Last Updated: July 24, 2008 8:22 am PST
featured stories
Existing Home Sales Continue Freefall
Sales of previously-owned U.S. homes fell to a 10-year low in June, according to data released Thursday by the National Association of Realtors. Existing-home sales — which include single-family, townhomes, condominiums and co-ops — fell 2.6 percent to a seasonally-adjusted annual rate of... more»
National City Boasts, Despite Record Q2 Loss
National City Corp. (NCC: 4.89 +3.82%) said Thursday morning that it lost a record $1.8 billion in the second quarter, or $2.45 per share, as the Cleveland-based bank boosted its provision for loan losses to $1.6 billion amid rising credit costs. But boasts from CEO Peter Raskind seemed to catch investors’... more»
House Passes Mortgage, GSE Aid Bill
As expected, the House of Representatives on Wednesday passed legislation that will expand the FHA’s mortgage reach for troubled borrowers, and establish a Treasury backstop for Fannie Mae (FNM: 13.89 -7.40%) and Freddie Mac (FRE: 10.24 -5.19%). The Housing and Economic Recovery Act of 2008 passed the House by a 272 to 152 margin, and now heads to the Senate, where it is expected to pass muster by Friday before heading to President Bush for... more»
ResCap Shuffles Executive Team
It didn’t take long for the ex-Bear Stearns mortgage hands to move to the front of the pack at Residential Capital, LLC, with GMAC Financial Services announcing Tuesday that Thomas Marano had been named chairman and chief executive officer, effective immediately, replacing current CEO Jim Jones. The company said in a press statement that Jones “had elected to leave” — it didn’t, however, say whether he did so on his... more»
Foreclosures Build Up Backlog in Massachusetts
Massachusetts attorney general Martha Coakley must be so proud — lenders in Massachusetts only filed 351 foreclosure petitions during June 2008, thanks to a statewide law that has added 60 days to default timelines by establishing a 90-day “right to cure” after a borrower defaults in single-family, owner-occupied residences. The law, which went into effect during April, has suppressed foreclosure actions for two straight months. But... more»
recent stories
- At Downey Savings, a Shake-Up as Losses Mount Origination/Lending
- House Passes Mortgage, GSE Aid Bill Origination/Lending
- Housing Bill Adds Second Lien Amendment; DAPs to Be Eliminated Origination/Lending
- MBA Chief Kempner to Step Down Origination/Lending
- Moody’s Warns on Weakening Credit Quality Servicing/Default
- Housing Package Set For House Approval; Bush Drops Veto Threat Secondary Market/Investors
- Purchase Apps Dive as Rates Soar: MBA Origination/Lending
- Paulson: “Too Big to Fail” Part of the Problem Secondary Market/Investors
video
most viewed today
- JP Morgan’s Dimon: Prime Mortgages Look “Terrible”
- Second Liens Still Lurking at Wells Fargo
- Bloomberg Discovers the REO Industry
- Moody’s Warns on Weakening Credit Quality
- Ackermann: Crisis Nearing End
- Housing Bill Adds Second Lien Amendment; DAPs to Be Eliminated
- Subprime ARMs Defaulting, Despite Loan Modifications
Richard Bitner on Bloomberg TV
Bloomberg’s Money & Politics featured HW’s Richard Bitner on a panel discussing Wednesday’s... more»
Bloomberg Discovers the REO Industry
A piece today at Bloomberg co-authored by Bob Ivry marks the financial news outlet’s “come... more»
Richard Bitner’s appearance on The Daily Show
For those that missed it, HW’s Richard Bitner hit it out of the part last night on The Daily Show.... more»
Events
2008 Aug 12
Western States Loan Servicing Conference
Annual servicing industry conference hosted by the CMBA; usually well attended on a national level.
2008 Aug 23
Executive Summit on Mortgage Fraud
High-level conference focused on quantifying and managing mortgage fraud. Speakers to include execs from OFHEO, FBI, Fannie, Freddie.
2008 Sep 17
Five Star Conference
Default and REO industry conference, hosted by trade publication DS News. Heavily attended by REO agents.
2008 Oct 19
MBA Annual Convention & Expo
The annual conference for MBA members and affiliates, and the largest industry event each year.
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