Mortgage Banking March 31, 2010

→   Federal Reserve pulls plug on mortgage purchases: How much could rates rise?
The Federal Reserve will stop buying mortgage-backed securities today, and experts can’t agree on whether interest rates will rise as a result of the move. When the financial crisis hit, investors stopped buying mortgages pooled together and bundled into mortgage-backed securities. The Fed stepped in and began buying them, forcing interest rates to drop and stimulating [...] -- MortgageLatestNews,Admin,   03/31/2010



→   Mortgage Investors Corporation: Choosing the Wrong Refinancing Lender can be a Costly Mistake for Veterans
Refinancing a home loan is an extremely stressful process for anyone, but for the men and women of the military, the process can be especially difficult. American service members often work with ever-changing deployment dates and short windows of stateside leave so they think they have to rush through the home [...] -- MortgageLatestNews,Admin,   03/31/2010



→   Prudential Mortgage and Johnson Capital partner to originate multifamily loans for Freddie Mac`s Program Plus
Prudential Mortgage Capital Company and Johnson Capital have announced the creation of Prudential Johnson Apartment Capital Express, a strategic partnership that combines the strengths of Prudential and Johnson to originate and service loans for Freddie Mac under the Program Plus and Targeted Affordable Loan programs. -- NationalMortgageProfessional.com,NMP Media Services,   03/31/2010



→   Fed`s Mortgage Purchase Program Sunsets
The Federal Reserve's role as buttress and benefactor of the nation's mortgage debt market comes to an end today. Since November 2008, the central bank has been the market's No. 1 patron, buying up $1.25 trillion in mortgage-backed securities. Fears have surfaced that the Fed's exit could leave a gaping hole in the secondary market, causing interest rates for home loans to spike and buyer demand to dwindle. But analysts say private investors will pick up the slack and rates will rise less than a quarter of a percentage point over the next quarter. -- DSNews.com,Admin,   03/31/2010



→   Poll Shows Majority Wants Government to Stay Out of Foreclosure Crisis
The government recently ramped up its efforts to help at-risk borrowers, but according to a recent opinion poll by Destin, Florida-based Housing Predictor, that's not what the majority of people want. Despite the impact it would have on the U.S. economy, 78 percent of those polled said they want the government to let home foreclosures run their course instead of making efforts to stop the crisis. -- DSNews.com,Admin,   03/31/2010



→   Non-HAMP Mods Account for Two-Thirds of Modifications in February
HOPE NOW announced Wednesday that its members completed an estimated 95,586 proprietary loan modifications in February 2010, which is almost double the 52,905 modifications completed under the Home Affordable Modification Program (HAMP) during the same month. -- DSNews.com,Admin,   03/31/2010



→   Florida`s Home Price Outlook Not So Sunny, California Fares Better
In its 12-month home price forecast issued Wednesday, Veros Real Estate Solutions said it had "continued bad news for Florida." Markets in the Sunshine State claimed the top five spots on the company's list of areas where prices are expected to drop the most over the next year. One of the other big bust states – California – shows more promise, according to Veros' analysis. The Golden State is home to three of the five markets the company expects to post the strongest price gains over the next 12 months. -- DSNews.com,Admin,   03/31/2010



→   MRG Named RegulatorConnect Certified Partner by ComplianceEase
MRG Document Technologies (MRG), a Dallas-based provider of mortgage document preparation and compliance technology to lenders across the nation, recently announced that it has been named a RegulatorConnect certified partner by ComplianceEase, a San Francisco-based provider of intelligent business solutions to the financial services industry. -- DSNews.com,Admin,   03/31/2010



→   First Associates Implements Altisource`s E-commerce Invoicing
Altisource Portfolio Solutions announced Tuesday that First Associates, Inc. has implemented its REALRemit solution, an automated e-commerce invoicing and borrower payment portal, to manage accounts payable and borrower loan payments. -- DSNews.com,Admin,   03/31/2010



→   Retreat Capital Extends Property Preservation Services to Clients
Retreat Capital Management Group, a Lake Forest, California-based provider of loss mitigation and portfolio management products, announced Tuesday that it is now offering property preservation services to its clients through a partnership with Elevate Property Services, based in Santa Fe Springs, California. -- DSNews.com,Admin,   03/31/2010



