Foreclosures | Mortgages | Financing
Wells Fargo is still facing fallout from the bank’s fake account scandal, which saw the bank fined $185 million for more than 5,000 of the bank’s former employees opening more than 2 million potentially unauthorized accounts to get sales bonuses. But now, the bank has another scandal on its hands – this one involving the bank wrongfully force-placing auto insurance on as many as 570,000 customers. …read more
From:: Real Estate Wire
Lone Star Funds, which buys non-performing mortgages by the truckload from Fannie Mae and Freddie Mac and is the parent company of Caliber Home Loans, announced this week that Sam Loughlin, the company’s president of the North America region, is stepping down. Loughlin will be replaced by Nick Beevers, who previously served as executive vice president and chief of staff to Lone Star’s global president, André Collin. …read more
From:: Real Estate Wire
WASHINGTON (MarketWatch) — In a late Friday shocker, President Donald Trump on Friday named a new chief of staff, turning to Gen. John Kelly, currently the secretary of homeland security. He replaces embattled Reince Priebus, the former Republican Party chairman who has clashed with other officials, including the new director of White House communications, Anthony Scaramucci. Over two tweets, Trump called Kelly a great American and a great leader. “John has also done a spectacular job at Homeland Security. He has been a true star of my Administration,” Trump wrote.
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From:: Stock Market News
The Dow Jones Industrial Averaged wrapped up at an all-time closing high Friday, ending the week u 1.2% higher, even as the broader market was weighed by a recent slump in shares of technology companies. But notably, the Dow finds itself just 170 points away from hitting another psychological milestone: 22,000. The Dow last hit 21,000 on March 1, but has advanced in fits and starts over the past five months amid growing doubts about how quickly President Donald Trump can implement pro-growth policies pledged during his campaign for the White House. A late-Friday defeat in passing a bill to revamp the Affordable Care Act, underlines those fears. Still, the blue-chip gauge has enjoyed a relatively steady climb, powered by strong moves in shares of Boeing Co. , which has been a key driver of the price-weighted average in recent weeks and months. Boeing shares have climbed 55% so far this year, making it the best performer in the benchmark. The Dow closed on Friday up 0.2% at a record 21,830, the S&P 500 index , meanwhile, ended down 0.1% at 2,472, while the tech-laden Nasdaq Composite Index fell 0.1% at 6,374.
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From:: Stock Market News
Millennials are the most diverse population in the history of the U.S., and part of that diversification is the rise of multicultural families. But what does this diversity mean for the future of the housing market? …read more
From:: Real Estate Wire
The Dow Jones Industrial Average advanced modestly on Friday to close at an all-time high, with gains this week fueled by earnings from bellwether companies such as Boeing and Verizon Communication . The Dow added 33.76 points, or 0.2%, to 21,830.31 and gained 1.2% over the week. But broader markets slipped on Friday, with the S&P 500 and Nasdaq Composite also posting modest weekly losses. The S&P 500 closed 3.32 points, or 0.1%, lower at 2,472.10, retreating from record levels set on Wednesday. The benchmark index finished the week roughly where it started. The Nasdaq Composite index declined 7.51 points, or 0.1%, to 6,374.68 and ended the week 0.2% lower. On Friday, sharp post-earnings losses from Amazon.com weighed on the main indexes.
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From:: Stock Market News
Servicing and staffing expanded from three months earlier and a year earlier at Primary Residential Mortgage Inc. Home lending activity moved up from the preceding quarter.
Single-family loans serviced by PRMI numbered 14,181 as of June 30. The collective unpaid principal balance for the mortgages was $2.559 billion.
The Salt Lake City-based mortgage banking firm made those disclosures and more as part of the Mortgage Daily Second Quarter 2017 Mortgage Origination Survey.
From:: Financing
The next presidential election is still more than three years away, but President Donald Trump now has his first official challenger, as Rep. John Delaney, D-Maryland, announced Friday that he is running for president in 2020. During his time in the House, Delaney has spoken out about housing finance reform, going so far as to introduce legislation in 2014 that would have broken up Fannie Mae and Freddie Mac. …read more
From:: Real Estate Wire
In the recently published decision of Ocwen Loan Services v. Quinn, the Superior Court of New Jersey, Appellate Division, affirmed a decision of the Superior Court, Passaic County, granting summary judgment in favor of a plaintiff-mortgagee, holding that the life estates of two defendants, who did not sign the plaintiff’s mortgage, were subordinated to the plaintiff’s mortgage based on the equitable principles recognized by the court in Sovereign Bank v. Gillis, 432 N.J. Super. 36 (App. Div. 2013), and the principles of replacement and modification.
In the affirmed ruling of the trial court, the Hon. Margaret Mary McVeigh allowed the plaintiff to “step into the shoes of its prior mortgage which its own funds satisfied,” but capped the amount of plaintiff’s priority at $260,000 — the amount of the prior-satisfied mortgage — plus an additional $43,019.85 for taxes and insurance advanced by the plaintiff and its predecessors while the mortgage loan was in default.
The court concluded that this result put the defendants in the same position they were in when they signed the prior $260,000 mortgage to which they had subordinated their life estates, and for that reason, affirmed the trial court order. In so doing, it permitted the lender to foreclose on the life estates — at least to the extent of the amount of the prior mortgage and the advances for taxes and insurance — rather than having to wait for the termination of those estates.
From:: Financing
If confirmed, Randal Quarles, an investment-fund manager and former Republican Treasury official, would be the first person to officially sit in a recently formed position on the Federal Reserve that has been referred to as the most powerful position in banking. But Senate Democrats won’t let him lock in the title without a fight. Trump tapped Quarles to be a member of the Board of Governors of the Federal Reserve System and to finally fill the position of vice chairman for supervision on the Fed. …read more
From:: Real Estate Wire