The Supreme Court's decision sends the defendant banks back to federal district court where they will be able to appeal at a later date should an adverse ruling directly affect them.
Wells Fargo and Bank of America rank first and second, respectively, among bank home equity lenders, according to exclusive rankings from Inside Mortgage Finance.
What if the U.S. government actually defaults on its debt – what would that do to the value of MBS and Treasuries held on the balance sheet of banks? You may not want to know the answer.
Laurel Davis, a vice president at Fannie Mae, said the GSE learned from Freddie’s transaction and the pending risk-sharing deal from Fannie is set to receive an investment grade rating from Fitch Ratings.
The top five FHA funders – Wells Fargo, Quicken Loans, Freedom Mortgage Corp., Bank of America and Flagstar Bank – saw their combined originations decline by 5 percent.
In light of the court decision in the overtime pay case, the government must either appeal to the U.S. Supreme Court or start a formal rulemaking process to withdraw the 2006 opinion.
Industry advisors and lobbyists hope they can move the implementation date for lower GSE loan limits deep into the second quarter, but they also realize they cannot forestall it completely.
Some lenders have vowed to close loans without IRS verifications, filling the void by asking for additional and in-depth documentation – but only on retail-sources mortgages.
RSS