→   Deterioration in Commercial Property Sector is Slowing: MBA
Economic factors, such as unemployment and consumers' controlled spending, continue to weigh heavy on the commercial real estate sector and drag down fundamentals, but the rate of deterioration appears to be moderating, the Mortgage Bankers Association (MBA) said Wednesday. -- DSNews.com,Admin,   03/31/2010



→   Bbva Compass Launches New Mortgage Product Built Exclusively for First Time Home Buyers
Mortgage Features Single Interest Rate, No Payments for Three Months, No Lender Fees and Low Down Payment -- BBVA Compass,Ed Bilek,Birmingham Alaska  03/31/2010



→   Lendingtree Launches Free Mortgage Rate Alert - Lets You Know the Moment Rates are Right for You
Receive emails when rates reach your target -- LendingTree,Mona M. Marimow,Charlotte N.c.  03/31/2010



→   Statement From Micah Green On Behalf of The Association of Mortgage Investors
The Association of Mortgage Investors supports the program announced by the Obama Administration to provide a path for reduced principal through a refinancing program for homeowners who are "underwater" on their mortgage. The Association commends the officials at the Treasury, HUD, FHA and the White House for their efforts to develop this program. -- Patton Boggs,Rebecca Carr,Washington   03/31/2010



→   Moody™s downgrades Greek banks, long slump feared
Moody’s credit rating  agency downgraded five Greek banks on Wednesday, saying their finances will suffer from the effects of the country’s public debt crisis — including painful austerity measures and a long recession. The credit rating agency said the outlook on the banks — National Bank of Greece, EFG Eurobank Ergasias, Alpha Bank, Piraeus Bank and [...] -- MortgageLatestNews,Admin,   03/31/2010



→   US private sector sheds 23,000 jobs in March
The US economy shed 23,000 private-sector jobs in March, a payrolls firm said Wednesday in a report that was dramatically worse than market expectations. Non-farm private payrolls fell 23,000 in March on a seasonally adjusted basis, payrolls firm ADP said. Investors had expected around 40,000 jobs to be created this month. March’s job losses eased slightly from February, [...] -- MortgageLatestNews,Admin,   03/31/2010



→   MBA Weekly Mortgage Applications Survey finds app volume rises 1.3 percent
The Mortgage Bankers Association (MBA) has released its Weekly Mortgage Applications Survey for the week ending March 26, 2010. The Market Composite Index, a measure of mortgage loan application volume, increased 1.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 1.5 percent compared with the previous week. -- NationalMortgageProfessional.com,NMP Media Services,   03/31/2010



→   Credit Plus announces customer direct access to FHA TOTAL Scorecard
Credit Plus Inc. has announced that its customers can obtain direct access to the Federal Housing Administration (FHA) TOTAL (Technology Open to Approved Lenders) Scorecard through its innovative technology. “We’re excited to be one of the first credit reporting agencies to offer this direct access,” said Greg Holmes, national director of sales and marketing for Credit Plus. “This connection allows our customers to save money and submit directly to FHA TOTAL Scorecard without involving Fannie Mae or Freddie Mac.” -- NationalMortgageProfessional.com,NMP Media Services,   03/31/2010



→   Maryland becomes first state to endorse HOPE LoanPort
At a briefing of state housing counselors held at the HomeFree-USA office in Prince George’s County in Maryland, Congressman Steny Hoyer and Maryland Department of Housing & Urban Development Secretary Raymond Skinner both expressed their support for HOPE LoanPort, the new counselor Web-based tool that streamlines submission of completed loan modification applications, including those used for the Home Affordable Modification Program (HAMP). This effectively makes Maryland the first state in the nation to publicly endorse the HOPE LoanPort program. -- NationalMortgageProfessional.com,NMP Media Services,   03/31/2010



→   Florida Courts Petition for Nearly $10M to Clear Foreclosure Backlog
Florida has been aptly dubbed one of the nation's foreclosure hotspots, and its courts have a wall of foreclosure cases to back up that claim. The backlog has gotten so bad, that it's pushed the Florida State Courts Administration to ask legislators for $9.6 million to bring in additional case managers and judges to help clear the still-growing glut of case files. The state's court administrators estimate that there are currently 500,000 pending foreclosure cases. Local judges say "the numbers are just overwhelming." -- DSNews.com,Admin,   03/31/2010



