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Keyword: mortgage

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  • Home Capital shares plunge after mortgage lender seeks $2 billion credit line as deposits decline

    04/26/2017 2:22:34 PM PDT · by Reverend Wright · 26 replies
    Financial Post ^ | April 26, 2017 | Armina Lagaya
    Home Capital Group Inc. said Wednesday its subsidiary has seen deposits drop by nearly $600 million in recent weeks and it is seeking a $2 billion credit line to mitigate the impact, which it expects to accelerate. ... As part of the agreement, Home Trust would be required to pay a non-refundable commitment fee of $100 million and make an initial draw of $1 billion. The interest rate on outstanding balances would be 10 per cent, and the standby fee on undrawn funds would be 2.5 per cent, Home Capital added. Gloyn said this translates to an effective interest rate...
  • Immigrants Key to Homeownership Growth

    04/20/2017 3:46:17 PM PDT · by smokingfrog · 30 replies
    Realtor Mag ^ | April 12, 2017 | Robert Krueger
    Foreign-born residents will have a "significant impact" on the housing market according to "Housing in America: Immigrants and Housing Demand," released by the Urban Land Institute's Terwilliger Center for Housing. The report also notes that if the current levels aren't sustained, the industry could suffer. "Immigrants have helped stabilize and strengthen the housing market throughout the recovery," says Stockton Williams, executive director of the Terwilliger Center. "Immigrants' housing purchasing power and preferences are significant economic assets for metropolitan regions across the country. This suggests the potential for much more growth attributable to foreign-born residents in the years ahead." Immigrants in...
  • Dear Fellow Shareholders (JP Morgan Chase)

    04/05/2017 10:56:31 AM PDT · by proxy_user · 7 replies
    JP Morgan Chase ^ | April 4, 2017 | Jamie Dimon
    Essentially, Too Big to Fail has been solved — taxpayers will not pay if a bank fails. The American public has the right to demand that if a major bank fails, they, as taxpayers, would not have to pay for it, and the failure wouldn’t unduly harm the U.S. economy. In my view, these demands have now both been met. On the first count, if a bank fails, taxpayers do not pay. Shareholders and debtholders, now due to total loss absorbing capacity (TLAC) rules, are at risk for all losses. To add belts and suspenders, if all that capital is...
  • Trump's first executive order suspends mortgage insurance rate decrease

    01/23/2017 7:22:55 AM PST · by Dacula · 30 replies
    Dayton Daily News ^ | Jan. 22, 2017 | Jared Leone
    President Donald Trump’s first executive order blocked a mortgage insurance premium cut that would have reduced the cost of mortgages for millions of middle-class home buyers.
  • JPMorgan Chase agrees to $55 million settle of mortgage discrimination complaint

    01/19/2017 2:27:10 PM PST · by SeekAndFind · 22 replies
    Reuters ^ | 01/19/2017 | Dena Aubin
    JPMorgan Chase & Co has agreed to pay $55 million to settle a U.S. Justice Department lawsuit accusing it of discriminating against minority borrowers by allowing mortgage brokers to charge them more for home loans, a person familiar with the matter said on Wednesday. The U.S. Justice Department complaint, filed in Manhattan federal court on Wednesday, accused the bank of willfully violating the U.S. Fair Housing Act and the Equal Credit Opportunity Act between 2006 and 2009 and showing "reckless disregard" for the rights of at least 53,000 African-American and Hispanic borrowers. "We’ve agreed to settle these legacy allegations that...
  • Obama Slashes Mortgage Insurance Premiums For Subprime Borrowers With Just 10 Days Left In Office

    01/11/2017 3:17:33 PM PST · by Lorianne · 25 replies
    Zero Hedge ^ | 10 January 2017 | Tyler Durden
    What do you do when a quick rise in mortgage rates suddenly threatens to tame home buying demand from subprime borrowers who, despite the lessons from the past, are still purchasing homes, en masse, with only 3.5% down payments and just enough monthly cash flow to cover mortgage payments? Well, if you're the Obama administration then you simply socialize the problem and force those higher mortgage costs on taxpayers. Anything less would just be a hateful attempt to deny minority and low-income citizens their "right" to home ownership. And while the Obama administration isn't directly passing out tax dollars to...
  • China’s ‘Godfather of Real Estate’ Pitches Reverse Mortgages to Skeptical Elders

    12/29/2016 10:05:50 AM PST · by Lorianne · 4 replies
    CNBC ^ | 28 December 2016 | Sui-Lee Wee
    He is known in China as the "godfather of real estate," helping lay the groundwork for private homeownership in China, a move that enriched millions and laid the foundations for a vibrant and thriving Chinese middle class. Now, Meng Xiaosu wants a lot of Chinese — the older ones, specifically — to cash out. Older people need to mortgage their homes to address China's looming demographic bust, Mr. Meng argues. Because of China's now-defunct one-child policy and other social trends, the country has a rapidly graying population that someday soon may become too expensive for the Chinese government to support....
  • Countrywide Mortgage Devastation Lingers as Ex-Chief Moves On

