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Origination

Family, Ringleader Sentenced Over $16M in Fraud

A West Chester family, a purported conspiracy leader, and several others entered court dockets this week and the last for their alleged roles in reaping a combined $15.8 million in mortgage fraud across the country. MReport sourced several stories of mortgage fraud for Monday├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós mortgage fraud blotter from several news outlets around the country. Alleged and convicted fraudsters reportedly turned a profit off false information, sham home sales, and made-up identities.

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New SVP, National Manager for Supreme Lending

Supreme Lending has ushered in a new senior vice president with the appointment of James E. Iley, Jr. Iley will now serve as the SVP and national production manager for the Dallas-based company. Iley's hiring is part of Supreme's strategic plan for expanding the company's reach, and he will apply more than 22 years of experience in the mortgage industry to his new role with the entity.

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Obama Administration Continues Fight for Cordray

President Barack Obama is speaking out again against Republican senators who continue to oppose Richard Cordray as the administration's nominee for director of the Consumer Financial Protection Bureau. Cordray, a Democrat and former attorney general of Ohio, will be subject to a confirmation vote by the U.S. Senate on Thursday, and it seems likely that the move will be unsuccessful due to a filibuster-proof bloc by GOP lawmakers. The senators behind the refusal to confirm Cordray are targeting the restriction of the CFPB's reach.

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Bipartisan Bill Targets More Capital Access, Job Growth

Targeting job growth to boost the nation's economy and housing markets, a co-authored bill calls for the easing of mandates contained within the Dodd-Frank Act and the Sarbanes Oxley Act. U.S. Senators Mark R. Warner (D-Virginia), Mike Crapo (R-Idaho), Pat Toomey (R-Pennsylvania), and CHarles Schumer (D-New York) recently announced the Reopening American Capital Markets to Emerging Growth Companies Act of 2011; the senators hope to help small businesses seeking to go public by altering the pace required to meet expensive obligations in terms of investor protections.

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S&P Lookout Report Shows Growth in Global Concerns

Standard & Poor's recent Lookout Report showed a solid reduction in the amount of recession-related concerns those in the U.S. financial markets are feeling and acting upon. The biweekly survey, created by S&P Capital IQ's Global Market Intelligence division, demonstrated that the drop in anxiety over the state of the nation's overall economic conditions was somewhat mitigated by rising fears over the European debt crisis. S&P's outlook also showed that U.S. home pricing has returned to levels seen in 2002.

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Ally Financial Ceases Buying Loans in Massachusetts

Ally Financial Inc. announced Friday that it will stop buying new mortgage loans in Massachusetts, effective Monday, in connection with a spat of suits against four other big lenders over allegedly illegal foreclosure activity. On Thursday Massachusetts Attorney General Martha Coakley filed suit against Ally and four others ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô including Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô alleging that the lenders foreclosed on homes illegally and without mortgage notes.

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Geithner: We Will Fight Financial Reform ‘Forces’

Treasury Secretary Timothy Geithner criticized opponents Thursday for their efforts to weaken and ultimately repeal large chunks of financial reform by the Obama administration. Without naming critics, he veiled any references to political and legislative maneuvers in recent years to delay and rid the U.S. legal code of financial reform enacted by the Obama administration in the wake of the recession. Talk of repeal continues to mount for the Dodd-Frank Act.

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Small Originators Filling Footprint of Rivals: Report

Smaller mortgage originators are stepping up to the plate to make loans as larger lenders - encumbered by mounting litigation and repurchase claims - pull back from the servicing sector, according to a report released Thursday. Paul Miller, a financial analyst with FBR Capital Markets, based conclusions from the report on quarterly shares of market activity. He credited the retreat by larger lenders for reasons why rivals more than doubled their respective footprints in the mortgage market by the third quarter this year.

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