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Posts Tagged ‘ Mortgages ’

Mortgages Rates: 30 Year Fixed at 4.5%

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Mortgages Rates: 30 Year Fixed at 4.5%

From Matthew Graham at Mortgage News Daily: Mortgage Rates Unchanged to Start the Week Mortgage rates held their ground today, keeping them in line with long-term lows achieved over the past 2 weeks. To be fair, it was the previous week that offered the biggest benefits, but last week was no slouch. Factoring out...
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Mortgage Monitor: “Nearly 2 million modified mortgages face interest rate resets”

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Mortgage Monitor: “Nearly 2 million modified mortgages face interest rate resets”

Black Knight Financial Services (BKFS, formerly the LPS Data & Analytics division) released their Mortgage Monitor report for April today. According to BKFS, 5.62% of mortgages were delinquent in April, up from 5.52% in March. BKFS reports that 2.02% of mortgages were in the foreclosure process, down from 3.17% in April 2013. This gives a...
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BofA to Stop Selling Mortgages to Fannie Mae

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BofA to Stop Selling Mortgages to Fannie Mae

From Jacob Gaffney at HousingWire: Bank of America stops selling mortgages to Fannie Mae Bank of America is faced with numerous reps and warrants challenges on the mortgage front, and as a result of growing uncertainty, it will no longer sell certain mortgage refinances into Fannie Mae mortgage-backed securities. “The issue is tied to...
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Ally stops buying mortgages in Massachusetts

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Ally stops buying mortgages in Massachusetts

Ally Financial (GJM: 20.34 +0.20%) will no longer originate Massachusetts mortgages through its correspondent and wholesale lending channels in the wake of the attorney general lawsuit filed Thursday. The company will honor all commitments with these lenders as of Dec. 5 and it will honor existing contracts as a servicer in the state. GMAC...
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HUD extends higher conforming loan limit for reverse mortgages

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HUD extends higher conforming loan limit for reverse mortgages

The Federal Housing Administration conforming loan limit on forward mortgages is set to drop in October but not so for reverse mortgages. The Department of Housing and Urban Development will extend the 5,500 maximum loan amount for a reverse or Home Equity Conversion Mortgage through Dec. 31, 2011 according to a lender letter sent...
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DOJ sues MDR Mortgage president for bad FHA mortgages

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DOJ sues MDR Mortgage president for bad FHA mortgages

The Department of Justice filed a lawsuit against Robert S. Luce, founder and president of MDR Mortgage, according to a complaint filed in the U.S. District Court for the Northern District of Illinois. Luce is accused of leading his team to wrongly originate FHA-insured mortgage that later defaulted, leading the government to face millions...
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Flagstar losses narrow, unloads $80 million in troubled mortgages

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Flagstar losses narrow, unloads $80 million in troubled mortgages

Flagstar Bancorp (FBC: 1.32 0.00%) narrowed losses in the first quarter to .7 million, or 6 cents per share, from .9 million loss one year ago. Losses in the fourth quarter totaled 2.1 million. For the first part of the last decade, Flagstar routinely landed among the top 20 mortgage originators in the country....
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UK regulator hits Deutsche Bank lender with huge fine for subprime mortgages

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UK regulator hits Deutsche Bank lender with huge fine for subprime mortgages

U.K. regulator, the Financial Services Authority, announced Tuesday that it fined Deutsche Bank subsidiary, DB Mortgages, £840,000 (.35 million) for its subprime mortgage lending business practices. It is the first time the regulator charged a mortgage lender in the U.K. for irresponsible lending specifically in the subprime sector. Further, the FSA is securing £1.5...
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BB&T ditches FHA and VA adjustable-rate mortgages

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BB&T ditches FHA and VA adjustable-rate mortgages

The financial services giant BB&T (BBT: 23.21 +2.29%) announced that it no longer provides adjustable-rate mortgages backed by the Federal Housing Administration or the department of Veteran Affairs. A spokesperson from the firm told HousingWire it's a strategic business move. "At BB&T we consistently evaluate our product line and make adjustments based on clients'...
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Mortgage Overhaul and What it Means for You

Mortgage Overhaul and What it Means for You

By the time you read this, the new 2,300 page financial reform bill is likely to be making the headlines. The Senate has already approved the new bill and President Obama is expected to sign it into law this week – despite the fact that many of the provisions related to specific regulations have...
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