Federal Reserve Targets Big Banks

Bringing to a close a three year investigation, Federal regulators are nearing a settlement with Fannie Mae and Freddie Mac.  In a proposed agreement with the Securities and Exchange Commission, no monetary penalty or admission of fraud will be required of the loan giants.  Regardless of any admission of guilt, the settlement would represent an [...]

Lawsuits Canvas Top Mortgage Lenders

Class action lawsuits are popping up across the nation, not a surprise to many.  Law firms are announcing their formation of sub-prime lending task forces and teams. The top players in the mortgage service industry all face litigation: Bank of America, Wells Fargo & Co., JP Morgan Chase & Co. and Citigroup Inc.  In total [...]

Mortgage Delinquencies Continue to Increase

The Office of the Comptroller of the Currency and the Office of Thrift Supervision report that mortgage delinquencies are still rising, and re-defaults of modified mortgages are high and rising quickly. The report covers two-thirds of all U.S. mortgages. Over 40% of loan modifications are at least 2 months delinquent within 8 months. 32% the [...]

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