Bank of America is once again offering for sale a large package of mortgage servicing rights and at least a half-dozen or so buyers are lining up to bid.
According to the government, Golden First Mortgage Corp. of Great Neck, NY, failed to carry out its duties and responsibilities as a direct endorsement lender, leaving FHA with large losses.
Fannie Mae and Freddie Mac securitization volume reached its highest level in nearly four years during the first three months of 2013, according to a new Inside Mortgage Finance market analysis and lender ranking.
The Consumer Financial Protection Bureau announced enforcement actions on Wednesday against four private mortgage insurers left standing after the financial market collapse, putting the squeeze on the industry’s use of captive reinsurance arrangements, which ceased when the financial markets collapsed, and fining the four companies relatively small, token amounts.
The independent foreclosure review process established by federal regulators for 14 servicers was “deeply flawed,” Rep. Maxine Waters, D-CA, said on Thursday in response to a report on the reviews by the Government Accountability Office. Waters said she will introduce legislation next week to address problems relating to use of outside contractors for enforcement actions.
The creation of a “sustainable housing finance policy” and an end to the “too big to fail” oversight approach with large banks top April’s to-do list for the House Financial Services Committee when Congress returns from its two-week spring recess next week.
Funding for the housing programs administered by the Department of Agriculture’s Rural Housing Service will not be subject to sequestration even though mandatory budget cuts are now being implemented across the board at all federal agencies.
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