Home >> News (page 1275)

News

Outlook for Title Industry Revised to ‘Steady’

Rating agency A.M. Best is revising its outlook for the U.S. title industry, bringing it down from "positive" to "stable" as concerns build about uncertainty in the housing recovery. The change reflects the company's outlook shifting from a possible ratings upgrade due to favorable trends to a "low likelihood of a rating change."

Read More »

HUD OIG Recoups $1B

The Office of Inspector General for HUD announced that civil investigations of some of the Federal Housing Administration's (FHA) largest lenders have resulted in significant settlements in the last year. "These settlements are the latest step in a continuing effort to bring to light significant problems that we have identified in the loan underwriting practices of a number of large FHA-approved lenders, which have or will provide a meaningful financial boost to the FHA insurance fund," HUD OIG David A. Montoya said.

Read More »

Report Maps Top Markets for Price Appreciation

According to the latest market forecast from Veros Real Estate Solutions, released Thursday, 83 percent of American homes are appreciating, especially in markets west of the Mississippi. In fact, the top 25 markets are west of the river. In contrast, 24 of the weakest 25 markets are east of it.

Read More »

Investors File Appeal After Dismissal of GSE Suit

Hedge fund Perry Capital has appealed a judge's decision to dismiss a lawsuit filed last year over the sweeping of Fannie Mae and Freddie Mac's profits into the Treasury. The investors believe that the diversion of GSE profits created a "windfall" for the government while short changing GSE shareholders.

Read More »

ClosingCorp Announces Appointment of New CTO

ClosingCorp, a provider of residential real estate closing cost data and technology for mortgage lenders, title and settlement companies, and real estate professionals, has a new chief technology officer (CTO), tapping industry veteran Kamel Boulos for the position.

Read More »

Consumer Spending Measure Improves in September

Deloitte released Thursday the results of its latest monthly Consumer Spending Index, which climbed in September to 4.21 from an August reading of 4.11. The index tracks consumer cash flow through a handful of measures—tax burden, initial unemployment claims, real wages, and new home prices—as an indicator of future consumer spending.

Read More »

Builders Blame Mortgage Standards for Lost Home Sales

Persisting tight lending standards may have cost the housing market about 18,700 new home sales in the last six months, according to a survey conducted by the National Association of Home Builders (NAHB). A large majority—83 percent—of homebuilders surveyed stated they lost sales because potential buyers did not qualify for mortgage loans. The average builder lost nearly 10 percent of sales for this reason, according to the NAHB survey.

Read More »

Wells Fargo Settles Over Maternity Discrimination Claims

HUD announced a $5 million settlement with Wells Fargo Home Mortgage to resolve allegations that Wells Fargo discriminated against women who were either pregnant or on maternity leave. Among other accusations, the six complaints allege that Wells Fargo made loans unavailable to families based on familial status and forced women to give up their maternity leave and return to work before their loans closed.

Read More »

Mortgage Rates Return to Summer Lows

In its weekly Primary Mortgage Market Survey, Freddie Mac reported the average 30-year fixed interest rate came to 4.12 percent (0.5 point) for the week ending October 9, down from 4.19 percent. A year ago, the average 30-year fixed interest rate was 4.23 percent, the same as it was when rates jumped up in mid-September.

Read More »