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Million Dollar Home Sales Drop in California
According to the research firm MDA DataQuick, million-dollar homes in California dropped for a fourth consecutive year to hit a seven year low.
Read More... Tuesday, February 09, 2010
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Merrill Lynch’s Former CEO to Lead CIT
CIT Group Inc. has chosen former the CEO of Merrill Lynch to be its new chief executive and lead the commercial lender toward better financial times.
Read More... Monday, February 08, 2010
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CoStar Buys MBA’s D.C. Headquarters for Substantial Discount
CoStar Group, Inc. a top provider of information, marketing and analytic services to the commercial real estate industry, announced that it has purchased an office building at 1331 L Street, N.W. in Washington, D.C., formerly the Mortgage Bankers Association headquarters, for $41.25 million.
Read More... Monday, February 08, 2010
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Ex-Indiana Basketball Player Arrested on Numerous Felony Charges
A former Indiana University basketball star has been arrested and accused of being involved with a multi-million dollar fraud scheme that allegedly misappropriated real estate title funds.
Read More... Monday, February 08, 2010
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Missouri Man Pleads Guilty in $3.6 million, 34 Property Fraud Scheme
A Missouri man has pleaded guilty in federal court for his role in a mortgage fraud conspiracy that involved loans on 34 properties in the inner city and midtown areas of Kansas City totaling more than $3.6 million.
Read More... Friday, February 05, 2010
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U.S. Fixed Mortgage Rates Rise Slightly for the Week
Graph: Average 30-year Fixed-Rate Mortgage over 52 weeks
Click “read more” to view a detailed breakdown of the weekly averages for a number of fixed-rate and adjustable-rate mortgage loans.
Read More... Friday, February 05, 2010
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FTC Proposes Rule To Prohibit Charging Up-Front Fees at Mortgage Relief Firms
The Federal Trade Commission moved to protect distressed homeowners from the promoters of bogus foreclosure rescue and mortgage modification services by proposing a new rule that would prohibit companies to charge up-front for these services and only permit payment to be collected after services were provided.
Read More... Friday, February 05, 2010
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GMAC Reports 4Q Financial Results, $5Billion Net Loss
GMAC Financial Services reported a net loss of $5.0 billion for the fourth quarter of 2009, compared to net income of $7.5 billion for the fourth quarter of 2008.
Read More... Friday, February 05, 2010
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Florida Indicts 10 in Fraud That Lost $7M for WaMu and Others
Ten people have been charged with defrauding three financial institutions, including Washington Mutual, of more than $7 million and aquiring more than $24 million in loan proceeds in a Miami property flipping scheme and could face up to 50 years in prison.
Read More... Thursday, February 04, 2010
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ResCap to Eliminate More Than 300 Jobs
Employees at Residential Capital, the real estate lending arm of GMAC, have been informed that the company plans to eliminate over 300 jobs at California and North Carolina locations.
Read More... Thursday, February 04, 2010
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MTA Drops Last Month
The Federal Reserve has released January’s data regarding the 1-Year Constant Maturity Treasury Rate (CMT) and the 12-Month Treasury Average (MTA).
Click “read more” to view a chart detailing the trajectory of each index.
Read More... Thursday, February 04, 2010
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MBA: Mortgage Applications Increase 21%
The number of U.S. mortgage applications filed jumped 21% last week to the highest levels in six weeks as 30 year rates stayed near 5%, according to the latest Weekly Mortgage Applications Survey released by the Mortgage Bankers Association.
Click "read more" to see a detailed breakdown of the weekly report on mortgage demand.
Read More... Thursday, February 04, 2010
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Foreclosure Scam Artist Ordered to Cease and Desist Business Operations
An Oregon business owner has been issued a cease-and-desist order for two of his businesses and assessed $250,000 in fines by the Oregon Department of Consumer and Business Services (DCBS) for selling interests in foreclosed homes he gained control over in a detailed foreclosure rescue scheme.
Read More... Wednesday, February 03, 2010
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Growing Defaults for FHA Foresees Storm of Foreclosures
The Federal Housing Administration is facing a barrage of foreclosures that may force it to rely on taxpayer money for the first time if its own reserves become depleted.
Read More... Wednesday, February 03, 2010
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HUD Reveals 2011 Budget Proposal Requesting Over $41Billion
U.S. Housing and Urban Development (HUD) Secretary Shaun Donovan unveiled the Department’s fiscal year 2011 budget proposal, following President Barack Obama’s presentation of his Administration-wide budget.
Read More... Wednesday, February 03, 2010
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Monthly LIBOR Rates Drop Again in February
Every category of the LIBOR index (one-month, three-month, six-month and one-year) continued to decline in February as the London Inter-Bank Offered Rate continues to hit record lows.
Click “read more” to view a historical breakdown of the various LIBOR indices over the past 12 months.
Read More... Wednesday, February 03, 2010
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Ex-Beverly Hills Appraiser Cons Banks Out of $50 Million
A former real estate appraiser from Beverly Hills, California has been sentenced to serve three years in federal prison for her participation in an immense fraud scheme that cost lenders around $50 million.
Read More... Tuesday, February 02, 2010
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Cost of Funds Index (COFI) Drops in December
The 11th District Cost of Funds Index is the weighted average of the cost of borrowings, or funds, to member banking institutions of the Federal Home Loan Bank of San Francisco
Click “read more” to view the current rate and a historical breakdown of the index since 2003.
Read More... Tuesday, February 02, 2010
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Fannie Mae Announces 3.5% Seller Assistance on HomePath Properties
In an ongoing effort to stabilize neighborhoods, Fannie Mae announced that people purchasing a Fannie Mae-owned HomePath® property will receive up to 3.5 percent of the final sales price to be used toward closing cost assistance or their choice of appliances.
Read More... Tuesday, February 02, 2010
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Private Mortgage Insurance in Force Remains Strong in December
Mortgage Insurance Companies of America (MICA) released its monthly statistical report for December with member companies reporting a total of $863,447 million in primary insurance in force for the month.
Click “read more” to view charts featuring a complete breakdown of PMI use over the last 12 months according to eight distinct categories.
Read More... Tuesday, February 02, 2010
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