Home >> News >> Government (page 518)

Government

QuickenLoans’ Mortgage-Fees Dispute Reaches Supreme Court

A case over unearned mortgage fees reached the desk of the nation's highest judicial authority Tuesday, as the Supreme Court accepted to hear a suit over unearned fees that mortgage lenders allegedly charged their borrowers. The defendant: Detroit-based QuickenLoans, which an amicus curae brief, filed by borrowers in Louisiana, accuses the lender of failing to abide by the Real Estate Settlement Procedures Act, the 1974 law responsible for banning financial benefits for lenders and servicers involved in federal loans.

Read More »

Bank Shares Lift on News of a Europe Bailout Deal

Stocks and shares for mortgage lenders and homebuilding companies got swept into a market updraft following news reports that major European economies had agreed to bail out their Mediterranean counterparts. Several weeks of speculation trail the news, with investors fleeing, then returning to shares and stocks on wobbly notions that Europe├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós two biggest economies, France and Germany, will pull debt-ridden laggards Greece, Italy, and potentially others away from a default scenario.

Read More »

Reports: Leaked Volcker Memo Stirs Markets, Industries

A recently leaked memo outlining the proposed Volcker rule sent market watchers and industry insiders into a tizzy, according to multiple news outlets. The tentative rule itself ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô required by the Dodd-Frank Act and named after former Fed chief Paul Volcker ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô remains in development at federal regulatory agencies like the Federal Reserve, FDIC, and Office of the Comptroller of the Currency. The proposed rule defines short- and long-term proprietary trading and rules out third-party brokers, agents, and custodians.

Read More »

NewDay Experiencing New Growth in Servicing

NewDay Financial has another reason to celebrate, announcing that the company's servicing portfolio has ballooned to more than $500 million in government loans. News of the entity's growth within its servicing sector directly follows NewDay's recent honor from the National Coalition for Homeless Veterans, which named NewDay as the recipient of its annual Corporate Partner award.

Read More »

New Vice President for zIngenuity

Risk management and loss mitigation company zIngenuity, Inc., has hired a new vice president of business development, with the recent addition of Bob Voll. Charged with handling all sales and marketing activities, Voll will also work with zIngenuity├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós leadership team as the company prepares new product initiatives.

Read More »

MuniMae’s Annual Report Available Via SEC

Shareholders in Municipal Mortgage & Equity, LLC, can now take a look at all proxy paperwork in preparation for the company's annual meeting. Better known as MuniMae, the entity has filed its proxy materials with the U.S. Securities Exchange Commission in advance of the 2011 Annual Meeting of Shareholders, which will take place on November 9. Listed among the OTC's collection of companies, better known as the riskier "Pink Sheets," MuniMae is part of the entity's OTCQB tier.

Read More »

Alleged Hit Job, Serial Scammer Make Fraud Blotter

Making the mortgage fraud blotter Friday, a real estate agent received a 20-month sentence and $5.6 million in fines, while a former attorney convicted on charges related to adoption fraud now also has mortgage fraud to his name. Meanwhile, a convict allegedly tried to orchestrate a hit on a co-defendant from a mortgage fraud scheme that sent him to the slammer in the first place. As with other blotters, MReport culled stories from a number of local, regional, and national news outlets.

Read More »

Homeownership Rates Lowest Since Great Depression

abandoned house

Homeownership rates remain at depths not seen since the Great Depression, according to new Census Bureau numbers. Market watchers chalk up the lows to tight lending conditions, concerns about the regulatory environment, and fears about a double-dip recession. Releasing Housing Characteristics: 2010 Thursday, the bureau found homeownership rates deflating by some 1.1 percent to 65.1 percent over the last decade ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô the biggest decline since between the years 1930 and 1940.

Read More »

Reports: Obama Refinance Proposal Expected Soon

Following a better-than-expected jobs report Friday, emerging news reports suggested that the Obama administration could submit in full a controversial refinance proposal that sources say would allow eligible homeowners to refinance their mortgages at current rates. Government officials remain mum about exactly when officials and policymakers will see the proposal, but continue to offer snippets about their intentions for it. The one stumbling block for the proposal: the Federal Housing Finance Agency.

Read More »

Dispelling Fears, U.S. Adds 103,000 Jobs in September

The U.S. economy bucked low expectations Friday with news that it added over 100,000 jobs over September, masking other figures that continued to confirm the rising appeal of rental properties alongside a decline in homeownership. Nonfarm payroll employment tacked on 137,000 new faces in the private sector, alongside 103,000 for the nonfarm jobs payroll overall ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô a solid forward step in lieu of pale figures from August, which saw the number of lost jobs eclipsing new ones.

Read More »