→   Fannie Mae and Lenders One Announce Contract Renewal
Fannie Mae has extended its contract with Lenders One Mortgage Cooperative as a preferred investor. Lenders One is a national alliance of mortgage bankers, correspondent lenders, and suppliers of mortgage products and services. The organization says continuing its preferred investor relationship with Fannie ensures that cooperative members selling to the GSE have access to more competitive pricing and technology than they would working with Fannie Mae independently. -- DSNews.com,Admin,   03/31/2010



→   The Wolf Firm Expands Litigation Department
The Wolf Firm, an AV-rated law firm serving the financial services community in California, recently announced the expansion of its litigation department and welcomed two new attorneys to its team: Joseph J. Nardulli, lead trial counsel, and Chanel L. Oldham, associate litigation attorney. -- DSNews.com,Admin,   03/31/2010



→   Real Estate Confidence Index Rebounds in March
Although the real estate market still has a long way to go on the road to recovery, confidence in the market is increasing, according to the March 2010 Real Estate Confidence Index (RECI) survey released by Point2 Technologies, a Web-based inventory management and online marketing software developer. -- DSNews.com,Admin,   03/31/2010



→   Mortgage Applications Increase as Purchase Activity Soars
Following two consecutive weeks of decreased activity, mortgage application volume increased 1.3 percent for the week ending March 26, 2010, the Mortgage Bankers Association (MBA) reported Wednesday. The jump in application volume was the result of an overwhelming increase in purchase activity. -- DSNews.com,Admin,   03/31/2010



→   Polunsky & Beitel`s Lauren Polunsky Recognized in Texas Rising Stars Listing
Polunsky & Beitel LLP, one of the nation's leading mortgage law firms, is pleased to announce that firm attorney Lauren R. Polunsky has earned a spot on the 2010 Texas Rising Stars listing of the state's top young lawyers. -- McCarthy, Holthus, Hosch, Baum, Goldberg & Ackerman, LLP,Alan Bentrup,San Antonio   03/31/2010



→   American Financial Resources Inc. / AFR Mortgage Announces Timios Inc. has Been Selected as the Exclusive Settlement Agent for all Residential Mortgages
American Financial Resources Inc., a nationwide mortgage lender has selected Timios Inc., as their exclusive agent to conduct closings and escrow services for all residential mortgages where permitted by state and local laws. -- American Financial Resources, Inc.,Kevin Darnell,Parsippany N.j.  03/31/2010



→   Gold Star Mortgage Financial Group Opens Ft. Lauderdale Branch
FT. LAUDERDALE, FL, March 31, 2010 /24-7PressRelease/ -- Gold Star Mortgage Financial Group, a leading national mortgage banker, has opened an office in Ft. Lauderdale, Fla. -- 24/7 Press Release Newswire,24/7 Media,   03/31/2010



→   CMBS Delinquencies Increase to 6 Percent in February
The delinquent unpaid balance for commercial mortgage backed securities (CMBS) increased to $47.82 billion in February, according to investment rating agency Realpoint, LLC. The overall delinquent unpaid balance was up almost 300 percent from February 2009, when only $11.98 billion was reported. Last month's numbers represent a delinquency ratio of 6 percent, and Realpoint says it expects the growth trend to continue, potentially reaching 12 percent by year-end. -- DSNews.com,Admin,   03/30/2010



→   ZC Sterling Changes Name to Sterling National Corporation
Atlanta-based ZC Sterling Corporation, a specialty insurance solutions provider for the residential mortgage servicing and insurance industries, has announced its transition to a new name, Sterling National Corporation. As part of the name change, the company is launching a new Web site, as well as a year-long ad campaign. -- DSNews.com,Admin,   03/30/2010



→   Caliber Funding Launches New Solution to Simplify RESPA Efforts
As part of an effort to provide technology solutions for RESPA challenges, Caliber Funding, LLC, a national wholesale and retail lender based in Tucson, Arizona, has launched an originator forms feature on its proprietary software system, H2Online. The new feature provides fully-completed, signature-ready documents with a single click, the company said. -- DSNews.com,Admin,   03/30/2010



→   Fed`s Treasury Group Expands Scope to Mortgage Debt
The Treasury Market Practices Group (TMPG), an organization created by the New York Federal Reserve to advise on the trading of Treasury bonds, announced Tuesday that it is expanding its scope to include government agency debt - such as that from mortgage giants Fannie Mae and Freddie Mac - and agency mortgage-backed securities (MBS). There is speculation that the organization's extended reach is in response to an increase in unresolved mortgage deals and secondary market trades. -- DSNews.com,Admin,   03/30/2010



