Virginia Sues 13 Banks For $1.15B Over Faulty RMBS

Virginia is suing 13 banks, including Citigroup, Bank of America and Goldman Sachs, for $1.15 billion over claims the institutions misled the state's retirement system about the sale of faulty RMBS.

Freddie Mac: Great Year So Far For Apartment Construction

Construction of condominium complexes is "scant," at least in comparison to 2006, and single-family construction is just "chugging along," Freddie Mac reports.

'Access To Affordable Mortgages Act' Introduced In The House

Rep. Blaine Luetkemeyer, R-Mo., recently introduced the Access to Affordable Mortgages Act, which aims to exempt certain higher-risk loans from property appraisal requirements under the Truth in Lending Act.

Black Knight: HELOC Reset Storm Approaching

A report from Black Knight Financial Services shows that at least 2.5 million HELOCs will face resets over the next several years, resulting in an average increase of $250 per borrower monthly payment.

CFPB Selects Vendors And Lenders For Its Mortgage E-Closing Pilot

Five technology firms and seven lenders will participate in the CFPB's e-closing pilot, which will explore the viability of developing a standard process for closing mortgages using technology.

Purchase volume decreased slightly to 66% of all loans in August compared to 67% in July, while the refinance share of mortgage activity increased to 33%, up from 32% [Read More]

BLOG VIEW: Yes, the overall REO market has improved - but no, we are not in the clear yet. According to RealtyTrac's Residential and Foreclosure Sales Report, distressed sales [Read More]

From The Orb

Large lenders are likely to ease their underwriting standards over the next three months, particularly for non-GSE-eligible and government loans, while smaller lenders will be less inclined to do [Read More]

Citing the fact that the labor market continues to be weak and too many Americans remain unemployed, the Federal Reserve announced on Wednesday that it would continue to taper [Read More]

HSBC Holdings PLC is the latest bank to settle with the Federal Housing Finance Agency (FHFA) over poorly underwritten mortgages sold to government-sponsored enterprises (GSEs) Fannie Mae and Freddie [Read More]

PERSON OF THE WEEK: Lorenz Schwarz is president of Green River Capital (GRC), a real estate services firm specializing in real estate owned (REO) asset management, loss mitigation, single-family [Read More]

Mortgage application volume took a steep dive during the week ending Sept. 5, mainly due to the Labor Day weekend. Overall, application volume fell 7.2%, on an adjusted basis, [Read More]

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