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Last Updated: May 16, 2008 - 3:31:27 AM

Housing and Mortgage News
Mortgage Market Crisis: FTC to Host Conference
The Federal Trade Commission’s Bureau of Economics will host a conference on May 29 to highlight and assess the role of consumer information in the current mortgage crisis from an economic perspective.
May 16, 2008 - 3:29:14 AM

Housing and Mortgage News
MORTGAGE FRAUD: New Analysis of a Rising Threat, The FBI Reports
Mortgage fraud is clearly on the rise. Although there is no central way to track the total extent of the problem, we received 46,717 Suspicious Activity Reports related to mortgage fraud last year--compared to 35,617 in 2006 and just 6,936 in 2003. Only seven percent of these reports documented an exact dollar amount in terms of losses, but even so, the total loss from this seven percent was $813 million.
May 13, 2008 - 12:06:16 PM

Credit and Money Management
The Subprime Mortgage Market 2007 Report: The Federal Reserves Reports
Learn about the factors that led to the subprime mortgage crisis, the impact of these developments on the nation and the Twelfth District, and "lessons learned" that may contribute to financial market stability going forward
May 13, 2008 - 12:02:03 PM

Housing and Mortgage News
Foreclosure Mortgage Rescue Scam: FTC Files Charges
The Federal Trade Commission has charged Foreclosure Solutions, LLC and Timothy A. Buckley with operating a nationwide mortgage foreclosure "rescue" scam that charged consumers as much as $1,200 to save their homes from foreclosure but failed to do so. The FTC seeks to bar them from further law violations and make them forfeit their ill-gotten gains.
Apr 29, 2008 - 6:27:09 PM

Housing and Mortgage News
Home Foreclosure: HUD Highlights Bush Administration's Solutions To Save Homeowners From Foreclosure
The Bush Administration has put in place responsible solutions to help American families stay in their homes and avoid foreclosure, U.S. Department of Housing and Urban Development Deputy Secretary Roy A. Bernardi said today. Delivering the keynote address at the Federal Home Loan Banks Annual Directors Conference, Bernardi highlighted President Bush's responsible plan to strengthen the economy and help homeowners by allowing HUD's Federal Housing Administration (FHA) to be "a good safeguard against foreclosure.
Apr 29, 2008 - 6:21:28 PM

Housing and Mortgage News
HUD Charges Louisiana Couple With Housing Discrimination
The U.S. Department of Housing and Urban Development today announced it is charging a Louisiana couple with racial discrimination in connection with the sale of a privately owned townhome. HUD claims Reggie and Kimberly Collier complained to a local real estate firm showing the home and threatened to deny the new owners utilities after they observed an African-American woman viewing the property. The African-American woman was, in fact, a sales agent representing prospective homebuyers who were white.
Apr 23, 2008 - 7:41:20 AM

Housing and Mortgage News
HUD to Expand Mortgage Help for Struggle Families
Expanded FHASecure able to help half a million homeowners stay in their homes by cutting mortgage payments.
Apr 10, 2008 - 9:12:40 AM

Housing and Mortgage News
Foreclosure: Gov. Schwarzenegger Announces $8 Million Grant to Expand Counseling Services to Homeowners at Risk of Foreclosure
Governor Arnold Schwarzenegger today announced California homeowners having trouble paying their mortgages will be eligible for counseling to avoid foreclosure as part of a new $8 million grant that will dramatically expand free counseling services to homeowners.
Apr 7, 2008 - 7:19:18 PM

Housing and Mortgage News
Mortgage Fraud: Michigna Bill Signed to Protect Consumers From Mortgage Fraud, Unfair Lending Practices
Governor Jennifer M. Granholm today signed a 13-bill package that will help protect Michigan consumers from mortgage fraud and unfair lending practices by requiring the state's estimated 20,000 mortgage loan officers to register with the state's Office of Financial Services (OFIS).
Apr 4, 2008 - 6:49:12 AM

Announcements
Reverse Mortgages: Ginnie Mae Program Now Includes One of the Nation's Top Reverse Mortgage Lenders
Washington, DC -- Today, the Government National Mortgage Association (Ginnie Mae) announced that Financial Freedom, a subsidiary of IndyMac Bank, F.S.B and a leading reverse mortgage lender, is a new issuer under Ginnie Mae's Home Equity Conversion Mortgage (HECM) Mortgage-Backed Securities (HMBS) program.
Mar 28, 2008 - 12:25:14 AM

Housing and Mortgage News
HOUSE STEALING: The Latest Scam on the Block, The FBI reports
What do you get when you combine two popular rackets these days—identity theft and mortgage fraud? A totally new kind of crime: house stealing.
Mar 25, 2008 - 12:14:38 PM

Housing and Mortgage News
OFHEO, Fannie Mae and Freddie Mac Announce Initiative To Increase Mortgage Market Liquidity
Washington, DC - OFHEO, Fannie Mae and Freddie Mac today announced a major initiative to increase liquidity in support of the U.S. mortgage market. The initiative is expected to provide up to $200 billion of immediate liquidity to the mortgage-backed securities market.
Mar 20, 2008 - 8:13:27 AM

Housing and Mortgage News
Mortgage Scams: California Shuts Down Mortgage Scam Artists
As the mortgage crisis worsens, a growing number of fly-by-night companies are employing utterly brazen tactics to push homeowners into illegal and unconscionable loans, Attorney General Brown said. The illegal sales practices of these companies, run by Eric Pony and his family, included psychological pressure, forgery, and outright lies, Brown added.
Mar 19, 2008 - 3:08:18 PM

