Mortgage News

The latest real estate and mortgage industry news, digested. Look beyond the headlines to better understand what’s really happening.

Downey Savings Dropping Option Arm

July 11, 2008 No Comments »

Downey Savings informed wholesale clients today that it was dropping its infamous option arm loan program, presumably before it dropped them. The Newport Beach, CA-based bank and mortgage lender told mortgage brokers that the last day to lock an existing ... Read More »

Hundreds of Indiana Mortgage Brokers May Have Licenses Revoked

July 7, 2008 No Comments »

Indiana Secretary of State Todd Rokita announced today that more than two-thirds of its state’s mortgage brokers have failed to comply with a new requirement, putting hundreds at risk of losing their licenses next month. In an effort to raise ... Read More »

CRL: Indymac Dug Its Own Grave

June 30, 2008 No Comments »

The Center for Responsible Lending has impeccable timing, considering the fact that Indymac is trading at its lowest point ever amid mounting solvency concerns. The group released a 22-page report today outlining the Pasadena, CA-based mortgage lender’s failings, accusing the ... Read More »

Service Launched to Help Pets Affected by Foreclosure

June 23, 2008 No Comments »

A new non-profit called “No Paws Left Behind” was launched today to help foreclosure victims find homes for their pets if they’re unable to take them to their next place of residence. So-called “foreclosure pets” are surging in numbers as ... Read More »

Indymac Calls Class Action Lawsuit Totally Bogus

June 13, 2008 No Comments »

Indymac Bancorp said today on its company blog that a class action lawsuit filed against the company yesterday by the law firm of Schatz Nobel Izard P.C. was “totally bogus.” The suit, which claims the Pasadena, CA-based mortgage lender “issued ... Read More »

Down Payment Assistance Loans Drive $4.6 Billion Loss at FHA

June 9, 2008 No Comments »

FHA Commissioner Brian D. Montgomery said today that his organization realized $4.6 billion in “unanticipated long-term losses,” largely due to an increased number of seller-funded loans in its portfolio. He noted that FHA loans made to borrowers who relied upon ... Read More »

Study Supports Need for Better Mortgage Disclosure

May 29, 2008 No Comments »

A new study conducted by former HUD chief economist Susan Woodward reveals the need for improved disclosure of home loan terms and associated fees. Woodward’s “A Study of Closing Costs for FHA Mortgages” analyzed 7,500 mortgages originated between May and ... Read More »

Countrywide Shares Fall 20 Percent Amid Deal Concerns

May 9, 2008 No Comments »

Shares of the nation’s top residential mortgage lender slid more than 20 percent this week as warnings from analysts and investor jitters took their toll on the company. Countrywide stock ended the week at just $4.76 a share, down 20.4 ... Read More »

Freddie Mac: Cash-Out Refinances at Four Year Low

May 2, 2008 No Comments »

The percentage of refinances that were used for cash-out fell to the lowest level in four years during the first quarter, according to Freddie Mac’s quarterly refinance review. The government-sponsored entity said just 56 percent of new loans it owns ... Read More »

FDIC Offers Up Home Ownership Preservation Loans

FDIC Offers Up Home Ownership Preservation Loans
April 30, 2008 No Comments »

The FDIC has whipped up a new proposal that would allow the Treasury Department to modify approximately one million loans for at-risk borrowers who are currently underwater on the mortgage. The so-called Home Ownership Preservation (HOP) loans would pay down ... Read More »