Housing News

Massachusetts Court of Appeals upholds MERS rights

Massachusetts Court of Appeals upholds MERS rights
MERSCORP’s rights as mortgagee have come under fire in many courtrooms throughout the U.S., but a decision from the Massachusetts Court of Appeals reinforces the company’s right to assign a mortgage. In a lawsuit entitled Shea v. Federal National Mortgage Association ..
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Housing News

Low Down-payment Mortgage Options Return

Low Down-payment Mortgage Options Return
Two big factors that are playing in to the recent ease is the Federal Housing Finance Agency’s new down payment programs and the Federal Housing Administration’s reduction in mortgage insurance premiums. In October, Fannie Mae and Freddie Mac announced 97% loan-to-value offerings.
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Housing News

Judge Denies Dismissal of ResCap Mortgage Lawsuit

Judge Denies Dismissal of ResCap Mortgage Lawsuit
A New York bankruptcy judge on Tuesday did not dismiss four lawsuits brought by the Residential Capital bankruptcy trust, alleging mortgage originators including UBS Real Estate Securities and SunTrust Mortgage sold billions of dollars in defective loans.
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Housing News

Schneiderman to Target More Banks for Mortgage Securities Fraud

Banks are not past the days of mortgage fraud cases, according to an article in Reuters. Eric Schneiderman, the New York attorney general, said he plans to bring more fraud cases against the world’s biggest banks for selling shoddy mortgage-backed securities before the financial crisis.
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Housing News

$4.2 Billion Fannie Mae, Freddie Mac MSR Portfolio for Sale

Fannie Mae, Freddie Mac MSR Portfolio for Sale
Denver-based, MountainView Servicing Group is advising the sale of a Freddie Mac and Fannie Mae mortgage-servicing rights portfolio, with $4.2 billion of aggregate unpaid principal balance. The portfolio features 100% fixed-rate and first lien product.
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Housing News

Zillow: Renters paid $441 billion in rent in 2014

Renters paid $441 billion in rent in 2014
Among the largest 25 metro areas covered by Zillow’s data, the three metro areas where rents rose the most were San Francisco, where the average rent payment rose by 13.5% or $163 per month; Denver, where the average rent payment rose by 10.8% or $86 ..
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Housing News

Wells Fargo Sued over Subprime Securities

Wells Fargo & Co. , HSBC Holdings Plc, Bank of New York Mellon Corp. and Deutsche Bank AG were sued by an Irish securities firm that claims the banks failed to protect investors in their role as trustees of securities backed by home loans.
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Housing News

FHA Loans Could Face “Tidal Wave of Defaults”

"The increase in risk for all the major government agencies over the past two years is cause for concern," said Stephen Oliner, co-director of AEI's center. "This is especially true for FHA loans, which would experience a tidal wave of defaults ..
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Housing News

Countrywide whistleblower will receive $57 million

Edward O’Donnell, a former Countrywide Financial executive, will receive more than $57 million in exchange for his testimony and help in securing a $16.65 billion settlement between Bank of America (BAC) and the U.S. Department of Justice ..
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Housing News

MERS Wins in Rhode Island Again

MERSCORP announced Tuesday that the Supreme Court of Rhode Island agreed with its previous rulings on MERS-related cases and dismissed a case in which a borrower challenged MERS’ rights to assign a mortgage.
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Housing News

10 Up-And-Coming US Housing Markets To Watch In 2015

Top 10 Housing Markets for 2015
We’re closing out the best year in the U.S. economic recovery since the recession hit in 2008. For the most part, the housing market has rebounded. And plenty of places are reaping the benefits. Where can you find these hot housing markets?
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Housing News

5 Reasons Housing May Be Headed For Trouble

The housing market has been on a roll recently, with some markets even recovering to their peak 2006 levels. That sounds good, until you remember what 2006 was like. In retrospect, it seems clear that those prices were overly inflated by a boom mentality.
. . . → Read More: 5 Reasons Housing May Be Headed For Trouble
Housing News

Feds Hope 3%-down-mortgages will Boost Struggling Housing Market

Feds Hope 3%-down-mortgages will Boost Struggling Housing Market
Two months ago, at the Mortgage Bankers Association’s annual meeting in Las Vegas, Federal Housing Finance Agency director Mel Watt discussed his agency’s desire to see the federal government lift some lending and credit restrictions ..
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Housing News

Meet China’s Morlocks: 1 Million Beijing Residents Live Undeground

Meet China's Morlocks: 1 Million Beijing Residents Live Undeground
For an estimated 1 million Beijing residents, dubbed the "rat tribe", living above ground (or in ghost cities) is a luxury they simply cannot afford. As NPR reports, with even the tiniest apartment costing a fortune (and 21 million people fighting for space), there has emerged ..
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Housing News

Mortgage Crisis Perpetrators’ Strategy to Destroy Evidence

Mortgage Crisis Perpetrators' Strategy to Destroy Evidence
A RICO Fraud Enterprise (Racketeer Influenced and Corrupt Organizations Act-RICO) is behind, and is the root cause of the Mortgage Crisis and has been administratively implemented by MERSCORP, Inc., Mortgage Electronic Registration Systems, Inc. (MERS).
. . . → Read More: Mortgage Crisis Perpetrators’ Strategy to Destroy Evidence