Origination

As the stock prices of the big banks cratered on Monday, particularly for Bank of America, pundits and industry observers began worrying that a second financial crisis was in the offing, including the possibility of the failure of a large financial institution.

When the stock market tanks – as it did Monday when the Dow dropped 635 points – it usually translates in the yield on the 10-year Treasury falling, which is exactly what happened. But this time around the decline resulted in the benchmark bond falling to a new all time low – 2.33%, which means mortgage bankers may be in for a boatload of refinancings.

Michele SimmsParris sued Countrywide Financial Corp. and Countrywide Home Loans under the Fair Credit Reporting Act to recover for the reporting of what she asserts was false information about her mortgage repayments.

Mom, apple pie and Chevys are all near and dear in the hearts of Americans—along with the mortgage interest deduction. But thanks to the government’s worsening debt picture it appears that at least one of these cherished icons is in danger of being thrown overboard.

The yield on the benchmark 10-year Treasury fell to 2.35% Monday morning, nearing its all-time low as stocks sold off in the wake of S&P's historic debt downgrade on the U.S.

Wipro Gallagher Solutions added an integration to Fannie Mae’s EarlyCheck, a tool that allows lenders to run pre-closing quality control checks on mortgage applications, to its NetOxygen loan origination system.

The chief executive of a major real estate brokerage firm is urging President Obama to hold a White House summit to gather recommendations and ideas on how to stimulate the housing market.

It is not just the excess inventory of homes for sale that is and will be burdening the nation's homebuilders. A negative psychology among homebuyers “remains relatively pervasive,” a quarterly report on the industry from Fitch Ratings, New York, said.

Success can come from taking advantage of opportunities others don't want and having the strength to do what's right even in tough times.

A bipartisan group of lawmakers, aided by banking and housing groups, are beginning a strong lobbying push to forestall a scheduled drop in the maximum sizes of mortgages backed by the government-sponsored enterprises.