→   HOPE NOW Servicers Assist More than 1,300 Troubled Homeowners
Various HOPE NOW servicers, including Bank of America, Chase, Citi, GMAC, Suntrust, Wells Fargo, and others, assisted more than 1,300 troubled borrowers during three homeownership preservation events held across the Pacific Northwest last week. According to HOPE NOW, 532 families attended the first of the three events, which was held in Portland, Oregon on March 23. And the two-day event in Bellevue, Washington on March 25 and March 26 saw an additional 796 homeowners. -- DSNews.com,Admin,   03/30/2010



→   Regulators Fret over CRE Concentrations, but Banks Looking to Modify
The recent surge in community bank failures has been widely attributed to small and mid-size lenders' high concentrations of commercial real estate (CRE) loans. The impact that the sector's continued deterioration could have on lower-tiered lenders and their local markets has become a growing concern among policymakers and regulators - a concern that they say warrants special attention. -- DSNews.com,Admin,   03/30/2010



→   REDC Foreclosure Auctions Generate $47.4 Million in Sales
In an announcement Tuesday, Real Estate Disposition Corporation (REDC) said foreclosure sales for its lending and banking clients soared this past week in nationwide live and online auctions, which generated $47.4 million in sales on 625 foreclosed residential properties, commercial properties, and notes. -- DSNews.com,Admin,   03/30/2010



→   Knight Capital Group Agrees to Acquire Urban Financial Group
Knight Capital Group, Inc., a global financial services firm based in Jersey City, New Jersey, announced Tuesday that it has agreed to acquire Urban Financial Group, Inc., a privately-held, independent mortgage company based in Tulsa, Oklahoma. The acquisition will provide Knight's fixed income team with a captive new issue of HECM mortgage-backed securities (HMBS) for institutional clients. -- DSNews.com,Admin,   03/30/2010



→   Countdown To Buy Platform Sees Success
Countdown To Buy, a next generation online real estate marketplace based in Bethel, Connecticut, announced Tuesday that it successfully generated accepted offers on foreclosed properties in 30 days or less. The properties were located in Dallas and were listed on the company's Web site on March 5, 2010. And before the month's end, offers have already been accepted. -- DSNews.com,Admin,   03/30/2010



→   Manufacturing execs more upbeat on recovery
U.S. manufacturing executives have a brighter outlook on the economic recovery than do their colleagues in the European Union or the service sector, according to a study released on Tuesday. But that new confidence does not signal a pickup in hiring, with less than half of U.S. manufacturing officials expecting to boost their companies’ employment, the [...] -- MortgageLatestNews,Admin,   03/30/2010



→   Fed™s Evans: Monetary policy not effective for pricking bubbles
Monetary policy  is not an effective tool for pricking asset bubbles, but central banks without authority to supervise banks may have no alternative, Chicago Federal Reserve President Charles Evans said Tuesday. Evans made the comments as reform proposals move forward in Washington to strip the Fed — the U.S. central bank — of supervisory authority over [...] -- MortgageLatestNews,Admin,   03/30/2010



→   NCRC study finds troubling trends with loan mods
The National Community Reinvestment Coalition (NCRC) has testified before the House Oversight and Government Reform Committee, which has opened an investigation into Making Home Affordable, the federal foreclosure prevention program. As part of the Committee’s investigation, NCRC released a survey of homeowner experiences in the loan modification process, conducted by over 29 housing counseling organizations affiliated with the organization. -- NationalMortgageProfessional.com,NMP Media Services,   03/30/2010



→   Suit filed on behalf of LOs cheated out of overtime
Nichols Kaster PLLP has filed a putative nationwide class action lawsuit on behalf of loan officers who worked for Guardian First Funding Group LLC. The lawsuit was filed in the U.S. District Court for the Southern District of New York. In their complaint, the employees assert that Guardian First Funding Group LLC violated the federal Fair Labor Standards Act and New York Labor Laws by misclassifying its loan officers as exempt from overtime pay and minimum wages. -- NationalMortgageProfessional.com,NMP Media Services,   03/30/2010



