EMC Mortgage Corp., Lewisville, Texas, has announced an emergency response and crisis management plan to assist customers affected by the catastrophic wildfires in Southern California.The company said it will cease all foreclosure and bankruptcy proceedings for the next 30 days, as well as negative credit reporting activity, the imposition of late fees, and the placing of collection calls. "Automatic adjustable-rate mortgage resets may be modified as needed," EMC said. The company said it will contact customers deemed likely to have been affected by the fires, encourage affected borrowers to contact EMC on its customer service line, and assess whether customers need further assistance when the fires have been extinguished. EMC, a wholly owned subsidiary of The Bear Stearns Cos., can be found online at http://www.emcmortgagecorp.com.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24