Home prices in California are falling faster than in the last housing downturn (1990-1993) and faster than home price reports indicate, according to a Friedman Billings Ramsey & Co. report. "Most national housing price indices are lagging the actual price declines in this pocket by a wide margin, and it will take another six months before anyone will have any insight into the depth of the crisis," the FBR research report warns. The FBR report on two California thrifts points out that falling prices are making it harder to modify loans, and cure rates on delinquent loans are declining, too. "Additionally, the severity of loan losses has been on the rise, as housing inventory is forcing banks to sell the properties at even further discounted prices," the report says.
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Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
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Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
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Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
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While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
April 24