→   Commercial loan modification
The commercial real estate market had been described by many as a “tsunami” and “the next shoe to drop.” The ocean has receded and curious onlookers are gathering at the shore, observing people collecting fish on the dry ocean floor, along some of the most highly leveraged condo projects and luxury hotel suites in the country. Multibillion dollar deals that were made in an environment of optimism and increasing rents as far as the eye could see have come undone and crashed ashore amidst the carnage of investor losses. -- NationalMortgageProfessional.com,NMP Media Services,   03/30/2010



→   NCAMP 2010 Annual Conference
Start: 04/18/2010 End: 04/19/2010 Timezone: America/New York Start: 04/18/2010 End: 04/19/2010 Timezone: America/New York The North Carolina Association of Mortgage Professionals will host its 2010 Annual Conference, Monday-Tuesday, April 18-19 at the Pinehurst Resort & Spa, located at 80 Carolina Vista Drive in the Village of Pinehurst, N.C. This event will feature: â–ºNMLS Approved Continuing Education (eight hours of NCAMP courses & eight hours of Paul Donohue courses) â–ºFederal test prep workshop and state test prep workshop â–ºReception and trade show -- NationalMortgageProfessional.com,NMP Media Services,   03/30/2010



→   Retreat Capital now offering property preservation services to its clients
Retreat Capital Management Group, an end-to-end provider of loss mitigation and portfolio management products and other services for lenders, servicers, asset managers and investors, is now offering property preservation services to its clients. By adding property preservation to its menu of product and service offerings, Retreat Capital is providing lenders with a single-source location for managing each step in the loss mitigation and portfolio management process. -- NationalMortgageProfessional.com,NMP Media Services,   03/30/2010



→   Nationwide class action suit filed seeking OT pay for JP Morgan Chase underwriters
Attorney Kelly M. Dermody of Lieff Cabraser Heimann & Bernstein LLP has announced the filing of a class action lawsuit charging that JP Morgan Chase & Company (Chase) had a common practice of misclassifying its loan underwriters as exempt and failing to pay them for all overtime hours worked in violation of federal overtime pay laws. Chase employs approximately 500-1,000 underwriters nationwide. -- NationalMortgageProfessional.com,NMP Media Services,   03/30/2010



→   Fighting the fight for the broker nation ... A message from NAMB President Jim Pair, CMC
Many of you have asked if the National Association of Mortgage Brokers (NAMB) has changed its position regarding the Home Valuation Code of Conduct (HVCC). The answer is a resounding “No!” We still believe that the HVCC is harmful to the consumer, to the mortgage broker, to the independent appraiser and to the economy. -- NationalMortgageProfessional.com,NMP Media Services,   03/30/2010



→   Countdown to Buy platform generates accepted offers
Countdown to Buy, a next generation online real estate marketplace that offers a fair and effective way to buy and sell properties, has announced that it successfully generated accepted offers on foreclosed properties in 30 days or less. The properties supplied by a leading financial institution were listed on the company’s Web site on March 5 and located in the Dallas market. -- NationalMortgageProfessional.com,NMP Media Services,   03/30/2010



→   First Associates implements Altisource™s REALRemit system
Altisource Portfolio Solutions, an end-to-end provider of products and services for the mortgage industry, has announced that consumer loan servicing firm First Associates Inc. has implemented Altisource’s REALRemit, an automated e-commerce invoicing and borrower payment portal solution, to manage its accounts payable and borrower loan payments. By implementing this solution, First Associates has established the invoicing and payment foundation to support and accommodate its high growth as well as the multiple asset classes it handles. -- NationalMortgageProfessional.com,NMP Media Services,   03/30/2010



→   HOPE NOW servicers assist 1,300-plus Pacific Northwest families
More than a dozen HOPE NOW servicers, including Bank of America, Chase, Citi, GMAC, Suntrust, Wells Fargo and others, assisted more than 1,300 homeowners from across the Pacific Northwest, during three homeownership preservation events held recently in the area. On March 23, 532 at-risk families were in attendance at the Doubletree Hotel in Portland, Oregon to meet with mortgage servicers and U.S. Department of Housing & Urban Development (HUD)-approved housing counselors. A two-day event in Bellevue, Wash. (Seattle area) on March 25-26 saw an additional 796 homeowners. -- NationalMortgageProfessional.com,NMP Media Services,   03/30/2010