Housing and Mortgage News
Mortgage Reform: HUD Proposes Mortgage Reform to Help Consumers Better Understand Their Loan, Shop For Lower Costs
WASHINGTON – In an effort to significantly improve the complicated, unclear and costly homebuying process, U.S. Housing and Urban Development Secretary Alphonso Jackson today proposed mortgage reform designed to help consumers better understand their loan terms so that they can shop more effectively for the largest purchase of their lives.
Mar 14, 2008 - 6:51:47 AM

Housing and Mortgage News
Mortgage Fraud: FBI Creates Southern Nevada Mortgage Fraud Task Force
As evidenced by these announced arrests and indictments, mortgage fraud is a significant crime problem in Nevada. Mortgage fraud has likely accelerated the recent decline in the Las Vegas housing market. As of February 2008, Nevada was the top state in the nation for investor-owned mortgage defaults.
Mar 14, 2008 - 6:32:34 AM

Housing and Mortgage News
Mortgage Limits: Californians Could Benefit From Higher Government-Insured Mortgage Limits
San Francisco - Tens of thousands of California families could benefit from affordable government-insured mortgages under a plan to be announced shortly that will temporarily increase home loan limits.
Mar 5, 2008 - 6:52:47 AM

Housing and Mortgage News
Adjustable Rate Residential Mortgages: OCC Statement On Reporting Of Securitized Subprime ARMs
The Office of the Comptroller of the Currency issued the following statement regarding the reporting of securitized subprime adjustable rate residential mortgages:
Mar 3, 2008 - 1:44:23 PM

Housing and Mortgage News
Appraisal Fraud: Fannie Mae And Freddie Mac Sign Agreements To Combat Appraisal Fraud
Accurate, independent appraisals are very important to ensuring the safety and soundness of Fannie Mae, Freddie Mac and the mortgage market," said Director Lockhart. "These agreements build upon existing federal and state laws and regulations to further strengthen the single-family home appraisal process. The agreements should help restore confidence in the mortgage market by enhancing underwriting practices, reducing mortgage fraud and making home valuations more reliable. I thank the Attorney General, Fannie Mae and Freddie Mac for their strong roles in this important effort.
Mar 3, 2008 - 11:15:27 AM

Housing and Mortgage News
Help for Mortgage Borrowers: An Update
On December 6, 2007, the U.S. Treasury Department announced that a number of lenders and loan servicers had agreed to freeze interest rates for five years for certain homeowners who could lose their homes if their payments reset to a higher interest rate. FDIC Chairman Sheila C. Bair has publicly supported this plan, which will streamline the loan-modification process and free up resources to help other troubled borrowers.
Feb 27, 2008 - 6:04:40 PM

Housing and Mortgage News
FHASECURE Helps 100,000 Americans Stay In Their Homes
U.S. Housing and Urban Development Secretary Alphonso Jackson today announced that HUD's FHASecure product has helped 100,000 homeowners refinance their mortgages and avoid foreclosure.  Since September 2007, FHASecure has enabled tens of thousands of families - who are current on their home loans or past due because their teaser rates reset - to close on loans refinanced through HUD's Federal Housing Administration (FHA), which is backed by the full faith and credit of the government.
Feb 27, 2008 - 2:12:46 PM

Housing and Mortgage News
HUD Charges Puerto Rico Condo Association with Violating The Fair Housing Act
The U.S. Department of Housing and Urban Development announced today that it has charged Parque de las Flores Condominium Association with violating the Fair Housing Act. HUD claims the association refused to provide an accessible parking space to Windy Calderon and her five-year old son who requires a wheelchair. The Fair Housing Act makes it illegal to deny such a request when it is necessary to accommodate a tenant's disability.
Feb 23, 2008 - 1:07:32 PM

Housing and Mortgage News
Mortgage Workouts, Now Tax-Free for Many Homeowners; Claim Relief on Newly-Revised IRS Form
WASHINGTON -- Homeowners whose mortgage debt was partly or entirely forgiven during 2007 may be able to claim special tax relief by filling out newly-revised Form 982 and attaching it to their 2007 federal income tax return, according to the Internal Revenue Service.
Feb 13, 2008 - 7:46:25 AM

Housing and Mortgage News
Foreclosure Help: FHA Reaching Out To 850,000 At-Risk Homeowners
FHA-insured loans are backed by the full faith and credit of the government, which typically allows lenders to offer mortgage products at a lower, more affordable interest rate. More than 90 percent of FHA-backed mortgages are 30-year, fixed rate products. FHA also provides a one-of-a-kind loss mitigation program that helps protect borrowers against foreclosure. Finally, FHASecure, which allows borrowers who are current and delinquent on their loans to refinance with the FHA, is saving tens of thousands of families on average $400 a month compared to their exotic subprime loans.
Feb 10, 2008 - 5:44:23 PM

Housing and Mortgage News
HUD Announces Disaster Assistance for Tennessee Tornado Victims

President Bush declared Hardin, Macon, Madison, Shelby, and Sumner Counties a major disaster area. This presidential declaration triggers a variety of federal assistance including grants for temporary housing and home repairs, low-cost loans to cover uninsured property losses, and other programs to help individuals and business owners recover from the effects of the disaster.