News

The United states had alleged that Financial Freedom had not properly disclosed on the insurance claims forms it filed with the FHA that the mortgagee was not eligible for such interest payments because it had failed to meet various deadlines relating to appraisal of the property, submission of claims to HUD, and pursuit of foreclosure proceedings. Despite this, had sought to obtain insurance payments from insurance.

The Department of Housing and Urban Development along with the U.S. Census Bureau released their April New Residential Construction Activity Report on Tuesday. Year-over-year, Permits, Starts and Completions increased 5.7 percent, barely increased 0.7 percent and increased 15.1 percent respectively. However, number shave fallen month-over-month.

Female renters have a harder time buying a home than their male counterparts. According to recent analysis, this is due to several factors, including lower wages, more student loan debt, more risk aversion, and lower credit scores. Closing the wage gap could help, though that isn't projected to happen until 2052.

After a slow first quarter, Fannie Mae expects Q2 to be strong. The GSE certainly has ample precedent to cling to in its predictions. If Fannie’s projections hold true, this will be the fourth consecutive time a Q2 rebound followed a bland Q1.

RedVision is under new leadership. Industry veteran Tim Padgett joins the title and real property research company, overseeing internal operations. Padgett’s experience will bring valuable input to the table.

Recently, Real Matters’ senior management, Real Matters and its guests attended the market’s open ceremony. Directors, key stakeholders and supporters rang the opening bell of the Toronto Stock Exchange. This marked a new level of growth for the 13-year-old company.

Alterra Home Loans, a minority-owned mortgage bank based in Las Vegas and with a presence in 26 states, announced Monday the addition of Tom Middleton as SVP of Business Development and National Expansion.

Both California and Florida housing markets are seeing steady activity despite fluctuations in market conditions, according to two reports released on Monday by each state’s Realtors associations. Because of seasonal price declines and higher household income, California’s housing affordability increased. Meanwhile, Florida Realtors reported higher median sales prices for single-family existing homes.

On Monday, the City of Philadelphia sued Wells Fargo & Co for predatory lending and violations of the Fair Housing Act. This suit comes just two weeks after the U.S. Supreme Court ruled that cities may sue lenders for alleged discrimination, according to Reuters. Two weeks before this case, the Supreme Court had ruled that Miami could sue Bank of America for predatory lending practices that allegedly increased segregation.

Debt collectors that knowingly pursue stale debt in bankruptcy proceedings do not run the risk of facing potential consumer protection lawsuits, accoridng to a Supreme Court ruling. The ruling came after the high court voted 5-3 to overturn an Eleventh Circuit decision which had found Midland Funding LLC, a purchaser of unpaid debt, potentially liable under the Fair Debt Collection Practices Act.