Tag Archives: Attorneys & Title Companies

Three bank failures took place Friday, raising the national tally this year to 31 as fewer community banks fall under, compared with recent years. State regulators shuttered Palakta, Florida-based Putnam State Bank, Marietta, Georgia-based Security Exchange Bank, and Lynchburg, Tennessee-based The Farmers Bank of Lynchburg. The cost to the FDIC: $100 million. With the bank failure tally at 31 this year, the numbers mark a gradual decline in the rate of closure for community banks compared with every year since the financial crisis.

Standard & Poor's has reaffirmed Clayton Holdings LLC's standing as a third-party due diligence provider for residential mortgage-backed securities. The company's announcement follows S&P's annual review of the company's rating.

Another comedian is set to sell his California estate. Funnyman and host of The Late, Late Show on CBS, Craig Ferguson, has put his Los Angeles home on the market for $1.995 million.

A new director of sales has been appointed at New American Funding. The national mortgage lender and Fannie Mae seller and servicer has hired Darren Kidder to fill the role.

Wells Fargo recently announced that it will accept refinance applications for homeowners with FHA mortgages only if their loans are serviced in-house by the mortgage lender. Vickee Adams, a spokesperson for Wells, said in an e-mailed statement that the lender currently services more than 500,000 customers with FHA home loans that could qualify to save money by refinancing under changes at the agency. The lender will start accepting only refinance applications for in-house loans on Tuesday.

California Attorney General Kamala Harris announced Friday the arrest of Edwin G. Salazar, 34, of Downey, California, and Michael Z. Zuniga, 41, of Fullerton, California, in a $1.3 million Ponzi scheme that targeted Latino investors, many of whom were seniors. Salazar and Fullerton, who operated as OMEGA Investments Corp., were arrested on 57 counts of elder abuse, grand theft, and securities fraud. From January 2007 through June 2008, the licensed insurance agent issued more than $1.3 million in fraudulent securities to individual investors they befriended through their insurance business.

SunTrust Mortgage has appointed new leadership, with the announcement of two new executive vice presidents. Peter E. Mahoney will join SunTrust as the EVP of mortgage strategy, and Jack Wixted will become an EVP and the chief risk officer for the company.

For aspiring blue bloods, escaping to Cape Cod is a must during the summer season, and while the real estate market in The Cape boasts classic, shingled architecture in abundance, one cool development in Provincetown, Massachusetts, is breaking with tradition.

First time claims for unemployment insurance rose to 3086,000 for the week ended June 9, from the prior week's 38,000, the Labor Department reported Thursday. Economists had expected the report would show 3795,000 initial claims.

In a letter filed Wednesday to FHFA, the Securities Industry and Financial Markets Association expressed its view that Fannie Mae and Freddie Mac should seek to align their operations as much as possible. The alignment would help set the stage and ease transition into the future for the GSEs, SIFMA suggests. Market performance shows a gap between the perceived and actual performance and liquidity of mortgage backed securities issued by the GSEs. The liquidity differential impacts the cost and efficiency of the GSE securitization process and the ability of the Enterprises to fund mortgage lending.