Finance

The conspirators supposedly operated a fraudulent timeshare resale scheme in Green Bay that resulted in at least 1,000 victims in 20 states and Canada being defrauded of over $2.3 million.

A scenario posted on the Mortgage Grapevine is looking for an owner-occupied, full-documentation refinance mortgage on a single-family property.

Better housing trends in many areas will improve legacy residential mortgage-backed securities performance, but could hurt loan quality in new deals.

New York City Comptroller John Liu called on the New York City Housing Authority to reject a plan to raise $750 million in a new bond issue.

Freddie Mac board member Linda Bammann is stepping down after serving on the GSE’s board of directors for nearly five years.

Norcom Mortgage is launching a mini-correspondent channel this month.

UBS agreed to pay $885 million to Fannie Mae and Freddie Mac to settle claims that it improperly sold them mortgage-backed securities during the housing bubble.

Freddie Mac may seek credit ratings in the next offering of the firm’s new securities sharing its mortgage-default risks with investors.

Recent increases in Federal Housing Administration mortgage insurance premiums are giving a much needed shot in the arm to the private mortgage insurance industry.

Mortgage purchases by Freddie Mac rebounded in June but the share of refinancings dropped below 70% for the first time since December.

Discover Financial Services in the next few months plans to enter the home equity lending business.

Zacks found the company beat its consensus per-share net earnings estimate but missed its estimate for homebuilding revenue.

Interactive Mortgage Advisors is exclusively brokering a $509 million Ginnie Mae bulk residential mortgage servicing rights offering.

New York Community Bancorp said mortgage banking contributed $23.2 million to total revenue in the second quarter.

Higher mortgage rates along with a new Federal Housing Administration policy that kicked in recently could hurt the purchase market as well as refinancings.

Sixty-four percent of investors who worked with a Realtor in California indicated they are going to keep the property for more than a year, while 36% of investors intend to flip the property within a year.

Freddie Mac’s $500 million of risk-sharing debt sold recently may not give the firm as much protection against homeowner defaults as policy makers seek.

The seller also would like to establish a co-issue flow relationship along with the bulk Fannie Mae servicing rights sale.

Soon after announcing plans to shift its servicing focus, Flagstar recorded a quarter-to-quarter net income increase.

Presale reports were released on the 10th Sequoia/Redwood jumbo securitization of 2013 and, separately, on the third transaction of this type done this year by JPMorgan.