Feds to monitor mortgage servicing
Consumer advocates in Maryland said Thursday they were encouraged by news this week that the Office of the National Settlement Monitor would impose and monitor a series of new metrics and assessments to see if major banks are meeting new servicing standards. The standards were mandated by a national mortgage settlement made last year in the wake of the foreclosure crisis.
GOP unity frays as midnight shutdown approaches
WASHINGTON — Republican unity showed unmistakable signs of fraying Monday as Democrats and the White House vowed to reject tea party-driven demands to delay the nation’s health care overhaul as the price for averting a partial government shutdown at midnight. The stock market dropped as fears spread that the first shutdown in 17 years would […]
Official: $11B eyed in JPMorgan settlement talks
ALBANY, N.Y. — An $11 billion national settlement is under discussion to resolve claims over JPMorgan’s handling of mortgage-backed securities in the run-up to the recession, said a government official familiar with ongoing negotiations among bank, federal and state officials. The Justice Department is taking the lead on the settlement, which would include $7 billion […]
Proposal gives banks more leeway on mortgage bonds
WASHINGTON — Banks may be allowed to hold a smaller stake in the mortgage investments they sell if those loans are made to homebuyers with stronger finances. The Federal Deposit Insurance Corp., the Federal Reserve and other agencies on Wednesday proposed loosening an exemption to rules intended to prevent the types of risky investments that […]
Pending sales of homes slip but remain solid
WASHINGTON — Fewer Americans signed contracts to buy U.S. homes in July, but the level stayed close to a 6 ½-year high. The modest decline suggests higher mortgage rates have yet to sharply slow sales. The National Association of Realtors says its seasonally adjusted index for pending home sales declined 1.3 percent to 109.5. That’s […]
Average U.S. rate on 30-year mortgage at 4.58 pct.
WASHINGTON — Average U.S. rates for fixed mortgages rose this week to their highest levels in two years, driven by heightened speculation that the Federal Reserve will slow its bond purchases later this year. Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan jumped to 4.58 percent, up from 4.40 […]
Average rate on 30-year U.S. mortgage stays 4.4 pct.
WASHINGTON — Average rates on U.S. long-term fixed mortgages remained steady for a second straight week, giving prospective home buyers more time to lock in historically low levels. Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan remained unchanged at 4.4 percent this week. That is a full percentage point […]
JPMorgan faces criminal probe over mortgage bonds
NEW YORK — The U.S. Justice Department is investigating JPMorgan Chase over mortgage-backed investments the bank sold in the run-up to the financial crisis. The New York-based bank said in a regulatory filing that it is responding to investigations by the civil and criminal divisions of the U.S. Attorney’s office for the Eastern District of […]
Closing Fannie, Freddie could boost mortgage rates
WASHINGTON — Homebuyers could feel the pinch if Congress follows through on plans to shut down Fannie Mae and Freddie Mac, the government-controlled mortgage guarantee giants that were rescued by a $187 billion taxpayer bailout during the financial crisis. Borrowers would probably end up paying slightly higher mortgage rates under House and Senate bills that […]
Obama pitches mortgage overhaul as housing rallies
PHOENIX — Buoyed by an improving housing market, President Barack Obama on Tuesday proposed a broad overhaul of the nation’s mortgage finance system, including winding down government-backed Fannie Mae and Freddie Mac. He declared that taxpayers should never again be left “holding the bag” for the mortgage giants’ bad bets. Obama outlined his proposals in […]
Pending sales of homes slip from 6-year high
WASHINGTON — The number of Americans who signed contracts to buy homes dipped in June from a six-year high in May, a sign that sales could stabilize over the next few months. The National Association of Realtors said Monday that its seasonally adjusted index for pending home sales ticked down 0.4 percent to 110.9 in […]
Home sales dip but remain near 3½-year high
WASHINGTON — U.S. sales of previously occupied homes slipped in June to a seasonally adjusted annual rate of 5.08 million but remain near a 3½-year high. The National Association of Realtors said Monday that sales fell 1.2 percent last month from an annual rate of 5.14 million in May. The NAR revised down May’s sales, […]