An audit of Ginnie Mae financials identified four "material weaknesses" and one "significant deficiency," primarily related to the accounting of $6.6 billion in defaulted loans made by the failed lender Taylor, Bean & Whitaker.
Fresh questions are being asked about the role of investors in the rental market and how their eventual exit may impact mortgage lending, property values and the economic recovery.
Shirley Lofgren, 85, is being forced to sell the sun-filled, waterfront condo she and her husband bought nine years ago for less than a third of the $217,000 they paid for it.
CIT's John Thain and OneWest's James Otting, scheduled to speak today at a public hearing on their $3.4 billion M&A deal, will face complaints from community activists that they owe the public more after receiving substantial government help during the financial crisis.
From Our Blogs
»The Hidden Impact of HOA Delinquencies
»Market for MSRs Not So Lopsided After All
»Default Industry Standards Would Be Beneficial
»Debt Collection Law Warped by New Breed of Suits
»Are Servicers Ready for the Next Wave of Defaults?
»Foreclosures Are Making Americans Sick
»Low-Down-Payment Mortgages Will Again Contribute to Rising REO
»Hard Money Lenders Fear Overreach
»How Auctioning Troubled Mortgages Can Boost the Housing Recovery
»Expect Foreclosures and REO to Increase as QE Ends
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