Secondary Market

Government agencies are continuing their regulatory investigation of mortgage activities at Wells Fargo and Wachovia, according to a report filed with the Securities and Exchange Commission (SEC). Wells Fargo absorbed Wachovia in 2008 when Wachovia's shaky mortgage portfolio threatened the bank's soundness. The government is looking into activities regarding mortgage origination and securitization, including risk disclosures at Wachovia.

The Mortgage Industry Standards Maintenance Organization (MISMO) has appointed a leader for its newly-formed strategic planning committee. The group recently announced that Randy Gillis, VP of enterprise information management for the servicing solutions and technology unit of Lender Processing Services, Inc., will join MISMO as chair for the committee.

The vast majority of homeowners who refinanced in Q3 2012 either maintained or slashed their loan debt, according to a release from Freddie Mac.

After campaigning for more than a year, Consumer Financial Protection Bureau architect Elizabeth Warren claimed victory in the race to represent Massachusetts in the U.S. Senate.

Home sellers are already showing optimism for the 2013 selling season, according to Redfin's Real-Time Seller Survey.

A U.S. district judge squashed an attempt by JPMorgan Chase to fully dismiss a lawsuit from the Federal Housing Finance Agency over alleged securities fraud. In its motion to dismiss, JPMorgan argues that FHFA's complaint does not contain enough factual support that loans were not underwritten properly. Judge Denise Cote disagreed, saying the allegations "amply support FHFA's assertion that the Offering Documents for the Securitizations contained false statements regarding originators' compliance with underwriting standards."

The number of housing markets across the country showing lasting improvement expanded by leaps and bounds in November, according to a report from the National Association of Home Builders (NAHB). The NAHB/First American Improving Markets Index (IMI) showed 125 markets demonstrating consistent improvement, up from the previous record high of 103 in October.

Real estate technology provider a la mode, inc. announced that its Mercury Network service will waive all fees related to gathering disaster reports in areas impacted by Hurricane Sandy. According to a company release, in the aftermath of Sandy, orders for disaster inspection reports from lenders increased more than 200 times the normal level.

Equifax Inc. announced that Jeff Dodge, VP of investor relations, will be representing the company throughout November at several conferences.

Bank of Commerce Mortgage (BOCM) announced the addition of Jay Kunkle to the company's Newport Beach branch. Kunkle will serve as a senior mortgage advisor for the branch. A Certified Mortgage Planning Specialist, he brings more than 20 years of mortgage lending experience to BOCM.