    06/25/2016 12:17:28 PM PDT · by Reverend Wright · 15 replies
    NY Times ^ | June 24, 2016 | Gretchen Mogensen
    Angelo Mozilo can finally get on with his life. This month the Justice Department told Mr. Mozilo, the former chief executive of Countrywide Financial, once the nation’s largest subprime mortgage lender, that he was no longer under investigation in connection with civil mortgage fraud. The government’s criminal inquiry into Mr. Mozilo’s role in the financial crisis was dropped previously, so he is now in the clear. At least that’s the view from Washington. On Main Street, where the pain of Countrywide’s reckless lending and abusive foreclosure practices still throbs, it’s safe to say that Mr. Mozilo is still identified as...
  • Big win for Bank of America as court overturns $1.3 billion penalty in 'Hustle' fraud case

    05/23/2016 10:23:58 AM PDT · by DUMBGRUNT · 4 replies
    biz journals ^ | 23 May 2016 | Jen Wilson
    Bank of America Corp. (NYSE: BAC) on Monday notched a major legal win when a U.S. appeals court overturned a $1.27 billion penalty handed down in a high-profile fraud case tied to mortgages sold by its Countrywide unit prior to the financial crisis of 2008.
  • ANZ, Westpac hit by hundreds of Chinese home loan frauds

    05/09/2016 11:11:27 AM PDT · by ameribbean expat · 10 replies
    AFR ^ | 05.09.2016 | Christopher Joye
    ANZ Banking Group and Westpac Banking Corp have discovered they have each approved "hundreds" of home loans backed by fraudulent Chinese income documents, which were allegedly manufactured with the help of dodgy mortgage brokers.
  • Column - Norma White: You want change? Try these ideas

    02/02/2016 11:27:50 AM PST · by pilgrim · 41 replies
    Amarillo Globe ^ | October 21, 2008 | Norma White
    Here are a few that I believe all Americans want. Limit Congress from serving more than two terms. That is all that presidents are allowed. Stop Congress from voting for their own raises. How did that ever get started? Stop paying for lawmakers' high-priced insurance premiums. After all, they are only part-time employees. They might pass some law changes on the insurance companies, if they had to find one. Stop paying lawmakers their full salary after serving just one term, or at retirement. We need to get rid of that pension plan; they've let other companies get rid of theirs....
  • Obamanomics in Catastrophic Action: New mortgage program steering toward another housing collapse

    01/22/2016 8:42:52 AM PST · by SeekAndFind · 23 replies
    FrontPage Mag ^ | 01/22/2016 | John Perazzo
    Remember a few years ago, when the American housing market collapsed as a direct result of government policies that—in the name of racial justice—pressured banks to approve mortgage loans for massive numbers of underqualified nonwhite applicants? Remember how that collapse set in motion the financial crisis that then-presidential candidate Barack Obama repeatedly called “the worst economy since the Great Depression”? And remember how Obama—who had long been a leading proponent of precisely the policies that had triggered the crisis—cast himself as the savior who was going to restore fiscal sanity and untangle the whole big mess? Well, now Savior Obama...
  • Too Big to Fail: The Sequel?

    01/19/2016 4:12:14 PM PST · by Kaslin · 2 replies
    Townhall.com ^ | January 19, 2016 | Cal Thomas
    Movie sequels are rarely as good as the original films on which they're based. The same dictum, it appears, holds for finance. The 2008 housing market collapse was bad enough, but it appears now that we're on the verge of experiencing it all again. And the financial sequel, working from a similar script as its original version, could prove to be just as devastating to the American taxpayer. The Federal National Mortgage Association (commonly referred to as Fannie Mae) plans a mortgage loan reboot, which could produce the same insane and predictable results as when the mortgage agency loaned so...
  • Now Obama Bank Regulators Scheming To Degrade Mortgage Credit Scoring

    01/18/2016 6:31:53 AM PST · by Renkluaf · 27 replies
    Investor's Business Daily ^ | 1/15/16 | Editorial Board
    Subprime 2.0: In an orchestrated assault on the credit standards underpinning mortgages, no fewer than four Obama agencies have gone to war against FICO. If politicians don't want another bank crisis, they'll stop the attack. Home loan approvals hinge on FICO credit scores. But the Obama regime views FICO scoring as too strict, cutting off millions of low-income minorities and immigrants from mortgages. So it's pressuring Fannie and Freddie, which control 90% of the mortgage market and set the underwriting standards for the entire mortgage industry, to abandon FICO for a softer standard in evaluating credit risk. Obama's regulators look...
  • Re-Suicide: Obama Adopts Bush-era Tricks To Re-inflate Property Bubble