→   Home Prices Rise for Eighth Straight Month: S&P
Home prices in the U.S. rose again in January, marking the eighth consecutive month of increases, Standard & Poor's closely watched index showed Tuesday. On a seasonally adjusted basis, the 10-city and 20-city composites edged up 0.4 percent and 0.3 percent. Another notable point is that the year-over-year readings were the closest they've been to an increase in nearly three years, with the 10-city price index unchanged versus where it was a year ago, and the 20-city composite down only 0.7 percent. -- DSNews.com,Admin,   03/30/2010



→   Regulator Seizes Ambac`s Subprime Assets
The Wisconsin Office of the Commissioner of Insurance has taken control of mortgage bond insurer Ambac Assurance Corp.'s "most troubled holdings," as the insurance commissioner phrased it. The commandeering occurred last week, as rumors began to surface that the company may be headed for bankruptcy, which could trigger billions of dollars in losses for municipalities who invested in mortgage securities insured by Ambac. -- DSNews.com,Admin,   03/30/2010



→   Knight Capital Group announces acquisition of Urban Financial Group
Knight Capital Group Inc. has announced that it has agreed to acquire Urban Financial Group Inc., a privately-held, independent mortgage company. An originator of direct and brokered residential mortgage loans, Urban Financial is a major provider of home equity conversion mortgages (HECM), or reverse mortgages, in the U.S. Terms of the acquisition were not disclosed. -- NationalMortgageProfessional.com,NMP Media Services,   03/30/2010



→   BBVA Compass launches new product for first-time homebuyers
BBVA Compass has introduced the First-Time Homebuyer Mortgage, a product designed to help make one of the biggest financial decisions in life, simple. The First Time Home Buyer Mortgage is built with an understanding of the first-time homebuyer`s needs, both pre- and post-purchase. -- NationalMortgageProfessional.com,NMP Media Services,   03/29/2010



→   Equifax Study Finds Significance of Up-to-Date Owner-Occupancy Data
For many investors, owner-occupancy is considered to be a leading indicator of loan and deal performance and an important criterion for determining if loans are eligible for modification. But according to Equifax Capital Markets, owner-occupancy data reported at origination is typically out of date, and increased mortgage fraud among recent loan vintages has called this information into question. -- DSNews.com,Admin,   03/29/2010



→   Stewart Provides Solutions for HAMP Supplemental Directives
The Treasury Department's supplemental directives for the Home Affordable Modification Program (HAMP) has placed increased requirements on lenders and servicers helping distressed borrowers. But Houston-based Stewart Lender Services (SLS), a wholly-owned subsidiary of Stewart Title Company, recently announced its ability to help national lenders and services comply with these directives in a timely, cost-effective manner. -- DSNews.com,Admin,   03/29/2010



→   How Long Will Negative Equity Last?
First American CoreLogic estimates that the typical underwater homeowner will not begin to surface until late 2015 to early 2016. It's an even longer stretch for some of the most depressed markets, where the company says the typical borrower in negative equity may not experience positive equity until 2020 or later. Of the markets studied, the Washington D.C. area is expected to return to positive territory first, while homeowners in Detroit will have the longest duration of negative equity. -- DSNews.com,Admin,   03/29/2010



→   Florida County Launches Online Foreclosure Auctions
In hopes of stimulating the local housing market, Broward County in South Florida, which had the state's third-highest foreclosure rate in February, recently launched a new Web site to auction off foreclosed homes. The first online auction will take place on March 30, 2010. -- DSNews.com,Admin,   03/29/2010



→   Government to Sell Stake in Citigroup
The U.S. Department of the Treasury announced Monday that it is ready sell off its 27 percent ownership stake in Citigroup. The Wall Street bank was one of the biggest bailout recipients among financial institutions, and the government is expected to turn a pretty penny for its efforts to keep Citi afloat - a net of more than $8 billion, according to preliminary estimates. Treasury said it plans to fully dispose of its 7.7 billion shares of Citigroup common stock by the end of the year. -- DSNews.com,Admin,   03/29/2010



→   M&I Extends Foreclosure Moratorium to 18 Months
Marshall & Ilsley Corporation (M&I), a diversified financial services corporation headquartered in Milwaukee, announced Monday that it has extended its foreclosure moratorium an additional 90 days – through June 30, 2010. The moratorium is on all owner-occupied residential loans for customers who agree to work in good faith to reach a successful repayment agreement, and it applies to applicable loans in all M&I markets. -- DSNews.com,Admin,   03/29/2010



