N.Y. AG Sues BofA, Chase, Wells Fargo Over Mortgage Database
New York Attorney General Eric Schneiderman has sued the largest U.S. banks – Bank of America, JPMorgan Chase and Wells Fargo – charging that the private “mortgage electronic registry system,” known as MERS, ...
Treasury Plan Aims for Broader 401(k) Retiree Options
A proposal announced today by the Treasury Department would modify regulations to make it easier for retirees to choose to receive their 401(k) savings as a stream of income in regular payments – as in annuities ...
Obama: Refi Plan Saves ‘Underwater’ Borrowers $3,000 A Year
In a sweeping new plan to help millions of “underwater” homeowners, President Obama today said borrowers can save $3,000 a year on average if Congress approves his program with a price tag of $5 billion to $10 ...
What’s Behind Freddie Mac’s Bet on High-Interest Mortgages?
Taxpayer-subsidized Freddie Mac bet against homeowners’ ability to refinance out of high-interest mortgages, even as it made it difficult for them to do just that, according to a published report by ProPublica ...
Small Businesses Got $3.5B in Lending from Jobs Act Fund
The Small Business Lending Fund has helped issue $3.5 billion in loans to businesses by providing capital to qualified community lenders, according to the U.S. Treasury.
A report sent to Congress this month by Treasury ...
Foreclosure Sales Rate 4 Times Faster in Non-Judicial States
The foreclosure crisis is very much a tale of two states – judicial versus non-judicial.
In the 23 states were a judge has the final say, the foreclosure pipeline has stalled, compared to the 27 states with a ...
HAMP Mortgage-Mod Rules Eased, More Write-Downs Eyed
The Obama Administration is again giving a boost to its much criticized foreclosure rescue campaign by easing mortgage modification rules, tripling incentives to participating lenders and possibly getting Fannie ...
AG: 11 Institutions Subpoenaed in Mortgage Securities Probe
Eleven financial institutions were recently issued subpoenas related to a newly expanded federal-state effort to crack down on misconduct in the mortgage-backed securities market, U.S. Attorney General Eric Holder ...
New U.S. Disclosure Rules Set for International Money Transfers
New rules for international money transfers by U.S. remittance providers generally require full disclosure of the exchange rate and all fees associated with a transfer.
The new rules also require remittance transfer ...
Foreclosures 20% of U.S. Sales in 3Q, Average Price $165,322
Sales of homes in some phase of foreclosure, or those bank-owned, accounted for 20 percent of all U.S. sales in the third quarter of 2011, down from 22 percent of all sales in the second quarter, according to RealtyTrac, ...
