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MERS, Banks Sued by New York State; MERSCORP Responds

Geithner Outlines Accomplishments, Future of Financial Reform

HOPE NOW Conference Focused on Military Families, Mediation

Reports Continue to Show Home Price Declines

Homeowners Continue Shift Away from Cash-Out Refinancing

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"MERS, Banks Sued by New York State; MERSCORP Responds"

Published: 2/3/2012

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MND NewsWire features plain and simple interpretations of industry related data and events written in a manner that maintains the interest of random readers while still catering to the perspective of a housing market professional.

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MERS, Banks Sued by New York State; MERSCORP Responds

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by Jann Swanson on February 03 2012, 3:44 PM

Three major banks and Virginia-based MERSCORP, Inc. and its subsidiary Mortgage Electronic Registrations Systems ( MERS ) were sued Friday by the state of New York. The suit, filed by the state's Attorney General Eric T. Schneiderman , charges that the...
Geithner Outlines Accomplishments, Future of Financial Reform

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by Jann Swanson on February 03 2012, 11:36 AM

Treasury Secretary Timothy Geithner told the Financial Stability Oversight Council that the financial system is getting stronger and safer and that much of the excess risk-taking and careless financial practices that caused so much damage has been forced...
HOPE NOW Conference Focused on Military Families, Mediation

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by Jann Swanson on February 03 2012, 9:39 AM

HOPE NOW, the voluntary private sector alliance of mortgage industry stakeholders, recently concluded a two day conference in Washington which focused on assistance to military homeowners and foreclosure mediation. One group of servicers, investors, and...
Reports Continue to Show Home Price Declines

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by Jann Swanson on February 02 2012, 12:00 PM

CoreLogic and Lender Processing Services (LPS) have each released their most recent Home Price Indices . CoreLogic's HPI covers December; LPS's covers the month of November. Here is a quick review of each. LPS found that the average home price for transactions...
Homeowners Continue Shift Away from Cash-Out Refinancing

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by Jann Swanson on February 02 2012, 2:37 PM

Homeowners who refinanced their homes during the fourth quarter of 2011 either refinanced for about the same amount or actually brought cash to the table according Freddie Mac. Fewer than 15 percent of those who refinanced during the quarter increased...
SEC Names Ex-Credit Suisse Employees in Subprime Fraud Scheme

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by Jann Swanson on February 02 2012, 8:32 AM

Four former investment bankers and traders from the Credit Suisse Group were charged by the Securities and Exchange Commission (SEC) Wednesday violating multiple sections of the Securities Exchange Act of 1934 while trading in subprime mortgage bonds...
White House Details Housing Plans

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by Jann Swanson on February 01 2012, 3:34 PM

Saying that the housing crisis struck right at the heart of what it means to be middle class, President Barack Obama has begun to flesh out the housing-related proposals he made in his State of the Union speech last Tuesday. He spoke this morning at Falls...
The State of the Mortgage Industry According to MBA

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by Jann Swanson on February 01 2012, 3:23 PM

The Mortgage Bankers Association ( MBA ) provided its annual assessment of The State of the Mortgage Industry in a press conference Wednesday afternoon. Michael Young, MBA Chairman said that the states that have been hardest hit by the housing crisis...
Oregon Joins Servicer Settlement

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by Jann Swanson on February 01 2012, 2:13 PM

The Attorney General of Oregon announced today that he will join in the so-called 50-state Attorneys General settlement with five major financial institutions that operate the large servicing organizations. The settlement arose out of a multi-state investigation...
Watch Live Now: President Obama Speech on Refi Plan / Housing

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by Glenn Setzer on February 01 2012, 11:06 AM

In his State of the Union address, President Obama laid out a Blueprint for an America Built to Last, calling for action to help responsible borrowers and support a housing market recovery. While the government cannot fix the housing market on its own...
FHFA Invites Investors to Pre-Qualify for Bulk REO Sales

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by Jann Swanson on February 01 2012, 10:12 AM

The Federal Housing Finance Agency ( FHFA ) announced today the first step in a new initiative to convent foreclosed properties (REO) in the hardest-hit metropolitan areas to rentals. The Real Estate Owned Initiative is a joint endeavor of the Departments...
Refinancing Continues to Drive Application Volume

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by Jann Swanson on February 01 2012, 8:12 AM

The Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey reported that mortgage applications as measured by its Market Composite Index were down 2.9 percent on a seasonally adjusted basis during the week ended January 27 but increased...
Case-Shiller Reports Continued Erosion in Home Prices

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by Jann Swanson on January 31 2012, 2:42 PM

Home prices continued to fall in November according to the S&P/Case-Shiller Home Price Indices released this morning. Both the 10-City and the 20-City Indices were down 1.3 percent in November compared to the previous month and for the second month...
FHFA Answers Conflict of Interest Charges against Freddie Mac

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by Jann Swanson on January 31 2012, 9:44 AM

The Federal Housing Finance Agency ( FHFA ) issued a statement late Monday refuting a story from ProPublic and NPR that a complicated investment strategy utilized by Freddie Mac had influenced it to discourage refinancing of some of its mortgages. FHFA...
HAMP Changes: Treasury Increases Incentives for Principal Reduction

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by Jann Swanson on January 30 2012, 11:51 AM

The Federal Housing Finance Agency announced on Friday that it was extending the Home Affordable Modification Program ( HAMP ) for another year - through December 13, 2013 - and that Freddie Mac and Fannie Mae would continue as financial agents for Treasury...

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