Tag Archives: Investors

Vertical Capital Markets Group has announced the debut of the mortgage-based Vertical Capital Income Fund. Targeting the development of a quality portfolio of mortgages for investors, Vertical's newly launched project seeks to capitalize on low-priced loans.

Interest rates for the benchmark 30-year fixed-rate mortgage smashed new records for Zillow, which reported current rates falling as low as 3.71 percent, the lowest in survey history for the real estate Web site. Zillow found the newest numbers for mortgage rates with Zillow Mortgage Marketplace, which it sources from anonymous quotes and releases weekly. The 30-year fixed-rate loan fell to new lows from 3.73 percent seen last week, and hovered at rates as low as 3.67 percent Monday morning. Zillow reported rates for 15-year loans falling to 3.03 percent.

A surge in suits involving mortgage-backed securities propelled litigation cases for mortgage servicers to 218 over the third quarter last year, according to a recent index. Mortgage-backed securities litigation rose by 36 cases over the third quarter, up from 26 seen from the last quarter and just 12 in the third quarter 2010. Foreclosure-related suits also went up from 67 in the second quarter to 90 in the third quarter, followed shortly by litigation from investors, which leapt from 50 to 82 over the same time frame.

In international news, HSBC has announced the formation of a company panel devoted to extending legal aid to its mortgage borrowers. The panel, which will be made up of solicitors and licensed conveyancers, will target the provision of required legal services for those purchasing a home mortgage via HSBC.

Stonegate Mortgage Corporation has appointed a new executive to its ranks. The company recently announced that John F. Macke would join Stonegate as its executive vice president of capital markets.

The U.S. economy soldiered ahead by adding 200,000 jobs over December, lowering the unemployment rate to 8.5 percent as more employers picked up seasonal staff members for the holidays. The Labor Department reported Friday that total private-sector employment reached 212,000 last month, alongside fewer jobs for local and state governments, marginal declines in real estate services, and a notable pickup in residential construction around the country. Real estate, rental and leasing services lost jobs by 1.3 percent on average in December.

More Americans still feel uneasy about their household finances, leaving only 5 percent interested in refinancing their mortgage, according to a recent Harris Poll. Polling 2,237 adults across the country in mid-December, the research firm found respondents overwhelmingly despondent about the fiscal state of the nation. When it came to housing issues, the poll found Americans about as interested in home improvements and equity lines of credit as they were in refinancing their mortgages.

The Consumer Financial Protection Bureau made clear Thursday that it will exercise its full authority to supervise a host of nonbank financial entities, with mortgage originators, brokers, servicers, and others in plain view. The bureau, newly empowered by Richard Cordray├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós recess appointment Wednesday, offered up a video in which the new director addressed a virtual audience Thursday. The bureau released an 800-plus-page manual for nonbank examiners detailing their examination procedures, which focus on an entity├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós volume of business, services, and products.

John Burns Real Estate Consulting is adding a new member to its management personnel. The company recently announced that Carl Reichardt, Jr., would join the John Burns Real Estate family as its managing director of research.

Uncertainty in the markets helped ring in the New Year with record lows for mortgage rates, as concerns over debt crises and job growth lingered for wary investors. Finance Web site Bankrate.com and mortgage company Freddie Mac released their findings for mortgage rates Thursday in two separate weekly surveys. Bankrate.com reported interest rates for the 30-year loan hitting a record 4.18 percent this week, down from 4.21 percent last week. Freddie likewise found rates for the 30-year fixed-rate mortgage sliding from 3.95 percent last week to 3.91 percent this week.