Mortgage applications begin to fall

Mortgage applications plummet 11.7% Mortgage applications fell 11.7% this past week as demand for refinanced loans cooled across the country, an industry trade group said. The Mortgage Bankers Associated noted that its market composite index – a measure of loan application volume – dropped 11.7%. The steep drop is tied to a 15.3% decline in … More Mortgage applications begin to fall

Judge rejects citi settlement

U.S. District Court Judge Jed Rakoff rejected a proposed settlement between Citigroup (C: 24.82 -0.92%) and theSecurities and Exchange Commission that would have returned $285 million to investors of a $1 billion collateralized debt obligation tied to risky mortgages. “The proposed consent judgment is neither fair, nor reasonable, nor adequate, nor in the public interest,” Rakoff wrote in his order Monday. … More Judge rejects citi settlement

Freddie Mac adding states to REO winter promotion

The real estate sales unit of Freddie Mac is expanding its winter sales promotion. The HomeSteps initiative will be available in six more states, bringing the total to 33. Alaska, Kansas, Kentucky, Missouri, Oregon and Washington are now part of the program. “We’re expanding our winter promotion to focus additional incentives to encourage strong sales … More Freddie Mac adding states to REO winter promotion

Foreclosure Law Firm to close doors after costume scandal

New York’s largest foreclosure law firm is shutting its doors. Steven J. Baum, PC has found itself embroiled in a PR firestorm, and now, after Fannie Mae and Freddie Mac instructed servicers to pull their business from the firm, it’s closing up shop. Both GSEs issued notices earlier this month prohibiting servicers from referring new foreclosure cases to the … More Foreclosure Law Firm to close doors after costume scandal

Illinois home sales rise 15.3% in October, as buyers seek bargains

October home sales in Illinois rose 15.3% from a year earlier with 8,536 homes sold, compared to 7,402 sales in October 2010. The Illinois Association of Realtors reported the increase in its latest home sales report released on Monday. As home sales increase, buyers favor lower priced properties across the state with the median sales price dropping … More Illinois home sales rise 15.3% in October, as buyers seek bargains

Mortgage-Related Jobs Are on the Rise

BY: KRISTA FRANKS The third quarter of 2011 saw a net increase of 2,738 mortgage-related jobs, according to recent industry data. This increase is the first recorded in five quarters. The recent increase in refinances – encouraged by remarkably low interest rates – sparked a demand for loan originators and processors, while continuing high levels … More Mortgage-Related Jobs Are on the Rise

Freddie working against short sale fraud; New affidavit beginning January 1

Freddie Mac will force parties involved in a short sale to sign affidavits making them liable for their negligent or intentional misrepresentations in the deal, an effort to be sure it’s an arms-length transaction, according to guidance released Friday. The new affidavit will go into effect Jan. 1, but Freddie is asking servicers to implement … More Freddie working against short sale fraud; New affidavit beginning January 1

Fannie Mae and Freddie Mac receives subpoenas from California Attorney General

California Attorney General Kamala Harris reportedly sent subpoenas to Fannie Mae and Freddie Mac, requesting information about their servicing, foreclosure, and property leasing actions in the state. The LA Times was the first to report the action Thursday, reporting comments from an anonymous source “familiar with the matter” but who “was not authorized to speak … More Fannie Mae and Freddie Mac receives subpoenas from California Attorney General

Cook County, IL growing gap in affordable rental housing

DePaul study warns of growing gap in affordable rental housing The need for affordable rental housing increased substantially over the past decade in Cook County, Ill., in what mirrors a national trend, according to a study from the Institute for Housing Studies at DePaul University in Chicago. The report found that in 2009 the county, … More Cook County, IL growing gap in affordable rental housing

MERS deemed legally able to foreclose

The Michigan Supreme Court on Wednesday reversed an appeals court ruling that held the Mortgage Electronic Registration System (MERS) had illegally foreclosed on thousands of homes last spring, according to Bloomberg. The Michigan Court of Appeals had ruled that MERS, a national system to assist in the sale of mortgage debt, didn’t have the legal … More MERS deemed legally able to foreclose