Mortgage lenders revved up their wholesale production operations during the third quarter of 2010 to capitalize on the windfall in new originations spawned by record low interest rates. Wholesale mortgage production surged 26.3 percent from the second to the third quarter and accounted...[Includes seven data charts]
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The FHA failed to meet its capital reserve ratio requirement for the second year in a row, although Obama administration officials argued that the insurance fund became stronger in fiscal 2010 and has more than enough resources to meet expected losses. In its annual report to Congress released this week, the FHA said...
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Mortgage industry officials were guarded in their initial assessment of President Obama’s nomination of North Carolina Commissioner of Banks Joseph Smith, said to be a consumer advocate, to be the next chief of the Federal Housing Finance Agency. Sen. Tim Johnson, D-SD, expected...
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Congress may attempt to override a presidential veto of a bill that was initially designed to usher foreclosure cases faster through state and federal courts and push through a provision that would bolster the legal status of the Mortgage Electronic Registration System. H.R. 3808, the Interstate Recognition of Notarizations Act of 2010, passed...
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Servicers took a lot of the heat during a hearing in the Senate Banking, Housing and Urban Affairs Committee this week, with lawmakers from both sides of the aisle calling for servicing reforms. Diane Thompson, attorney at the National Consumer Law Center, said...
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Rep. Spencer Bachus, R-AL, the expected chairman of the House Financial Services Committee in the 112th Congress, is working on draft legislation to revamp the secondary mortgage market that would, among other things, wind down Fannie Mae and Freddie Mac over a four-year period and set up...
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Banks flagged for irregular lending patterns based on their Home Mortgage Disclosure Act reports shouldn’t panic because most such companies are able to show that they haven’t violated fair lending laws, according to officials at the Federal Deposit Insurance Corp. During a teleconference this week, FDIC fair lending specialists said...
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Financial services trade groups are calling for a comprehensive plan to propose, finalize and implement all mortgage disclosure revisions by the Federal Reserve Board, the Bureau of Consumer Financial Protection and other agencies. The plan should include...
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