Old Republic National Title Announces It Will No Longer Insure Chase, GMAC/Ally
Yesterday, Old Republic National Title, one of the biggest title insurance companies in the country, announced that it will no longer insure titles for two of the United States’ biggest lenders, JP...
View ArticleBank of America Suspends ALL Foreclosure Sales
BREAKING NEWS – Bank of America, the largest lender in the United States, has just announced that it is halting all foreclosure sales in all 50 states. It’s currently investigating flaws in its...
View Article4.3 Million New Delinquencies in the Market
According to a report from the Mortgage Bankers Association (MBA), 4.3 million “new” mortgage delinquencies are currently in the process of “serious delinquency” and/or foreclosure at this time. This...
View ArticleBanks Making Progress in Balance-Sheet Repair Process, but FDIC Chairman...
According to numbers released by the FDIC this week, lenders are seeing “considerable improvement” in loan quality and, as a result, are becoming increasingly confident that there will be fewer...
View ArticleLenders Fined for Sub-Prime Misrepresentations
Credit Suisse Securities and Merrill Lynch have been fined $4.5 million and $3 million, respectively, for misrepresenting the risks associated with certain residential sub-prime mortgage...
View ArticleOCC Expands Review Requirements to All Servicers
From now forward, all servicers under the supervision of the Office of the Comptroller of the Currency (OCC) must conduct self-assessments to examine foreclosure management practices no later than...
View ArticleCredit Unions Expand to Fill Void in Business Lending
Credit unions are happily going where banks and lenders fear to tread, offering lines of credit to small businesses and would-be homeowners who cannot qualify for financing with lenders who are still...
View ArticleFreddie Mac Warns More Repurchase Demands on the Way
Thanks to what government-controlled GSE Freddie Mac is calling a “material increase in mortgage insurer rescissions, cancellations and denials of coverage” in its mortgage portfolio, the GSE is...
View ArticleShadow Inventory Represents Looming Disaster, but Purge-Time is Getting Shorter
Although “millions of distressed properties could be put up for sale at any moment” should lenders decide to release the many foreclosures that they are holding off the market onto the market at once,...
View ArticleLess than 3 Percent of Loan Mods Include Principal Deductions
In a report released earlier this week by ratings agency DBRS, the firm revealed that one of the biggest and most controversial topics in the loan modification industry is playing one of the smallest...
View Article
