California breaks from 50-state probe into mortgage lenders
Los Angeles TimesSeptember 30, 2011
The big banks were also demanding to be granted overly broad immunity from legal claims that could potentially derail further investigations into Wall Street's role in the mortgage meltdown, Harris said. “It has been a process of negotiating and ...more »
Bank of America's Countrywide Sued by Sealink Funding
BusinessWeekSeptember 30, 2011
As part of the agreement, the state guaranteed to cover as much as 2.75 billion euros in possible losses from investments backed by assets including US subprime mortgages that were placed in Sealink. In separate lawsuits filed yesterday in New York ...more »
What to do if you're underwater on your mortgage
NewsNet5.comSeptember 30, 2011
•Bankruptcy: This might be an option for you, especially if a lot of your assets are in retirement plans, which you would likely get to keep in a bankruptcy proceeding. If you file for bankruptcy, you should contact a lawyer. ...more »
BofA and JPMorgan sued over securities
Financial TimesSeptember 30, 2011
Sealink Funding, an entity set up by Landesbank Sachsen, a German bank, claimed in suits filed in New York that the US banks sold residential mortgage-backed securities that they knew were backed by bad mortgages. “Defendants not only concealed from ...more »
The Loan Limit for Mortgages Is Going To Drop Tomorrow
Business InsiderSeptember 30, 2011
Come October 1, the temporarily elevated conforming loan limit for home mortgages will drop from as high as $729750 to $625500. While the new limits will vary by market based on area home prices, some major metros will see a reduction of more than ...more »
Higher US mortgage rates coming for costlier homes
ReutersSeptember 30, 2011
Higher limits on the size of home mortgages that the government buys or insures, which had been increased in 2008 in order to provide liquidity to a mortgage market crippled by the subprime meltdown, will expire on Oct. 1. ...more »
Mortgage rates now below even lows of early 1950s
The Associated PressSeptember 30, 2011
WASHINGTON (AP) — Mortgage rates have skated near record lows for weeks. But now it can finally be said: Long-term rates in the United States have never been lower. This week, the average rate on a 30-year fixed mortgage fell to 4.01 percent, ...more »
Downgrade could hit mortgage rates
New Zealand HeraldSeptember 30, 2011
The downgrade of New Zealand's economy by two ratings agencies could result in mortgage rate rises, Finance Minister Bill English said yesterday. But economists say the move should not cause a big rise in borrowing costs ...more »
Morgan Stanley wins dismissal of Libertas CDO suit
ReutersSeptember 30, 2011
In its December 2009 complaint, the fund accused Morgan Stanley of collaborating with Moody's Investors Service and Standard & Poor's on credit ratings for the notes, which were backed by subprime mortgages. It also said the bank "shorted" the notes in ...more »
Higher US mortgage rates coming for costlier homes
ReutersSeptember 30, 2011
Higher limits on the size of home mortgages that the government buys or insures, which had been increased in 2008 in order to provide liquidity to a mortgage market crippled by the subprime meltdown, will expire on Oct. 1. ...more »
Why it pays to shop around for mortgages
MarketWatchSeptember 30, 2011
By MarketWatch As soon as you think mortgage rates couldn't get any lower, fixed-rate mortgages hit another record low this week, according to Freddie Mac's weekly survey of conforming mortgage rates. Thirty-year fixed-rate mortgages fell to a 4.01% ...more »
Who's got positive equity?
Washington PostSeptember 30, 2011
CoreLogic maintains the largest database on home loans — 42 million active accounts, more than 80 percent of all existing mortgages — with information supplied regularly by lenders and servicers. First, some basics on equity. ...more »
Mortgage modifications are still messed up, 4 years later
Sacramento BeeSeptember 30, 2011
After all, he'd recently started payments on an in-house mortgage modification with CitiMortage Inc. "I was speechless, didn't know what to say. What's going on? Why? They got our hopes high saying we got approved, everything was going to go through," ...more »
Fitch Affirms SunTrust Mortgage U.S. Residential Primary Servicer Rating
MarketWatch (press release)September 30, 2011
NEW YORK, Sep 30, 2011 (BUSINESS WIRE) -- Fitch Ratings affirms SunTrust Mortgage, Inc.'s (STM) US residential primary servicer rating for prime product at 'RPS2'. The rating is based on the company's changes in senior management, staffing and training ...more »
Bank of America, JPMorgan Units Sued in Mortgage-Backed Securities Cases
BloombergSeptember 30, 2011
(BAC)'s Countrywide unit was sued by Sealink Funding Ltd. in New York over $1.6 billion of residential mortgage-backed securities the fund purchased between 2005 and 2007. Sealink filed the suit against Countrywide in New York State Supreme Court ...more »
