The Federal Trade Commission has launched a preliminary investigation into the residential servicing practices of Bear Stearns' servicing affiliate to see whether the company is violating consumer protection laws.The investment banker disclosed that it has received a civil investigative demand from the FTC "seeking documents and data relating to EMC Mortgage Corp.'s business and servicing practices." Based in Irving, Texas, EMC Mortgage services $51.8 billion in first and second mortgage loans, according to the Quarterly Data Report, a MortgageWire affiliate. The company is known in the industry as a "scratch-and-dent" servicer, specializing in troubled mortgages. The FTC confirmed the investigation, and Bear Stearns said EMC Mortgage is cooperating with the government. Bear disclosed the inquiry in a mortgage securitization filing with the Securities and Exchange Commission.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
April 18 -
The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
April 18 -
The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
April 18 -
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
April 18 -
The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18