Financial services trade groups called upon federal banking regulators to reinstate the 100 percent risk-weighting for mortgage servicing rights and to implement other changes as they move forward with the new Basel III risk-based capital rules. In a recent joint letter to bank regulatory agencies, the Mortgage Bankers Association, the American Bankers Association and the Independent Community Bankers of America warned that inaction could seriously affect the availability and cost of mortgages to consumers. The trade groups believe...
The National Flood Insurance Program has been great in providing federal flood insurance coverage to homeowners in high flood-risk areas, but the huge losses incurred by the program during Hurricane Katrina and super-storm Sandy indicate it is time to shift the risk to the private sector, according to industry experts. During a hearing on flood insurance legislation by the House Financial Services Subcommittee on Housing and Insurance last week, experts urged lawmakers to stop funneling all flood risk through the NFIP and open the door to private flood insurance providers. The hearing focused...
Prior to FHFA’s new directive, Fannie and Freddie required homeowners who have been through foreclosure and want to buy their home back to pay the entire amount owed on the mortgage.
What exactly is Owners.com? Launched in 1996, it’s supposedly the largest directory of homes for sale by owners. In other words, they don’t use traditional Realtors…
Wells Fargo reported a 2.1 percent drop in its correspondent originations from the second quarter to the third, and its year-to-date volume was down 57.3 percent.
The Mortgage Forgiveness Debt Relief Act allows homeowners who received principal reductions or other forms of debt forgiveness to avoid paying taxes on the amount forgiven.
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