Update: In a statement made today, Edward DeMarco, acting director of the FHFA, said that BofA's sale of servicing rights on risky mortgages "made sense" for both parties . DeMarco has said that Fannie Mae will be transferring the servicing rights to an undisclosed third party. Darrell Issa instigated the congressional inquiry out of concern that ultimately, the purchase of Read full article »
Tag archives for bank bailout
California Representative Questions Fannie Mae Purchase from BofA
Justice Department Extends Deadline for Bank Settlement
Banks required to submit a plan of action for handling loan modifications and foreclosures are going to get an extension on crafting that plan, thanks to the federal Justice Department. Mortgage servicers were supposed to submit their plans for dealing with contacting struggling borrowers, handling loan modifications in good faith and adjusting other problematic aspects of the foreclosure process yesterday. Read full article »
FDIC Calls Robo-Signer Probe Narrow
FDIC Chairman Sheila Bair says that it will probably be a long time before the true extent of the damage done by robo-signers within the lending and a foreclosure industry is actually known. Although Bair praised the federal regulators currently involved in investigating the issue of “deeply flawed servicing practices,” she called the overall effort “narrow” and warned that Read full article »
Wells Fargo Shareholders Meeting Ends in Arrests
Angry homeowners and community advocates stormed the Wells Fargo shareholders meeting last week to demand that the lender declare a moratorium on the foreclosure process. When Chairman and CEO John G. Stumpf refused to do so, protesters refused to leave and were eventually arrested. “I get the fact that families are hurting,” said Stumpf, “but moratoriums only put off the Read full article »
The Politics of Real Estate
Few industries are as profoundly impacted by the political machinations in Washington as the real estate industry. Whether it's old legislation like Jimmy Carter's Community Reinvestment Act or Barack Obama's massive mortgage bailouts, the U.S. political machine has a huge impact (usually bad) on the business of real estate.
Ideally, we could ignore politics. But here at the Bryan Ellis Real Estate Letter, we insist on seeing the world with clarity - including the reality of Washington's aggressive involvement in every facet of our business, from mortgage lending to real estate sales license; from loan modification regulations to appraisal requirements... every piece of our business is profoundly impacted by politics. So rather than stick our heads in the sand and ignore reality, readers of the Bryan Ellis Real Estate Letter choose to be informed and prepared.
Mortgage Industry News
Few things change more rapidly than the mortgage market, and with the increasing dominance of GSE's Fannie Mae and Freddie Mac over the mortgage business, it's more important than ever to keep up. Here are a few recent mortgage news updates:
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Mortgage News
- HAMP Success Tally Slowly Growing
- Western States Working Through Foreclosure Backlog Quicker than Eastern
- Biggest Down Payments in the Country Found in New Jersey
- President Bypasses Congress, Appoints Director of the Consumer Protection Bureau
- Federal Reserve Recommends Expanding GSEs to Turn Housing Market Around
- Mortgage Rates Likely to Remain Low for a While Longer
- Top Former FDIC, Wells Fargo Execs Say Fannie and Freddie Must Go
- FHA Continues to Extend Anti-Flipping Waiver
- More Homeowners Using Delaying Tactics to Slow Down Foreclosures
- Now that It’s Passed: The True Cost of the Payroll Tax Cut
About Bryan Ellis
Bryan Ellis is an Atlanta-based real estate analyst and publisher of the widely read newsletter "The Bryan Ellis Real Estate Letter". With over 200,000 subscribers - including real estate investors, agents, brokers, appraisers and other real estate professionals - the Bryan Ellis Real Estate Letter is among America's largest sources of unbiased coverage of politics and public policy for the real estate industry.
Bryan Ellis serves as editor in chief for the Bryan Ellis Real Estate Letter and is assisted by an extraordinary staff of writers, researchers and editors who are each real estate experts in their own right and who assure that the news we report is well researched, factual, and highly relevant to today's real estate industry.
Bryan is very happily married and has two wonderful daughters. He makes his home in the suburbs of Atlanta, Georgia. You can contact the team at the Bryan Ellis Real Estate Letter here.
