Tag Archives: Agents & Brokers

Ally Financial Inc. announced Friday that it will stop buying new mortgage loans in Massachusetts, effective Monday, in connection with a spat of suits against four other big lenders over allegedly illegal foreclosure activity. On Thursday Massachusetts Attorney General Martha Coakley filed suit against Ally and four others ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô including Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô alleging that the lenders foreclosed on homes illegally and without mortgage notes.

In good economic news, payrolls picked up 120,000 jobs in Nov., helping shrink employment to 8.6 percent ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô the lowest in more than two years, according to The Labor Department.

Treasury Secretary Timothy Geithner criticized opponents Thursday for their efforts to weaken and ultimately repeal large chunks of financial reform by the Obama administration. Without naming critics, he veiled any references to political and legislative maneuvers in recent years to delay and rid the U.S. legal code of financial reform enacted by the Obama administration in the wake of the recession. Talk of repeal continues to mount for the Dodd-Frank Act.

Smaller mortgage originators are stepping up to the plate to make loans as larger lenders - encumbered by mounting litigation and repurchase claims - pull back from the servicing sector, according to a report released Thursday. Paul Miller, a financial analyst with FBR Capital Markets, based conclusions from the report on quarterly shares of market activity. He credited the retreat by larger lenders for reasons why rivals more than doubled their respective footprints in the mortgage market by the third quarter this year.

Mortgage rates largely stayed the same this week as trouble in the euro zone threatened to upend global financial markets, encouraging investors to stay near the safe haven of U.S. Treasury debt. Mortgage giant Freddie Mac and finance Web site Bankrate.com released separate weekly surveys that found rates hovering at or above figures seen for several weeks in a row. The GSE noted averages for the 30-year fixed-rate mortgage reaching 4 percent ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô the fifth consecutive week for lows for the benchmark loan.

The weak capital position of the Federal Housing Administration came into play at a hearing Thursday, where members of the House Financial Services Committee grilled HUD Secretary Shaun Donovan. Lawmakers took turns interrogating the Obama administration official over substantially fewer reserves in place to meet loan guarantees at a time when the housing market stays near bottom. The federal agency recently came under fire from news media, think tanks, and academia for failing to meet the minimum threshold.

Opening up new industry jobs in Tempe, Arizona, BBVA Compass recently announced that it would launch a mortgage operations center in the Southwestern city. The branch will be BBVA Compass' fourth mortgage-focused complex, and the company noted its growth in the sector as the chief catalyst behind the development of a new location in Tempe.

Mortgage Information Services, Inc., has completed its testing by the Federal Housing Finance Agency, and the company has been approved, taking its connection with the UCDP live.

The Federal Reserve released the Beige Report, describing a stable national economy eclipsed by low consumer confidence and a housing market focused on rental properties.

A bold move to shore up global financial liquidity by the Federal Reserve and central banks from five other countries created a surge in confidence for investors Wednesday, inspiring a pickup in stocks and shares for the nation├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós four biggest U.S. lenders. The Dow Jones Industrial Average jumped nearly 500 points to crest at 12,045.68 by end of day in response, with shares climbing for Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo. Central banks agreed to lower prices for U.S. dollar liquidity swaps by 50 basis points.