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The Detroit-based lender said the program will "accelerate loan purchases" and "eliminate significant costs" for its partners

The Federal Reserve Bank of Philadelphia also found that interest rate spikes are preventing modification programs from effectively reducing principal and interest payments as originally intended.

The company which currently employs over 1,400 will reportedly close one of its Reno-area offices and let go over 100 workers at another location in December.

The agreement includes roughly $300 million in restitution, and a $100 million civil money penalty that will be one of the largest in New Jersey's history if it receives court approval.

The Federal Home Loan banks and their clients were well represented in the Federal Housing Finance Agency's recent "listening tour." The public, not so much.

While loan consolidation is a priority for many who consider home-equity products, a third of those with other debts aren't comfortable taking out a second lien on their homes.

Four national housing market experts presented their economic and residential outlooks Thursday in a panel at the National Association of Real Estate Editors conference in Atlanta.

The impairment rate for securitized non-qualified mortgages improved a little in August after increasing slightly the two previous months.

Households with no income or a debt-to-income ratio greater than 55% qualify for reinstatement of their loans plus up to three months of future outlays.

The San Francisco bank tallied $2.2 billion in net operating losses, higher than in any quarter since late 2017. The charges offset what otherwise would have been a strong third-quarter performance.