousands of foreclosure warnings to borrowers months after it was too late to save their homes.
Read More »Dimont & Associates Ends Wingspan Affiliation, Goes Independent
In Dallas, insurance claims management firm Dimont & Associates announced it is once again operating as an independent company, ending its affiliation with Wingspan Portfolio Holdings.
Read More »Fannie, Ginnie MSR Offering Up for Bidding
A new mortgage servicing rights (MSR) portfolio has hit the market, this one valued at more than $1 billion in unpaid principal balance. According to an announcement from MountainView Servicing Group, which is advising on the sale, the latest offering contains mortgages backed by Fannie Mae and Ginnie Mae, 97 percent of which are fixed-rate and all of which are first-lien loans.
Read More »Fannie Mae Appoints EVP, General Counsel
Former OneWest Bank vice chairman Brian P. Brooks is joining Fannie Mae as EVP, general counsel, and corporate secretary, according to an announcement from the company.
Read More »Florida Sees Rising Home Sales, Prices in September
Florida Realtors reported that closed sales of single-family homes came to 20,792 last month, an increase of 13.5 percent over September 2013. Meanwhile, the statewide median sales price for single-family existing homes in September was $180,000, up 5.9 percent from the previous year.
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