→   Pacific Union International Appoints Industry Leader as President
Pacific Union International, Inc., a real estate firm headquartered in the San Francisco Bay Area, announced Monday the appointment of Patrick Barber as president of the company. In his new position, Barber will be responsible for executing the company's San Francisco growth strategies, including office expansion, recruiting, and marketing. -- DSNews.com,Admin,   03/29/2010



→   MBA Finds New Home in Nation`s Capitol
The Mortgage Bankers Association (MBA) announced that it will move to a new headquarters in Washington, D.C. in early June. Last month, MBA opted to sell its current headquarters to the CoStar Group for a loss, after property values in the area took a tumble and the industry's largest trade group found itself underwater on the mortgage. -- DSNews.com,Admin,   03/29/2010



→   China economy to grow 12 percent in Q1
China’s annual economic growth will reach 12 percent this quarter, a government researcher said in remarks published on Monday, as economists ratchet up growth forecasts following strong industrial output growth last month. Yu Bin, head of macroeconomic research at the State Council Development Research Center, said the Chinese economy would face relatively heavy downward pressure on [...] -- MortgageLatestNews,Admin,   03/29/2010



→   Stocks rise after increase in consumer spending
Stocks rose Monday after an increase in consumer spending boosted confidence in the economy. The Dow Jones industrial average rose about 45 points in afternoon trading. Broader indexes also climbed. The Commerce Department said consumer spending rose for the fifth consecutive month in February, matching economists’ expectations. Job creation and healthy consumer spending are considered keys to a [...] -- MortgageLatestNews,Admin,   03/29/2010



→   Fairway Independent Mortgage names Walnick and Cutaia presidents
Fairway Independent Mortgage Corporation has promoted Paul Walnick to president of mortgage operations and Dan Cutaia to president of capital markets and risk management. The promotions of both mortgage veterans are intended to position the company for further growth after the company’s record volume in 2009. -- NationalMortgageProfessional.com,NMP Media Services,   03/29/2010



→   American Financial Resources/AFR Mortgage selects Timios as exclusive settlement agent
American Financial Resources Inc., a nationwide mortgage lender, has selected Timios Inc., as their exclusive agent to conduct closings and escrow services for all residential mortgages where permitted by state and local laws. Last year, American Financial Resources closed $1.4 billion in loan volume. "The selection of Timios Inc. as our exclusive settlement agent strengthens our position to ensure the integrity and full compliance with each and every loan transaction," said Richard Dubnoff, Chief executive officer of American Financial Resources. -- NationalMortgageProfessional.com,NMP Media Services,   03/29/2010



→   Four Banks Shuttered as Failed Tally Hits 41
State and federal regulators closed the doors on four more community banks over the weekend - in Florida, Arizona, and two in Georgia. This latest round of closures brings the number of names on the FDIC's failed bank list to 41 for the year, a pace that's well on the way to surpass the 140 bank collapses of 2009, which resulted in a loss of more than $36 billion for the Federal Deposit Insurance Corporation. -- DSNews.com,Admin,   03/29/2010



→   Task Force Fights Back Against Mortgage Fraud
Mortgage fraud remains a major problem in many U.S. cities, but the fight against it is growing. Last week, representatives of the Financial Fraud Enforcement Task Force met in Phoenix for the second of a series of Mortgage Fraud Summits, marking an important step in the task force's collaborative effort to combat mortgage fraud and protect American homeowners. The U.S. attorney general has allocated nearly $8 million in federal funding for mortgage fraud enforcement. -- DSNews.com,Admin,   03/29/2010



→   NewOak Capital Appoints Co-Chair of Investment Committee
NewOak Capital LLC recently announced the appointment of Donald H. Layton as senior advisor and co-chairman of its investment committee. Layton will take a lead role in developing the firm's private equity vehicle for bank recapitalization investments, assisting in the identification and full evaluation of investment opportunities, as well as providing ongoing advice regarding strategic and operational improvements for the banks in the firm's investment portfolio. -- DSNews.com,Admin,   03/29/2010



