Mortgage Rate Report for Friday May 22, 2015

Current mortgage rates at the nation's top lenders are mostly mixed. This week is ending with mortgage rates remaining mostly stable with a slight upward trend on some loan programs.

Freddie reported yesterday that rates for the 30-year mortgage were down a bit to 3.84%, compared with 3.85% a week ago. The 15-year fixed mortgage averaged at 3.05%, down from 3.07% the previous week. The average for the 5-year ARM declined to 2.88% from 2.89%. The 1 year ARM rose to 2.51% from 2.48%. (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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Three Charged in Multi-Million Dollar Foreclosure Rescue Scam

Complaint Charges That Defendants Acting Through An Organization That Advertised Help To Those Seeking Home Loan Modifications To Avoid Foreclosure, Obtained Millions Of Dollars By Deceiving Homeowners Into Selling Their Homes

(Source: SIGTARP) WASHINGTON, DC - Christy Romero, Special Inspector General for the Troubled Asset Relief Program (SIGTARP); Preet Bharara, United States Attorney for the Southern District of New York; Diego Rodriguez, Assistant Director in Charge of the Federal Bureau of Investigation (FBI), today announced that Mario Alvarenga, Rajesh Maddiwar, and Amir Meiri were arrested on May 21, 2015, for allegedly participating in a scheme to fraudulently induce distressed homeowners into selling their homes to a company associated with the defendants. Alvarenga, Maddiwar, and Meiri were presented yesterday in Manhattan federal court before U.S. Magistrate Judge Kevin Fox. (more…)

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Businessman Sentenced to Prison for False Statements to a TARP Bank

(Source: SIGTARP) WASHINGTON, DC - Christy Romero, Special Inspector General for the Troubled Asset Relief Program (SIGTARP); Zachary T. Fardon, United States Attorney for the Northern District of Illinois; and Robert J. Holley, Special Agent in Charge of the Federal Bureau of Investigation (FBI) Chicago Office, today announced that on May 20, 2015, a former Sandwich, Ill., business owner was sentenced in federal court by U.S. District Judge Frederick J. Kapala for making a false statement to TARP recipient Old Second National Bank. (more…)

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New Jersey Man Sentenced to Seven Years in Prison for Role in $15 Million Mortgage Fraud Scheme

(Source: FBI) CAMDEN, NJ—An Essex County, New Jersey, man was sentenced today to 84 months in prison for conspiring to defraud financial institutions and launder stolen funds as part of a $15 million mortgage fraud scam that used phony documents and “straw buyers” to make illegal profits on overbuilt condos, U.S. Attorney Paul J. Fishman announced. (more…)

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Georgia Real Estate Investor Pleads Guilty to Bid Rigging and Fraud Conspiracies at Public Foreclosure Auctions

(Source: FBI) - A Georgia real estate investor pleaded guilty today for his role in conspiracies to rig bids and commit mail fraud at public real estate foreclosure auctions in Georgia, the Department of Justice announced.

Felony charges against Eric Hulsman were filed on March 27, 2015, in the U.S. District Court of the Northern District of Georgia in Atlanta. According to court documents, from at least as early March 6, 2007, and continuing at least until Dec. 6, 2011, in Fulton County, Georgia, and from at least as early as Jan. 2, 2007, and continuing at least until Jan. 1, 2008, in DeKalb County, Georgia, Hulsman conspired with others not to bid against one another, but instead designated a winning bidder to obtain selected properties at public real estate foreclosure auctions. (more…)

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NAHB: Senate Bill Would Fix Flawed EPA Water Proposal that Harms Housing, the Economy

(Source: NAHB) WASHINGTON, May 19 - The National Association of Home Builders (NAHB) today urged the Senate to pass pending legislation that would require the Environmental Protection Agency to go back to the drawing board and withdraw its proposed "waters of the United States" rule that would needlessly raise housing costs, trample states' rights and add more regulatory burdens to small businesses. (more…)

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Mortgage Rates for Wednesday May 20, 2015

The nation's top lenders are reporting mortgage rates have mostly went up slightly for this Wednesday morning. The national average for conforming and ARM loan rates are still looking really good.

The current 30 year fixed mortgage is 3.875%, and the 15-year fixed mortgage is 3.07%. The average for the 5-year ARM is 2.89% and the 1 year ARM is the same at 2.48%. (more…)

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TransUnion: Credit Card Debt and Delinquency Rate Remain Steady as 15 Million More Accounts Opened in Last Year

(Source: Transunion) CHICAGO, IL- The latest TransUnion Industry Insights Report found that the credit card delinquency rate (the ratio of borrowers 90 days or more delinquent on their general purpose credit cards) remained steady at 1.37% in Q1 2015, unchanged year over year. Average credit card balance per borrower declined from $5,168 in Q1 2014 to $5,142 in Q1 2015. (more…)

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Six Big Banks Settle With Government for $5.7 billion

Six of the world's largest banks have agreed to settle with the USDOJ and various government agencies for $5.7 billion over criminal charges that the banks had acted in collusion to manipulate international interest and foreign currency exchange markets.

The six banks were Bank of America, JPMorgan Chase, Citigroup, Barclays, UBS and Royal Bank of Scotland. (more…)

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