Feb 16 2016

Mortgage rates could cross a record low

Diana Olick | @DianaOlick
Friday, 12 Feb 2016 | 10:38 AM ET
ORIGINAL ARTICLE CAN BE FOUND HERE.

 

Who knew? The Federal Reserve raised its funds rate barely two months ago, and all that worry about higher interest rates for mortgage borrowers ended up being positively unwarranted. The average rate on the popular 30-year fixed mortgage began a free fall, reacting to financial markets overseas rather than monetary policy here at home.

"Mortgage rates are going down again, and it's good for borrowers, but is it really good for the housing market and the broader economy? The answer is no," said Guy Cecala, CEO and publisher of Inside Mortgage Finance.

Feb 16 2016

Illinois Reaches $22.5 Million Settlement With Morgan Stanley Over Risky Mortgage Investments

Thursday February 11th, 2016, 5:37pm
ORIGINAL ARTICLE CAN BE FOUND HERE.

Investment firm Morgan Stanley will cough up $22.5 million to the state of Illinois as part of a settlement with the state for its "misconduct in its marketing and sale of risky residential mortgage-backed securities (RMBS) leading up to the 2008 economic collapse," according to Illinois Attorney General Lisa Madigan's office.

"This settlement is the latest effort in my ongoing commitment to recover critical funds for the state due to Wall Street's massive mortgage fraud," said Madigan, who launched an investigation into the bank's omission of the risks involved with RMBS investments.

Feb 11 2016

Cordray Clarifies CFPB Overdraft Intentions

By J. Daniel YoungFebruary 09, 2016
ORIGINAL ARTICLE CAN BE FOUND HERE.

The Director of the CFPB offered clarification on his call to actionfor financial institutions to offer accounts that can't produce a negative balance during his fifth webinar with the NCUA on Feb. 9.

NCUA Chairman Debbie Matz hosted Director Richard Cordray during the afternoon webinar in which he was quizzed on the agency’s call to action and a bulletin warning that inaccurate reporting data used in the checking account screening process could result in action by the bureau.

Feb 10 2016

Lexington man sentenced for mortgage fraud

 THE ORIGINAL ARTICLE CAN BE FOUND HERE.

 

Feb 09 2016

CFPB Slaps Quicken Loans' Super Bowl Ad on Twitter

Monday, February 8, 2016 - 12:19

By: Phil Hall

THE ORIGINAL ARTICLE CAN BE FOUND HERE.

Cam Newton wasn’t the only one that kept getting tackled during the Super Bowl. In a surprise running commentary while the big game was in progress, the Consumer Financial Protection Bureau (CFPB) used Twitter to criticize Quicken Loans’ Super Bowl advertisement for its Rocket Mortgage technology.

Feb 08 2016

Huntington Beach man convicted in mortgage fraud scheme that cost lenders $9 million

Feb. 6, 2016 Updated 11:34 a.m.
By SEAN EMERY / STAFF WRITER
THE ORIGINAL ARTICLE CAN BE FOUND HERE.

A Huntington Beach man suspected of running what authorities described as a “builder bailout” real estate scheme was convicted Friday of fraudulently buying more than 100 condominium units across the country.

Feb 05 2016

Average 30-year mortgage rate falls for a 5th straight week

Paul Wiseman, The Associated Press
2:54 p.m. EST February 4, 2016
ORIGINAL ARTICLE CAN BE FOUND HERE.

WASHINGTON - Average long-term U.S. mortgage rates fell for the fifth straight week amid volatility in world financial markets.

Mortgage buyer Freddie Mac says the average rate on a 30-year fixed-rate mortgage slid to 3.72% this week, down from 3.79% last week and the lowest since it averaged 3.68% in April 2015.

Feb 03 2016

Wells Fargo to pay $1.2 billion in U.S. mortgage fraud settlement

BY NATE RAYMOND AND SRUTHI SHANKAR
ORIGINAL ARTICLE FOUND HERE

Wells Fargo & Co said on Wednesday it had agreed to pay $1.2 billion to settle claims that it engaged in mortgage fraud, resolving a major U.S. lawsuit brought in the wake of the 2008 financial crisis.

Feb 03 2016

How to Avoid Mortgage Refinance Scams

February 3, 2016
ORIGINAL ARTICLE CAN BE FOUND HERE.

If you’re a current homeowner, scammers might be targeting you to refinance your mortgage. They’ll use email, phone calls, fliers and even direct mail to lure you in, but beware — these scams are designed to steal your money or personal information.

Nov 16 2015

CFPB urges banks to offer low-risk checking options

Financial regulators are pushing banks and credit unions to improve consumer access to low-risk checking accounts.

The Consumer Financial Protection Bureau (CFPB) will announce Wednesday a plan to urge the nation’s 25 largest retail banks for offerings without overdraft fees.

Feb 03 2016

Will Mortgage Rates Start Rising After Friday’s Non-Farm Payrolls Report?

The ORIGINAL ARTICLE CAN BE FOUND HERE.

MORTGAGE RATES & THE JOBS REPORT

On the first Friday of each month, the Bureau of Labor Statistics publishes its Non-Farm Payrolls report.

Commonly known as "the jobs report", Non-Farm Payrolls highlights employment changes across 10 private labor market sectors, including insurance and finance.

Feb 03 2016

Blizzard may be behind 2.6% drop in mortgage applications

ORIGINAL ARTICLE CAN BE FOUND HERE.

Mortgage rates fell last week, but so did record amounts of snow across much of the East Coast. That may be why total mortgage application volume dropped 2.6 percent on a seasonally adjusted basis for the week from the previous week, according to the Mortgage Bankers Association.

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