MountainView Capital Holdings, Denver, a player in the red-hot "scratch-and-dent" market, has raised $65 million in equity capital.Led by president and chief executive officer Mike Morgan, MountainView is an investor and trader of delinquent, performing, and subperforming mortgages. It also functions as a servicing broker and offers analytics. Chris Rooker, a principal in the firm, likened the current mortgage crisis to the savings-and-loan mess of the late 1980s and early 1990s, noting, "We are seeing opportunities in the mortgage space unprecedented since the days of the Resolution Trust Corp." The RTC was a government agency that helped liquidate $500 billion in assets belonging to failed thrifts. MountainView's new investors include Union Square Partners, CLAC Industries, and MountainView management.
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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.
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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.
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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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