Inland Empire Home Blog

MBA Panel: Mortgage Servicing Industry Should Ramp Up Technology

Brad Yzermans — Sat, 26 Feb 2011 12:17:26 +0000

… Diane Pendley, managing director at Fitch Ratings, said the servicing programs for loans sold to government-sponsored enterprises Fannie Mae and Freddie Mac vary greatly from private servicing platforms. That adds to the problems currently facing servicers when trying to complete a modification, she said. … … Joe Dombrowski, executive consultant at Fiserv, said the [...]

House Republicans Target Obama’s Mortgage Program

Brad Yzermans — Sat, 26 Feb 2011 12:17:26 +0000

… When Congress returns from recess next week, the House Financial Services Committee will vote on legislation that would dismantle the Home Affordable Modification Program, and three other initiatives. "In an era of record-breaking deficits, it’s time to pull the plug on these programs that are actually doing more harm than good for struggling homeowners," [...]

Banks Bristle at Mortgage-Loan Plan

Brad Yzermans — Sat, 26 Feb 2011 12:17:26 +0000

… Though a unified settlement is uncertain and would have to appease regulators, banks and state attorneys general, some officials are pushing for banks to pay more than $20 billion in civil fines or to fund a comparable amount of loan modifications for distressed borrowers. The proposal "would bring with it enormous costs that would [...]

Should Mortgage Servicer Lawsuit Settlements Include Principal Cuts?

Brad Yzermans — Sat, 26 Feb 2011 12:17:25 +0000

… The Big Pro: It Could Stabilize the Market The administration may argue that this program could finally stabilize the housing market. In just the few months since the foreclosure crisis began last fall, tens of thousands of foreclosures have been delayed. That caused foreclosure rates to plummet in the latter part of 2010. The [...]

Fannie, Freddie Narrow Losses but Seek More Aid

Brad Yzermans — Sat, 26 Feb 2011 12:17:25 +0000

… Fannie Mae also reported a $21.7 billion loss for all of 2010, narrowed from a loss of $74.4 billion the year before. Freddie Mac’s loss last year was $19.8 billion, compared with a $25.7 billion loss in 2009. "The good news is that their losses are shrinking," said Anthony Sanders, a professor of real [...]

Central Economic Planning at Its Worst

Brad Yzermans — Fri, 25 Feb 2011 12:01:03 +0000

… However, even the minority members of the commission failed to consider the most important cause of the financial crisis, namely the Federal Reserve’s loose monetary policy. …Read more >> Read More National Mortgage News

FHFA’S DeMarco: Penalties for Mortgage Servicers Likely

Brad Yzermans — Fri, 25 Feb 2011 12:01:03 +0000

Mortgage-finance companies Fannie Mae and Freddie Mac are on the verge of forcing mortgage servicers to pay penalties after officials found widespread problems with their operations, the companies’ federal regulator said Wednesday. Edward DeMarco, acting director of the Federal Housing Finance Agency, said in a speech at a mortgage industry conference in Dallas that the [...]

Justice Denied: Why Countrywide Chief Fraudster Mozilo Isn’t Going to Prison

Brad Yzermans — Fri, 25 Feb 2011 12:01:03 +0000

… Countrywide’s vast numbers of fraudulent mortgages — which were created to feed a securitization machine, not to secure repayment of properly underwritten loans — may still doom Bank of America (BAC), which purchased Countrywide in 2008. Countrywide was such a bad actor it was sued by 11 attorneys general, leading to an $8.7 billion [...]

Mortgage-Backed Securities Will ‘Reemerge’: Lew Ranieri

Brad Yzermans — Fri, 25 Feb 2011 12:01:02 +0000

…Lew Ranieri is known as the "father of securitization" because he helped invent the securitized mortgage in 1977 while working for Salomon Brothers. He’s even been credited with inventing the word "securitization."Read more >> Read More National Mortgage News

Lehman Pushed ‘Goat Poo’ Securities, J.P. Morgan Says

Brad Yzermans — Wed, 23 Feb 2011 11:38:02 +0000

Embarrassing emails have been the fuel of the post-financial crisis fury. Goldman exec Thomas Montag described one of the bank’s mortgage transactions as “one S—- deal,” an indiscretion that raised questions about Goldman working against its own clients. … … In a bankruptcy court filing made Thursday, J.P. Morgan says two Lehman employees “referred to [...]