Tag Archives: Attorneys & Title Companies

Standard & Poor's recent Lookout Report showed a solid reduction in the amount of recession-related concerns those in the U.S. financial markets are feeling and acting upon. The biweekly survey, created by S&P Capital IQ's Global Market Intelligence division, demonstrated that the drop in anxiety over the state of the nation's overall economic conditions was somewhat mitigated by rising fears over the European debt crisis. S&P's outlook also showed that U.S. home pricing has returned to levels seen in 2002.

A recent report by the inspector-general of the Federal Housing Finance Agency casts the independent federal agency as one overly deferential to the decisions of the GSEs.

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.

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.

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.

M&T Bank was recently given an "outstanding" rating by the New York Fed for its performance under the Community Reinvestment Act, representing the highest possible ranking.

A new president has been announced at ServiceLink, with the appointment of Chris Azur to the prestigious position. Formerly the company's executive vice president and chief operating officer, Azur has been with ServiceLink for more than four years. In his previous role for ServiceLink, Azur was responsible for multiple aspects of valuations, title, and closing operations for the entity.