→   Five More States to Receive Federal Funding for Mortgage Programs
The administration announced Monday that it is expanding its initiative to provide funding for state housing finance agencies to develop their own localized mortgage assistance programs. A second round of funding, totaling $600 million, will go to five additional states: North Carolina, Ohio, Oregon, Rhode Island, and South Carolina. Last month, $1.5 billion in aid was allocated to be divided between California, Nevada, Arizona, Florida, and Michigan -- DSNews.com,Admin,   03/29/2010



→   Diamondrock Announces Successful Debt Modification
DiamondRock Hospitality Company ("DiamondRock") (NYSE:DRH) today announced it amended certain provisions of the limited recourse mortgage loan (the "Loan") secured by Frenchman's Reef & Morning Star Marriott Beach Resort. The lender provided DiamondRock with a waiver for any penalty interest and an extension to December 31, 2010 and December 31, 2011, respectively, for the completion date of certain lender required capital projects. In conjunction with the Loan modification, DiamondRock will pre-fund the capital projects into an escrow account and pay the lender a $150,000 modification fee. There were no other material modifications to the Loan. As a result of the Loan modification, DiamondRock's results for the quarter ended March 26, 2010 will reflect a reversal of the $3.1 million penalty interest accrued last year. -- DiamondRock Hospitality Company,Chris King,Bethesda Md.  03/29/2010



→   Bank of America`s Mortgage Reduction Program - The Only Way to Go?
On Wednesday, March 24, 2010, Bank of America announced that it will forgive some troubled mortgages debt in order to provide assistance in stabilizing the economy and housing market, reports Solomon Finance. With further dropping housing sales and house values, increasing alternative lending such as payday loans due to less traditional credit availability, and pressure from both homeowners and investors, the lending giant will start reducing mortgage balances to a select group, possibly leading other banks to follow suit if things work out well. -- Solomon Finance,Mia Nguyen,Pittsburgh   03/29/2010



→   Paralegal Sentenced in Manhattan Federal Court to Three Years in Prison for Role in Multimillion-Dollar Mortgage Fraud and Foreclosure Rescue Schemes
Preet Bharara, the United States Attorney for the Southern District of New York, announced that Marina Dubin, a real estate paralegal, was sentenced yesterday to two concurrent three-year prison sentences in connection with her involvement in a multimillion-dollar, sub-prime mortgage fraud scheme and another foreclosure rescue scheme. Dubin, 33, of Brooklyn, New York, pleaded guilty to two counts of conspiracy to commit mail, wire and bank fraud on June 12, 2008, before United States District Judge Richard J. Holwell, who also imposed the sentence yesterday in Manhattan federal court. -- U.S. Department of Justice,Yusill Scribner,New York   03/29/2010



→   A New Solution to Streamline Chapter 7 and 13 Bankruptcy Law Firm Operations Has Been Developed by Victoria Ring
COLORADO SPRINGS, CO, March 28, 2010 /24-7PressRelease/ -- When a consumer is interested in filing bankruptcy, they will normally contact a bankruptcy attorney in their area or simply walk into their office with no prior appointment. The average consumer will also want to know how much it will cost to file bankruptcy, at which time the attorney must gather enough information about their financial situation to provide a reasonable quote for services. The majority of attorneys do this by providing a free initial consultation. -- 24/7 Press Release Newswire,24/7 Media,   03/28/2010



→   Remarks as Prepared for Delivery by Attorney General Eric Holder at the Phoenix Mortgage Fraud Summit
The following remarks by Attorney General Eric Holder were released by the U.S. Department of Justice: -- U.S. Department of Justice,U.S. Department of Justice Office o,Washington   03/27/2010



→   CSBS and AARMR reach settlement agreement with CitiFinancial
The Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR) have announced a 35-state settlement, in which CitiFinancial agreed to remit a $1.25 million penalty. The agreement between state mortgage regulators and CitiFinancial was executed following an examination conducted by the Massachusetts Division of Banks to determine compliance with state and federal consumer protection laws. -- NationalMortgageProfessional.com,NMP Media Services,   03/26/2010



→   Massachusetts AG Coakley secures $3 billion in loan mods nationwide in agreement with Countrywide
Massachusetts Attorney General Martha Coakley has reached a settlement with Countrywide Financial Corporation (Countrywide) that will provide an estimated $18 million in loan modifications for Massachusetts homeowners, $3 billion in loan modifications for homeowners across the country, and a $4.1 million payment to the Commonwealth. Countrywide is now owned by Bank of America.  -- NationalMortgageProfessional.com,NMP Media Services,   03/26/2010