The settlement struck between the nation's five largest mortgage servicers and the U.S. Department of Justice and 49 state attorneys general calls for reforming mortgage servicing practices with the implementation of more than 300 standards. As described by the attorneys general's own negotiating committee, the banks must "accomplish a massive undertaking" to put all the servicing standards into practice as ordered under the agreement. They were given 180 days.
Read More »Moody’s Review Extension Draws Commentary from Genworth
Responding to Moody's Investors Service Inc.'s decision to extend the review period for potential downgrades for portions of the company's debt, Genworth Financial, Inc., has issued an official statement on the pending evaluations. Noting that Genworth is proceeding with urgency in its dealings with Moody's, the company expressed confidence in the outcome of the review process.
Read More »Interthinx Partners with Firm to Provide Attorney-Backed Compliance
Interthinx and Middleberg Riddle & Gianna are teaming up to offer attorney-backed compliance services to mortgage lenders.
Read More »Mortgage Businesses Faring Better as Banks Endure
Mortgage-related business closings and failures are on track to post fewer incidences in 2012 than any year since the mortgage crisis began. In the third quarter, 17 mortgage-related businesses failed, down from 25 in the previous quarter and 31 in the same quarter last year, according to a findings released by Mortgage Daily. Bank closings followed this trend, falling from 15 failings in the second quarter to 12 in the third. Both numbers are down from the third quarter of last year, when 26 banks failed.
Read More »Freddie Mac, MGIC Work Out Business Obligations
MGIC Investment Corporation is on its way to resolving stipulations from Freddie Mac in order to continue issuing insurance.
Read More »Oscar-Winner’s Beverly Hills Estate Lists for $3.395M
The former Beverly Hills home of Ernest Borgnine has hit the market in Los Angeles, California. The gated estate, designed in 1938 by architect L.G. Scherer, is currently listed for $3.395 million.
Read More »V.I.P. Mortgage Reveals ‘Shoot from the Heart’ Employee Philosophy
While some employers may be struggling to find practical and cost-effective ways to keep employees happy and productive, V.I.P. Mortgage aims for the heart. The Scottsdale, Arizona-based mortgage bank points to a number of charitable causes undertaken for its employees, including V.I.P.'s sponsorship of one employee's efforts to raise awareness for multiple sclerosis.
Read More »Freddie Mac Granted Dismissal of Class Action Suit
Freddie Mac has emerged as the victor in a legal battle over alleged securities fraud. Originally filed in August 2008, the putative class action lawsuit was dismissed with prejudice.
Read More »Study Shows Improving Projections for Single-Family Housing
The Urban Land Institute (ULI) has released a new study that shows declining expectations for the U.S. economic picture, with one positive exception - single-family housing. In the organization's semi-annual Real Estate Consensus Forecast, ULI found that most growth projections had been scaled back, but the group's survey of 39 leading real estate economists and analysts from around the U.S. indicated "more optimism" in the single-family housing industry, as forecasts for starts and home prices demonstrated significant increases.
Read More »Spending Growth Outpaces Income in August
Consumer spending rose $57.2 billion - 0.5 percent - in August, but personal income improved just $15 billion, 0.1 percent, the Bureau of Economic Analysis reported Friday.
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