The Department of Housing and Urban Development has sold a 60% interest in a $411 million pool of nonperforming single-family loans to Citigroup Global Markets Realty.Citigroup is now responsible for servicing, restructuring, or disposing of the loans that were formerly insured by the Federal Housing Administration. This represents the third asset sale by HUD in which defaulted loans that are not good candidates for loss mitigation are placed on the auction block. HUD retains a 40% interest in the joint venture with Citigroup, and it shares in any recoveries. HUD estimates that this demonstration program could save the federal government $50 million.
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Elevated delinquency levels have not affected expected losses, however, due to home price appreciation, Fitch Ratings said.
8h ago -
Retail lenders, including Beeline, Tomo Mortgage and Rocket Mortgage, settled with the department over infractions like submitting a false certification to not having the proper liquidity to be in the program.
8h ago -
A pair of bills, one with bipartisan support, look to address the issues around heirs' property so these families can have clear title on their homes.
8h ago -
The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
11h ago -
Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25