In a new report, Standard & Poor’s Ratings Services said that “U.S. private-label residential mortgage-backed securities have faded into the shadows.” The ratings agency noted that it was the housing market that was a primary contributor to the exit of investors in private-label RMBS. The report indicated that it will be several years before any recovery arrives.

View full post on Mortgage Stories

A foreclosure judgment on behalf of HSBC Mortgage Services Inc. was reversed by the District Court of Appeal of Florida, Second District. In California, GMAC Mortgage Corp. was denied its application for service upon a borrower by publication in the Santa Clara weekly. A foreclosure filed by Bank of America was dismissed by a judge in the Superior Court of New Jersey Chancery Division.

View full post on Mortgage Stories

California Attorney General Kamala Harris announced the creation of the Mortgage Fraud Strike Force. The 25-person unit includes a team of 17 lawyers and eight special agents from the state Department of Justice. The strike force will target fraud by issuers of mortgage-backed securities, mortgage advertisers and foreclosure consultants.

View full post on Mortgage Stories

A settlement with U.S. Bank was announced by the Department of Housing and Urban Development. The bank allegedly did not meet underwriting standards on more than two dozen Federal Housing Administration mortgages. The agreement calls for a payment of more than $1 million.

View full post on Mortgage Stories

The average 30-year fixed-rate mortgage was down for the fifth straight week, according to Freddie Mac’s latest Primary Mortgage Market Survey . It was the lowest level of the entire year for the 30-year. But Freddie said that the one-year Treasury-indexed adjustable-rate mortgage averaged 4 basis points more this week than in the previous survey.

View full post on Mortgage Stories

Two proposed disclosure forms have been released by the Consumer Financial Protection Agency. The regulator is asking lender to identify which of the two forms would better inform a prospective borrower about loan terms. The two forms include identical information for a 30-year adjustable-rate mortgage to be used for a home purchase.

View full post on Mortgage Stories

Nationally, distressed sales account for 39 percent of the housing market. Repossessed properties and those owned by borrowers in financial peril weigh heavily on the real estate market. Sales of those homes, commercial buildings and lots make up such a large percentage of the market today that the appraiser’s old axiom — that distressed sales not be factored into establishing valuation — no longer strictly applies.

View full post on Mortgage Stories

SunTrust is bucking the layoff trend and adding production jobs. SunTrust Banks Inc. hopes to fill 76 production positions in the Southeast, a spokeswoman said in a statement. The job openings are immediate and expected to be filled within three months.

View full post on Mortgage Stories

The Federal Deposit Insurance Corp. has filed a lawsuit against LSI Appraisal LLC. The regulator hopes to recover losses on loans from the failed Washington Mutual Bank. But the mortgage service provider explained that it provided only appraisal reviews on three-quarters of the reports identified by the FDIC.

View full post on Mortgage Stories

President George W. Bush appointed Sheila Bair as chairman of the Federal Deposit Insurance Corp. in 2006. More than 300 federally insured banks have failed during Blair’s tenure. The FDIC has announced that Bair will leave in July.

View full post on Mortgage Stories