Tag Archives: Service Providers

Alleging that the financial institution misrepresented the quality of $1.02 billion in mortgage-backed securities (MBS) dating from 2006 and 2007, MBIA Insurance Corporation has filed suit against Flagstar Bancorp, Inc. The assets in question were insured by MBIA, resulting in a $165 million loss for the company, according to a complaint filed in a U.S. District Court in the Southern District of New York. "To induce MBIA to guaranty payments due on certain securities, Flagstar made extensive warranties . . . . Flagstar's warranties were false," stated MBIA.

Redfin studied 48 emerging neighborhoods located within 16 major metro areas to determine which neighborhoods showed the most promise this year.

A new Ohio law to be introduced in March will allow licensed originators from out of state to obtain temporary loan originator licenses while completing requirements to obtain their regular state licenses.

S&P Dow Jones Indices, the largest provider of financial market indices in the world, announced the launch of the Dow Jones U.S. Select Equal Weight Real Estate Investment Trust (REIT) Index. The new index is designed to measure the performance of publicly traded REITs and REIT-like securities, serving as a proxy for direct real estate investment.

The National Association of Mortgage Brokers (NAMB) is calling on the Small Business Administration to review the Consumer Financial Protection Bureau's (CFPB) new rule on qualified mortgages, saying the provisions might drive out smaller lenders.

Despite recent turmoil for the financial services and mortgage banking industries, CoreLogic declared 2012 a pleasant economic surprise.

Potomac Mortgage Group, Inc. (PMG), one of the leading direct lenders in the Washington, D.C. area, announced the hiring of Sarah Pichardo as VP. Pichardo started her career in 2003, working quickly to establish herself as a top producer.

Elevated refinance activity under the Home Affordable Refinance Program continues to support overall growth in originations, according to LPS.

The FDIC announced that the Washington State Department of Financial Institutions shuttered Westside Community Bank on Friday. The bank's two branches are reopening as branches of Irvine, California's Sunwest Bank.

The Federal Reserve announced it paid a record $88.9 billion to Treasury in 2012. The earnings are from Fed programs that were introduced to stimulate the economy and involve the purchase of billions in mortgage-backed securities (MBS) each month to keep interest rates down.