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Settlement Cop Had Been Obama's Pick for FHFA Director

2/10/2012 2:53 AM

When President Obama nominated North Carolina's banking commissioner more than a year ago to head the Federal Housing Finance Agency, Republicans in the Senate -- which would need to confirm such an appointment -- dissuaded the official from completing the confirmation process. But now the president has found a spot for the state regulator that isn...Read More

Record Low 30-Year Rate Might Rise

2/9/2012 11:41 AM

Unlike his 49 counterparts, the attorney general of Oklahoma opted out of the national servicer settlement because it went too far.....The nation's five largest mortgage servicers agreed to a settlement with 49 states over allegedly faulty foreclosure practices.....But Oklahoma Attorney General Scott Pruitt said concern that the nationa...Read More

Record Low 30-Year Rate Might Rise

2/9/2012 11:27 AM

While the 30-year mortgage retained its record-low standing this week, it could be higher in next week's report. Meanwhile, pricing on 15-year loans and jumbo mortgages was less competitive this week relative to the conforming 30-year mortgage.....After falling to the lowest level on record, the 30-year fixed-rate mortgage maintained its reco...Read More

Record Mortgage Fraud Settlement

2/9/2012 7:45 AM

Allegations that the Federal Housing Administration was defrauded on mortgages it insured have been settled for $1 billion. The settlement, which is the biggest of its kind, also resolves allegations of inflated appraisals and abuse with the government's loan modification program.....The settlement with the Department of Housing and Urban Dev...Read More

BofA Requiring Reservations for Refis

2/9/2012 6:19 AM

Borrowers who telephone Bank of America Home Loans about a refinance during busy times are being asked to reserve a spot two to three months down the road.....BofA insiders who requested anonymity have confirmed that a new reservation system is being implemented, though some bank customers aren't impacted by the move.....The system...Read More

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