The "rapidly cooling" Las Vegas housing market could lead to a surge in foreclosures next year, according to Foreclosures.com.The Las Vegas market has been distorted by out-of-state speculators who bought new homes to "flip for fast profits," with some homes selling two or three times in a matter of months, said Alexis McGee, president of Foreclosures.com. "When you see year-over-year price appreciation of over 52%, you know that rate is unsustainable," she said. ".... The hotter the market, the steeper the price correction will be in order to get back to normal. It looks like the speculators have left town, and the housing supply has jumped from one month's inventory to five." When interest rates rise, increasing downward pressure on prices, homeowners who bought at the height of the boom with adjustable-rate mortgages will find themselves "upside down" in their property -- that is, owing more than the house is worth, Foreclosures.com said.
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In an interview, Candor Technology's Sara Knochel recounts how she applies her childhood interest in languages and numbers to crucial home lending issues.
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The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
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The lender accused its former leader of compromising its Fannie Mae seller/servicer number to prevent it from delivering loans.
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Equity is entitled to a little over $70,000 worth of damages.
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Audited financials, proof of fidelity bonds and errors and omissions insurance must be provided on Ginnie Mae Central after May 13.
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Deferrals are up but still haven't outpaced loan modifications in conservatorship-era foreclosure prevention, according to the Federal Housing Finance Agency.
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