Home >> News >> Servicing (page 358)

Servicing

Fourteen Indicted Over $58M Mortgage Fraud Payout

Nine brokers and five lawyers will face prosecution over their alleged role in a $58 million mortgage fraud scheme that banked on 100 loans across New York City and three state counties. According to a Thursday statement, the U.S. attorney for the Southern District of New York and Federal Bureau of Investigation stepped up with a five-count indictment against the defendants. Starting in 2004, Gerard Canino and co-conspirators allegedly closed deals for distressed properties by going through sham buyers and attorneys.

Read More »

Refinancing Activity Ups Mortgage Applications 21.7%

application

Coupled with an interest in conforming jumbo loans, a wave of uncertainty over economic news helped throw homeowners into a refinancing frenzy last week, feeding a surge in mortgage applications across the board. Despite upticks, purchase applications continued to flat-line in a market overshadowed by weak consumer confidence, according to the Mortgage Bankers Association. Speaking to MReport, MBA VP Mike Fratatoni added his two cents about S&P's downgrades and the nation's long-term debt crisis.

Read More »

Stocks Surge After Fed Decides to Keep Interest Rates Low

Fed

Citing recent trouble on Wall Street, anemic job growth, and lags in the housing economy, the Federal Reserve made public that it will keep interest rates at historically low levels until 2013. The new language marks a market-rallying policy shift for the central bank, which previously kept mum about when it would hike up interest rates. A 429-point jump by the Dow followed a Federal Open Market Committee meeting in which the Fed's decision-makers reportedly failed to reach a consensus on interest rates.

Read More »

CMBS Spreads Widen, Signaling Bearishness

Following on the heels of debt downgrades and a bipolar Dow Jones Industrial Average, the market for commercial mortgage-backed securities sauntered back a few steps, showing declines in special servicing loans to 12.3 percent over the second quarter this year. Successive reports from analytics company Trepp and the Wall Street Journal spotted troubling trends for CMBS markets, with credit looking to further tighten and borrowers poised to shoulder the consequences. Performing loans also fell to 29.5 percent over June, down from March.

Read More »

What the GSE Downgrades Mean for Housing Markets

Standard & Poor├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós continued a bold streak it started Saturday by deflating debt credit ratings for mortgage giants Fannie Mae and Freddie Mac Monday, scaring investors and adding velocity to the Dow's 630-point plunge.

Read More »

Strong 2012 Predictions from Fiserv Case-Shiller Indexes

In opposition to the recently recorded declines, the Fiserv Case-Shiller Indexes predicts stable numbers around the country by 2012. Notable stats from the 380 markets that the survey examined include a forecasted rise in housing affordability to pre-crisis levels and an increase in home pricing strength near the start of 2012. The Fiserv Case-Shiller Home Price Insights, available now, indicate that housing affordability could rise, since current pricing is about 5 percent above data from 2000.

Read More »

Two More Bank Failures Bring 2011 Tally to 63

A rollercoaster Dow Jones Industrial Average, successive downgrades in U.S. Treasury and GSE debt, and renewed worries over euro zone defaults buried news over the weekend that the FDIC circled wagons around two new failed banks. The federal agency covered the $160.4 bill left by two banks in Illinois and Washington that brought the failed financial institutions tally to 63 for the year. Requiring the FDIC to step in as receiver, Illinois-based Bank of Shorewood and Washington-based Bank of Whitman both closed.

Read More »

Markets Shake with GSE, Home Loan Bank Downgrades

Freddie

Standard & Poor├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós sent markets into a tailspin Monday when it downgraded credit ratings on debt for mortgage giants Fannie Mae and Freddie Mac, citing majority ownership by the federal government, whose own ratings the agency pulled down to AA+. Showing no remorse, the ratings agency also downgraded debt ratings for 10 Federal Home Loan Banks across the country. The dual downgrades represented a vote of no confidence by S&P that helped create selloff frenzy on Wall Street.

Read More »

Treasuries, Analysts Respond to U.S. Debt Downgrade

Markets and investors recoiled Saturday over news that ratings agency Standard & Poor's slapped U.S. Treasury debt with a downgrade, shifting credit ratings for the world's largest economy from the long-prized AAA rating to a weaker AA+ rating. In response, Treasury yields dipped over Monday, as housing analysts suggested that the hyped downgrade would hurt borrower confidence more than mortgage rates. Rather than run, investors bought up Treasuries Monday.

Read More »

GET THE NEWS YOU NEED, WHEN YOU NEED IT.

With daily content from MReport, you’ll never miss another important headline in originations, lending, or servicing. Subscribe to MDaily to begin receiving a complimentary daily email containing the top mortgage news and market information.