The transaction includes about 123 loans and is expected to close by August
Refi activity also rose to 46.6% of total mortgage applications from 45.4%
The hottest housing prices in the nation at last are encourage more sellers to list their homes, promising more sales and cooler price hikes in the weeks come.
Attorneys and corporate legal teams representing more than a dozen major mortgage lenders and investors in the United States rushed to Federal District Court in Manhattan during a cold Tuesday night to file a last-minute pleading in a case that could push Bank of America, JP Morgan Chase and other financial giants to shell out billions of dollars to settle investors' claims.
The Federal Housing Finance Agency (FHFA) is ready to streamline the mortgage modification process for hundreds of thousands of borrowers in the United States. According to a statement by acting FHFA director Edward J. DeMarco, who has been a polarizing figure in the housing market recovery, delinquent and underwater mortgages guaranteed by Fannie Mae and Freddie Mac could be modified in a no-doc fashion starting in July.
After July 1st, 2013, borrowers who are late on their mortgages guaranteed by Fannie Mae or Freddie Mac may see a letter from their servicer explaining their eligibility for the new Streamlined Modification Initiative (SMI). According to the official press release by the Federal Housing Finance Agency (FHFA), the program aims to add a simplified option for homeowners to save their homes from default and foreclosure.
(Reuters) - Private equity firm Cerberus Capital Management wants to provide financing to small investment firms that are buying foreclosed homes as part of a long-term bullish bet on the housing recovery, according to four sources familiar with the situation.
(AP) — Federal prosecutors say a former Orange County foreclosure specialist for Fannie Mae has been named in a grand jury indictment saying he took kickbacks from a real estate broker in exchange for granting him properties to sell.