A federal judge recently approved an $11.25 million settlement for investors who purchased $5.26 billion of non-agency MBS issued by jumbo lender Thornburg Mortgage. The lawsuit alleged false and misleading disclosures by Thornburg.
The U.S. Court of Appeals for the District of Columbia has reinstated a lawsuit that could place a widowed spouse of a deceased reverse mortgage borrower at risk of foreclosure.
The Consumer Financial Protection Bureau is expected to unveil its long-anticipated 'Qualified Mortgage’ rule this evening to certain parties with an official release coming Thursday morning, industry officials told Inside Mortgage Finance.
Bank and thrift holdings of first-lien mortgages increased in the third quarter of 2012 due to non-agency jumbo mortgages as well as uncommon retention of agency-eligible loans, according to .
The Consumer Financial Protection Bureau likely will not publish a final rule on the integrated and simplified consumer disclosures under the Real Estate Settlement Procedures Act and the Truth in Lending Act until sometime in September, according to the agency’s newly released semiannual regulatory agenda.
The Federal Trade Commission this week shut down a mortgage assistance scam operated out of the Dominican Republic while claiming to be headquartered in Chicago and affiliated with President Obama.
Impac Mortgage, one of the fastest growing funders among the top 100, has hired Mike Casey and Matthew Dismore to bolster its correspondent lending division.
Although the ink is barely dry on the new ‘Qualified Mortgage’ rule, mortgage bankers are already voicing concerns about how it will hurt compensation and affect the jumbo market.
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