The transition from a market hot with refinances to a more traditional purchase market has made the industry ripe for new and old mortgage fraud schemes, according to CoreLogic. The company’s National Fraud Risk Index reached 133 in the second quarter, a slight uptick from the first quarter, but it represents the highest it’s been since the index was introduced in 2010. That number was 122 in the fourth quarter of last year. With all of the moving parts and players involved in a purchase transaction versus a refinance, CoreLogic said, there are...
Investors in certain residential MBS transactions backed by defaulted mortgages in the run-up to the financial crisis are a step closer to being made whole, more than four years after the Securities and Exchange Commission announced a settlement with JPMorgan Securities, Bear Stearns and some affiliates over allegations they misled investors and mishandled bulk settlement proceeds. The case involved is Securities and Exchange Commission v. J. P. Morgan Securities LLC, EMC Mortgage, LLC, Bear Stearns Asset Backed Securities I, LLC, Structured Asset Mortgage Investments II, Inc., SACO I, Inc., and J. P. Morgan Acceptance Corporation I, Case No. 12-CV-1862 (RLW). In November 2012, the SEC filed...
The Mortgage Bankers Association said its housing-finance reform proposal would likely have little impact on consumer mortgage costs. Whether costs to consumers are modestly higher or lower will depend on how the different components suggested for reform are determined through the political process, according to the MBA. “While the precise impact on consumer costs from true housing-finance reform may be difficult to gauge, we know...
“There is a proven blueprint to succeed, and we hope to successfully resolve this matter before reaching the Supreme Court of the United States,” the company told investors.
Choice mortgages carry rates that are roughly 100 basis points to 125 basis points higher than rates on Redwood’s super-prime program, known as Select.
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