Mortgages

After six straight years of bad news, a panel of economists offered a more upbeat picture of the U.S. housing market during congressional testimony Thursday.

EverBank, which has been carefully growing its mortgage business the past few years, has agreed to purchase the warehouse division of MetLife Inc., the company confirmed to National Mortgage News.

In addition to the national mortgage servicing settlement, Nevada has reached a side deal with Bank of America, state Attorney General Catherine Masto announced late Thursday.

The $25 billion 'robo-signing' settlement with the five mega-servicers includes a new set of servicing standards - and a mortgagor's ‘Bill of Rights' - to prevent future processing and foreclosure abuses.

WASHINGTON - Depending on who you talked to, the massive mortgage servicer settlement announced Thursday was either a "criminal sell out" or a much-needed shot in the arm for the housing market.

A federal judicial panel denied a motion to include the Dallas County district attorney’s lawsuit against Merscorp in the ongoing multidistrict litigation against the private loan registry in Phoenix.

A small Minnesota bank is in hot water with its regulators after suffering steep losses on loans to some high-profile business executives.

The government-owned Ally Financial has issued an offering book on Residential Capital Corp. in the hope that it can finally unload its money-losing mortgage division and take the rest of the company public, according to investment bankers familiar with the matter.

The $26 billion 'robo-signing' settlement with five major servicing banks announced Thursday morning could yield nearly $35 billion in principal reductions, according to Housing and Urban Development secretary Shaun Donovan.

Real Matters, the Markham, Ont.-based parent of Solidifi, an appraisal management solutions company with operations on both sides of the border, has obtained C$22 million (US$22.13 million) of "growth financing" through the placement of both equity and debt.

Early Wednesday afternoon it appeared that New York and California would not be part of the 'robo-signing' deal and then - from what we're told - the White House put the full court press on the two, laying out the political ramifications for these two very Democratic states.

Mortgage lenders issued $30 billion of Ginnie Mae MBS in January, up 9% from the previous month, according to new figures released Thursday morning.

EverBank, which hopes to go public this year, has agreed to buy the mortgage warehouse division of MetLife Inc., for an undisclosed sum, according to industry advisors close to the deal.

The economic tea leaves are starting to point toward a modest rebound in the new home market in 2012.

Zillow chief economist Stan Humphries confirmed that home prices have not hit bottom yet as values declined 1.1% in the fourth quarter last year, but there are good signs ahead for the market.

The average rate for a 30-year fixed rate mortgage held fast to its record low level of 3.87%, but other rates inched up during the week ending Feb. 9, according to Freddie Mac's primary market survey.

Wendover Consulting Inc., the Greensboro, N.C. company founded by reverse mortgage guru Jeff Taylor, has beefed up its management team with three new hires.

When the White House releases its fiscal year 2013 budget next week it's expected to show that the Federal Housing Administration's mortgage insurance fund is still in the black - but barely, according to mortgage insurance and former regulators who have been tracking the issue.

I own a pinball machine. BARRACORA is her name. It's part of the office furniture. I play it for fun. But I also play when I get stressed.

Many bank warehouse operations have been closed (PNC Financial Services) or have been "listed" for sale such as Bank of America and MetLife. For a bank to purchase a major warehouse lender the bank must have a liquid balance sheet and be able to support at a minimum of carrying the established warehouse line commitments of at least $1 billion (the estimated size of MetLife's operation).