CFPB and Department of Justice Take Action Against Provident Funding Associates for Discriminatory Mortgage Pricing

Harmed African-American and Hispanic Borrowers Will Receive $9 Million

(Source: CFPB) WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) filed a joint complaint against Provident Funding Associates for charging higher broker fees on mortgage loans to African-American and Hispanic borrowers. The agencies also filed a proposed order that, if entered by the court, would require Provident to pay $9 million in damages to harmed African-American and Hispanic borrowers. (more…)

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FHFA Index Shows Mortgage Interest Rates Decreased in April

(Source: FHFA) Washington, D.C. – Nationally, interest rates on conventional purchase-money mortgages decreased from March to April, according to several indices of new mortgage contracts.

The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders index was 3.78 percent for loans closed in late April, down 2 basis points from 3.80 percent in March.   (more…)

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Six Defendants Charged in Manhattan Federal Court in Multi-Million-Dollar Text Messaging Consumer Fraud Scheme

(Source: FBI) PHILADELPHIA—A federal jury, yesterday, handed up guilty verdicts against Robert G. Wray, 75, of Torrey, Utah, on charges that he conspired with a Lehigh County doctor of osteopathy to defraud the Department of Health and Human Service and the Internal Revenue Service. The fraud scheme, in which Wray participated, amounted to hundreds of thousands of dollars. Wray was found guilty of one count of conspiracy, 30 counts of wire fraud, one count of bankruptcy fraud, and one count of failure to appear. (more…)

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100 Defendants Investigated by SIGTARP Have Been Sentenced to Prison for TARP-Related Crime

Average Prison Sentence Nearly Double National Average Sentence for White Collar Crime Additionally, More Than $1.58 Billion Has Been Recovered as a Result of SIGTARP Investigations

(Source: SIGTARP) WASHINGTON, DC - The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) today announced that courts have sentenced to prison 100 bankers, senior corporate
executives, mortgage modification scammers, real estate developers, brokers, and other defendants for crimes related to TARP and investigated by SIGTARP. (more…)

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Freddie Mac Executes Its Third Sale in 2015 of Seriously Delinquent Loans From Its Investment Portfolio

(Source: Freddie Mac) MCLEAN, VA - Freddie Mac (OTCQB: FMCC) today announced that on May 21st it sold via auction 1,052 deeply delinquent Ocwen serviced non-performing loans (NPLs) from its mortgage investment portfolio as part of its Standard Pool Offerings (SPO). The loans have an aggregate unpaid principal balance (UPB) of $201 million. The transaction is expected to settle in July 2015. This is the third SPO offering 2015 year-to-date. (more…)

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Mortgage Applications Decrease in Latest MBA Weekly Survey

(Source: MBA) WASHINGTON, D.C. - Mortgage applications decreased 1.6 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending May 22, 2015.

The Market Composite Index, a measure of mortgage loan application volume, decreased 1.6 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 2 percent compared with the previous week. The Refinance Index decreased 4 percent from the previous week. The seasonally adjusted Purchase Index increased 1 percent from one week earlier. The unadjusted Purchase Index was essentially unchanged compared with the previous week and was 14 percent higher than the same week one year ago. (more…)

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TransUnion: Auto Loan Delinquencies Remain Steady as Access to Loans Keeps Increasing

(Source: Transunion) CHICAGO, IL - More than 71 million consumers had an auto loan in Q1 2015, an increase of 1.2 million from Q1 2014 and the largest growth since the Great Recession, according to TransUnion's latest auto report. Consumers under age 30 experienced the largest increase, with 8.5% year-over-year growth. (more…)

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Freddie Mac: Nearly 80 Percent of Top 100 U.S. Housing Markets Improving

(Source: Freddie Mac) MCLEAN, VA- Freddie Mac (OTCQB: FMCC) today released its updated Multi-Indicator Market Index® (MiMi®) showing the U.S. housing market continuing to stabilize with the most improving metro markets seeing stronger demand for home sales this spring homebuying season. Despite strong house price appreciation, low mortgage rates are keeping payment-to-incomes affordable for the typical family in most markets. (more…)

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Michigan AG Charges Metro-Detroit Attorney with Thirty Felony Counts Including Racketeering in Fake Mortgage Assistance Scheme

(Source: Michigan Attorney General) LANSING – Michigan Attorney General Bill Schuette today announced that his Homeowner Protection Unit has filed thirty felony charges including Racketeering against attorney Steven Barry Ruza, 52, of Orchard Lake and his company, Home Legal Group, Inc., for stealing hundreds of thousands of dollars from Michigan victims that were facing mortgage foreclosures. The charges were filed following an Attorney General investigation. (more…)

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Foreclosure Starts Down 22 Percent

Foreclosure Starts Down 22 Percent; Slight Seasonal Increase in Delinquencies

  • Foreclosure starts drop by 22 percent in April; down 7 percent from one year ago
  • Slight seasonal increase in April delinquencies pushes national rate up to 4.77 percent
  • Prepayment rates up 60 percent from the same time last year
  • Florida leads nation with 17.4 percent reduction in non-current inventory over the past six months

(more…)

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