NATIONAL GSE penalties contributed to robo-signing? Rep. Elijah Cummings (D-Maryland) has several questions to ask from the GSEs’ regulators, such as “Did policies in place at Fannie Mae and Freddie Mac help fuel foreclosure abuses such as robo-signing?” According to documents obtained by Cummings, the nation’s two largest mortgage financiers assessed $150 million in fines [...]
NATIONAL Long awaited batch of Dodd-Frank rules due out soon The central bank will soon issue a long-awaited package of proposed rules, implementing the Dodd-Frank Act, Federal Reserve Board Vice Chairman Janet Yellen said. “The Federal Reserve will soon release for comment its proposed rule on enhanced prudential standards that would apply to large bank [...]
NATIONAL Housing data reflects reality: there is much more work to do A new progress report was released by the Treasury on its Making Home Affordable initiative. The report covers all “H” acronyms: HAMP, HAFA and HARP. HAMP started in April 2009 and since then 857,000 homeowners have received permanent loan restructurings and 894,000 have [...]
NATIONAL Special Inspector General concludes 600K will be left out of HAMP if Treasury doesn’t come up with something The Special Inspector General of the Troubled Asset Relief Program (SIGTARP) concluded: federal funding mortgage relief programs are a failure, as they struggle to reach their targets, troubled homeowners. The recently released report say only 5.4% [...]
NATIONAL Bailed out lenders increased their risk level According to a recent report conducted by the Michigan Ross School of Business banks that received federal funding from the Troubled Asset Relief Program or TARP, have since increased their risk level with about 10%. Professors Ran Duchin and Denis Sosyura signed the report, after studying risk [...]
NATIONAL House Veterans’ Affairs Committee investigates the case of defrauded veterans The House Veterans’ Affairs Committee ordered his staff to investigate the cases of cheated veterans and taxpayers as the nation’s biggest lenders have charged these people illegal fees in their struggle to refinance home loans. The chairman’s action comes after a whistleblower lawsuit was [...]
NATIONAL Federal housing programs failed to meet expectations The Obama Administration’s Response to the Housing Crisis hearing wasn’t so smooth as it was planned to be, as several housing programs came under attack. The Obama administration responded to the housing crisis with several program such as Emergency Homeowners Loan Program (EHLP), the Neighborhood Stabilization [...]
NATIONWIDE The juries are in and the verdict is: Recession We thought we left the recession behind, but what we witnessed in 2008 – looking back in time – it was mostly just a shock, Lakshman Achuthan, co-founder of Economic Cycle Research Institute said in an interview with at Daily Ticker. But what it [...]
NATIONWIDE OCC moves to restore confidence in the housing market The OCC helped the banks with their future plans: 14 servicers who received consent orders from federal regulators earlier this year will have long and dusty road ahead, as they need to spend the next year or more recompensing for past documentation errors, coming [...]
NATIONWIDE Appraisals to help GSEs monitor the mortgage market The unregulated housing market ended up collapsing a couple years ago and this isn’t what the government-sponsored enterprises want to witness again, so they published new guidelines which took effect at the end of last month. These guidelines cover the work of appraisers and help [...]
Eureka was incredibly patient and assured me that we would close on our contracted close date. Although, we had a few sticking points come up with the short sale, they were right, we closed @ 10am on our contracted close date!! My fellow realtors couldn’t believe that we closed on time…their experiences with short sales have been “nightmares”. Thank you Eureka!
Jonna Juul-Hansen
Pacesetter Properties
