Ohio Attorney General Marc Dann says he is ready to sue subprime mortgage lenders and their secondary-market investors on Wall Street on behalf of borrowers and the Ohio Public Employees Retirement System (which invested in subprime mortgage-backed securities).Ohio has the highest "serious" delinquency rate in the nation -- 3.4%, according to figures compiled by the Mortgage Bankers Association. The Ohio AG is expected to file at least one lawsuit in the next few weeks, alleging violations of the state's Consumer Sales Protection Act. The law prohibits unfair or deceptive practices in regard to consumer sales, which covers mortgages.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
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The tool will provide helpful HELOC-related information to customer support staff to streamline the application process, Figure said Thursday.
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The five states with the lowest property taxes have an average effective real-estate tax rate of 0.44%.
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
April 17