    01/13/2016 12:39:53 PM PST · by Whenifhow · 15 replies
    Breitbart ^ | Jan 11 2016 | JOHN HAYWARD
    President Barack Obama is bringing the subprime-mortgage crisis back, fueled by the progressives' political urge to treat borrowed money loans as a "right" that everyone is "entitled" to get, and by the willingness to dismiss mathematical probability as a racist conspiracy. The last time liberals ran this mortgage ponzi-scheme, from 1995 to 2007, they almost crashed the financial system of the entire planet. They managed to largely evade responsibility by pinning the blame on their junior partners -- the banks, the stock-market and the GOP -- and even found political profit in the ensuing panic, so why shouldn't President Obama...
  • The Government Boldly Just Set Up Another Real Estate Meltdown

    01/13/2016 9:02:03 AM PST · by Kaslin · 18 replies
    Townhall.com ^ | January 13, 2016 | Michael Hausam
    Fannie Mae, the federally sanctioned mortgage giant, has just announced a new program that shows that they learned absolutely nothing from the last real estate meltdown. This new program, called "HomeReady" in a fit of hopeful and wishful thinking, reduces loan underwriting standards. It's designed to allow "underserved" individuals the opportunity to buy a home - focused primarily on low-income and minority borrowers. Other than the last group of under qualified borrower-friendly loans and regulations from the mid-2000s, it's the stupidest real estate loan idea that I've ever seen. The new loan "features" reduced credit score requirements and allows borrowed...
  • Fannie Mae Rolls Out Easy Mortgage, Catering To High-Risk Immigrants

    01/08/2016 10:17:01 PM PST · by boycott · 51 replies
    Investors.com ^ | 01/07/2016
    Subprime 2.0: The White House is rolling out a new low-income mortgage program that for the first time lets lenders qualify borrowers by counting income from nonborrowers living in the household. What could go wrong? The HomeReady program is offered through Fannie Mae, which is now controlled by Obama's old Congressional Black Caucus pal Mel Watt. It replaces the bankrupted mortgage giant's notorious old subprime program, MyCommunityMortgage. In case renaming the subprime product fails to fool anybody, the affordable-housing geniuses in the administration have re-termed "subprime," a dirty word since the mortgage bust, "alternative."
  • Love him or hate him? Frugal homeowner, 30, gets TROLLED for boasting...

    12/04/2015 11:29:58 AM PST · by afraidfortherepublic · 61 replies
    The Daily Mail ^ | 12-4-15 | Kiri Blakeley
    A 30-year-old man who has paid off his mortgage in three years has drawn not the admiration but the ire of the Internet. Sean Cooper, a financial writer and pension analyst, worked three jobs and lived the life of a cheapskate for years while paying down the $255,000 mortgage on his $425,000 bungalow in Toronto, Canada. Cooper was emotionally scarred after seeing his single mom almost lose their childhood home after she became unemployed in the aftermath of the dotcom crash in the early 2000s. 'I didn't want to be in that situation. I saw how tough it was on...
  • 12 US housing markets getting rocked by foreclosures

    10/16/2015 8:36:32 AM PDT · by SeekAndFind · 22 replies
    Business Insider ^ | 10/16/2015 | Bob Bryan
    The housing market may not be the bright spot of the recovery, especially as more people are starting to lose their homes. According to the real-estate information company RealtyTrac, foreclosures rose in the third quarter from this time last year, and many states are seeing significant increases. "The widespread rise in foreclosure activity in the third quarter compared to a year ago is the result of two starkly different trends taking place," Daren Blomquist, vice president at RealtyTrac, said in the report. "In states such as New Jersey, Massachusetts, and New York, a flood of deferred distress from the last...
  • Freddie Mac sells off $305 million in seriously delinquent mortgages

    10/12/2015 7:22:01 AM PDT · by george76 · 17 replies
    Housing Wire ^ | October 9, 2015 | Ben Lane
    Completes seventh non-performing loan sale. Freddie Mac announced late Friday that it sold $305 million in seriously delinquent loans from its mortgage investment portfolio. The sale, which was initially announced last month, was completed via auction, with two pools containing 1,611 total loans being sold to a pair of buyers. According to Freddie Mac, these loans have been delinquent for approximately two years, on average. In its announcement, Freddie Mac said that given the deep delinquency status of the loans, the borrowers have likely been evaluated previously for or are already in various stages of loss mitigation, including modification or...