Tag Archives: Attorneys & Title Companies

It's a match for Titan Lenders Corp. and PHH Mortgage Corporation. The two companies recently announced the initiation of a strategic partnership, and through the collaboration, PHH Mortgage will gain access to Titan's fulfillment outsourcing services.

Financial institutions now have more elbow room for their commentary, thanks to the decision by four federal agencies to extend commentary for a controversial rule under the Dodd-Frank Act. The FDIC, Federal Reserve, Office of the Comptroller of the Currency, and Securities and Exchange Commission acted in unison Friday by agreeing to delay commentary deadlines for the Volcker Rule, which proposes to ban short-term proprietary trading for financial institutions. The agencies will receive public commentary over the rule until February 13, 2012.

Ed Delgado, CEO of our parent company, the Five Star Institute, reflects on 2011 as we enter a New Year. He takes into account events from around the economy over the last year to forecast a period of hoped-for renewal in 2012.

Twists and turns led the housing market into uncertainty in 2011, with concerns about undercapitalization for the Federal Housing Administration driving a feeding frenzy on Capitol Hill and around the nation about the fate of a time-honored agency. A report by Joseph Gyourko, a University of Pennsylvania real estate and finance professor, leveled claims in November that the FHA├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós failure to answer more than $1 trillion in insurance-in-force with $2.6 billion in capital reserves may damn it to its place as the next housing bailout. Gyourko's report put Capitol Hill in a fighting mood.

As the new version of the Home Affordable Refinance Program takes effect, lenders large and small are joining the government's effort to boost assistance to underwater homeowners. HARP 2.0, which went into implementation on December 1, has already garnered support from the country's four major financial institutions and companies like United Wholesale Mortgage.

The head of Fortress Investment Group has left his position with the company and has simultaneously stepped down from the company's board of directors. Daniel Mudd, who has previously served as the CEO of Fannie Mae, is currently one of six former GSE executives under investigation by the U.S. Securities and Exchange Commission for fraud-related charges. The SEC's accusations encompass fraudulent actions regarding the GSEs' exposure to subprime loans.

Statistical tallies for fourth-quarter home sales seem to support the idea that 2012 will represent a period of growth in some regions, and throughout the U.S., the National Association of Realtors reported a 12.2 percent jump in November sales on a year-over-year basis.

Current and former GSE executives entered national conversations in late 2011 as several retired from their positions, lawmakers took a hard look at multimillion-dollar bonuses, and one member of Congress charged that some senior-level executives received discounted loans in exchange for influence. Daniel Mudd's leave of absence from Fortress follows a series of resignations by Freddie Mac CEO Ed Haldeman, Chairman John Koskinen, and several other board members, with uncertainty over why their resignations went forward at the same time.

Fitch Ratings revealed some bad news for the U.S. recently, releasing updated statistics that indicate the country's AAA sovereign debt rating could be in jeopardy as early as 2013. The agency stated in its report that, should policymakers fail to make strides in curbing the federal deficit, the nation will lose its current rating. The company is now forecasting a possible downgrade if the fiscal picture in the country grows more precarious over the next 12 to 18 months.

Consumer sentiment is on the uptick, at least according to a new index released by Thomson Reuters/University of Michigan. During the month of December, U.S. consumers showed a 2.2-point increase in positive economic sentiment, representing the highest recording since June of this year. The index's mid-month evaluation of consumers' attitudes rang in at 69.9, and the current figure demonstrates the fourth consecutive month of growth.