May 19

OCC Takes Enforcement Action Against Eight Servicers for Unsafe and Unsound Foreclosure Practices

Credit, Crime, Foreclosures, Mortgage Fraud No Comments »

WASHINGTON — The Office of the Comptroller of the Currency today announced formal enforcement actions against eight national bank mortgage servicers and two third-party servicer providers for unsafe and unsound practices related to residential mortgage loan servicing and foreclosure processing.

The eight servicers are Bank of America, Citibank, HSBC, JPMorgan Chase, MetLife Bank, PNC, U.S. Bank, and Wells Fargo. The two service providers are Lender Processing Services (LPS) and its subsidiaries DocX, LLC, and LPD Default Solutions, Inc.; and MERSCORP and its wholly owned subsidiary, Mortgage Electronic Registration Systems, Inc. (MERS).

via OCC

May 17

Feds: Biggest Mortgage Firms Defraud Taxpayers

Credit, Crime No Comments »

WASHINGTON — A set of confidential federal audits accuse the nation’s five largest mortgage companies of defrauding taxpayers in their handling of foreclosures on homes purchased with government-backed loans, four officials briefed on the findings told The Huffington Post.

via huffingtonpost.

May 16

Banks’ Biggest Worry

Credit, Crime, Foreclosures No Comments »

As the Rajaratnam verdict captivated many on Wall Street last week, the institutions that service about two-thirds of the mortgages in this country offered to pay $5 billion to settle allegations about robo-signing and other shady practices that quick-step troubled borrowers out of their homes.

via NYTimes.com.

May 14

Tighter Lending for Fixers

Credit, Rehabbing No Comments »

You may have heard me comment here that mortgage underwriting guidelines aren’t really tighter now - they are the same as they always were, they’re just being used now.

But over the last few months one thing has gotten a lot tougher – how to handle repairs.

via bubbleinfo.com.

May 14

Landlords reporting to credit bureaus good for tenants

Credit No Comments »

Millions of Americans whose credit scores have declined in recent years because of economic stresses could start rebuilding their scores if their rent, utility, cellphone, insurance and other monthly payments were reported to the national credit bureaus.

via latimes.com.

May 10

Feds Sue Deutsche Bank, Alleging Mortgage Fraud

Credit, Crime No Comments »

The U.S. Department of Justice has filed a civil mortgage fraud lawsuit against Deutsche Bank AG and its subsidiary, MortgageIT Inc., for allegedly making “false certifications” to the U.S. Department of Housing and Urban Development (HUD) related to mortgage origination and certain practices by the subsidiary.

via nreionline

May 01

Fed loans for home energy improvements

Credit, Environmental No Comments »

The FHA’s PowerSaver program allows eligible owners to borrow up to $25,000 at fixed rates for as long as 20 years to finance energy-conservation retrofits. Fannie Mae has an energy-improvement mortgage add-on program.

via – latimes.com.

May 01

Fed loans for home energy improvements

Credit, Environmental No Comments »

The FHA’s PowerSaver program allows eligible owners to borrow up to $25,000 at fixed rates for as long as 20 years to finance energy-conservation retrofits. Fannie Mae has an energy-improvement mortgage add-on program.

via – latimes.com.

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