The latest real estate and mortgage industry news, digested. Look beyond the headlines to better understand what’s really happening.
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… Read More »Downey Savings Dropping Option Arm
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,… Read More »Hundreds of Indiana Mortgage Brokers May Have Licenses Revoked
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… Read More »CRL: Indymac Dug Its Own Grave
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… Read More »Service Launched to Help Pets Affected by Foreclosure
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… Read More »Indymac Calls Class Action Lawsuit Totally Bogus
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… Read More »Down Payment Assistance Loans Drive $4.6 Billion Loss at FHA
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… Read More »Study Supports Need for Better Mortgage Disclosure
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… Read More »Countrywide Shares Fall 20 Percent Amid Deal Concerns
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… Read More »Freddie Mac: Cash-Out Refinances at Four Year Low
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… Read More »FDIC Offers Up Home Ownership Preservation Loans
