The days of seeking 20% market share in mortgages "are far behind us," Bank of America CEO Brian Moynihan says. "[Mortgages] will be a smaller business."
B of A caught observers off guard by announcing $6 billion in mortgage litigation expenses, but the move is an attempt to convince analysts and investors that there is an end in sight to its crisis-era legal woes. It just might work.
WAKE-UP CALL: "We were under the assumption that everything was working well until B of A tried to sell blocks of servicing," says Ted Tozer of Ginnie Mae.
Ginnie Mae has halted the transfer of mortgage servicing rights from Bank of America to a nonbank servicer because of missing documents. The agency is asking the top servicers for an inventory of loans with missing documents.
“Downtown and midtown are recovering nicely, but neighborhood revitalization is the key to a successful turnaround of Detroit,” says David Provost, Talmer’s chief executive.
The Michigan company has pledged $1 million to help people buy homes in the Marygrove College neighborhood. Homeowners can get up to $25,000 and have $5,000 shaved off the balance each year they live there.
The interest rate risk of servicing these loans
Secondary market agency won't securitize fixed-rate Home Equity Conversion Mortgages that feature a line of credit.
Sen. Ron Wyden, D-Ore.
The tax provision would help distressed homeowners seeking workouts and short sales from being penalized by the IRS.
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The Cincinnati-based bank scored highest in foreclosure prevention. Five of the top 10 servicers were notably absent from the honorees list.
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