FHFA Seeks Damages, Washington State and MERS, Reverse Mortgages, Dodd-Frank cost, Hope Now, FCs and Values, CA Home Prices, Edward Pinto, In Person Appraisals, Fat Margins, Dual Tracking, HUD Loan Sale, Shadow Inventories

BillCoppedge_26Nov2011original content selection by MortgageNewsClips.com

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(here comes another one) FHFA to Seek 3-for-1 Damages Against ‘High Risk’ Lenders – Paul Muolo – Auditors at the Federal Housing Finance Agency are in the process of identifying lenders which sold "materially deficient" mortgages to Fannie Mae and Freddie Mac and will bring civil damage claims against these seller/servicers. The intent, said Health Wolfe, an assistant inspector general in FHFA’s Office of the Inspector General, is to finger "sellers which pose the highest risk" to Fannie and Freddie. Going after such lenders "has never been done before," Wolfe said at the American Association of Residential Mortgage Regulators’ annual conference. Once we ID them," he said, "we’re going to send them a nice little letter telling them, ‘We’re coming’!" … – American Banker 
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Washington Supreme Court: MERS cannot obtain foreclosure power without note – by Kerri Ann Panchuk – Housingiwre
and
Washington Supreme Court Issues MERS Smackdown – Yves Smith – … Today, Washington State, which is a non-judical foreclosure state, gave MERS a serious setback. Its finding in Bain v. Metropolitan Mortgage, that MERS may not foreclose in Washington, is not as bad as it sounds, since MERS instructed in servicers to stop foreclosing in its name in 2011. But the reasoning of the ruling is far more damaging. And the court has opened up new grounds for litigation against MERS in Washington, in determining that it false claim to be a beneficiary under a deed of trust is a deception under the state’s Consumer Protection Act (whether that can be proven to have led to injury is a separate matter). – Naked Capitalism
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The Future of Reverse Mortgages: “It Will Be the Norm” – by Elizabeth Ecker – Reverse Mortgage Daily

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Dodd-Frank To Cost Banks $34 Billion—Per Year: S&P – by Elizabeth Ecker – … Noting the rules that are still yet to be made under Dodd-Frank, S&P notes the potential that its estimates are subject to change as that rule making, including the Volcker Rule, which would restrict banks from making certain speculative investments, continues toward completion.  … – Reverse Mortgage Daily
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HOPE NOW: 385K Loan Modifications In First Half Of 2012 – by MortgageOrb.com on- HOPE NOW has announced that 385,468 homeowners received permanent loan modifications from mortgage servicers during the first half of this year, with 275,324 homeowners receiving proprietary loan modifications and another 110,144 homeowners receiving loan modifications completed under the Home Affordable Modification Program.

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Conventional wisdom wrong, foreclosures don’t reduce neighborhood valuesOC Housing News

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California median home price highest in nearly 4 years – By Alejandro Lazo, Los Angeles Times – Median price hits $281,000 in July as more expensive homes were sold and fewer foreclosures were purchased in the key Southern California and San Francisco Bay Area markets. 
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Crime scene investigation: The premeditated assault on the prime mortgage – Edward J. Pinto – American Enterprise Institute 
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(in person appraisals) Regulators propose appraisals for high risk home loans – By Rachelle Younglai – … Creditors would be required to use a licensed appraiser to inspect the interior of the property and then would be required to provide consumers with a free copy of the appraisal report, under the proposal issued by six federal supervisors. Creditors would also be required to obtain an additional appraisal if the seller acquired the property for a lower price during the past six months – a requirement designed to address fraudulent property flipping, said the regulators. … – Reuters

and
Proposed CFPB Rule Requires Lenders to Provide Free Appraisal Reports
– BY: TORY BARRINGER – … Under the proposed rule, creditors may still charge reasonable fees associated with conducting appraisals to assist in lending decisions. However, they may not charge fees for providing a copy of an appraisal report. … – DS News

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(will margins begin to fall with more competition?) Mortgage Applications Decline 4.5% as Rates Hold Steady – BY: KRISTA FRANKS BROCK – … with most of the decrease occurring among refinance applications, according to the latest survey from the Mortgage Bankers Association. Refinance activity fell 5 percent compared to the previous week, while purchase activity declined 2 percent. efinance applications continue to make up a majority of applications, taking an 81 percent share of total mortgage application activity for the week ending August 10 … – The M Report

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(dual tracking) Consumer protection agency takes heat on mortgage plan — from consumers – By Peter Schroeder – … “Taking the home back is not something [banks] want to do,” said Paul Leonard, senior vice president of government affairs for the Financial Services Roundtable’s Housing Policy Council. But at the same time, Leonard said the foreclosure process can be lengthy and costly. Halting every step to wait for a modification application to be considered, no matter its odds of success, is not viable, he said. “Saying that any step in the foreclosure process has to stop until they’re evaluated is not realistic,” he said. …The Hill
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HUD Sets Auction Deadline on Record Nonperforming Loan Sale – By Paul Muolo – The Department of Housing and Urban Development and its auction advisor, DebtX, have set an auction deadline of Sept. 12 for investors to submit sealed bids on $1.7 billion of nonperforming residential loans. – National Mortgage News

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WSJ: Articles on Shadow Inventory – by Bill McBride  – Two articles on shadow inventory … – Calculated Risk

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