The Federal Housing Finance Agency has filed suits against 17 financial institutions for selling government-controlled GSEs Fannie Mae and Freddie Mac around $200 billion in mortgage-backed securities (MBS) that later went south. Word of the suit leaked early in the day last Friday, causing Bank of America, JPMorgan Chase and Goldman Sachs stocks to fall 8.3 percent, 4.6 percent and Read full article »
Tag archives for Jp Morgan Chase
BEREL Sunday International Investing Edition: Wells Fargo Turns to Ireland for Loan Portfolios
In a $1.4 billion deal, Wells Fargo has won the Bank of Ireland’s U.S. commercial-real-estate loan portfolio as the Irish bank attempts to deleverage its assets. The portfolio consists of 25 loans sold at close to face value and backed primarily by properties in New York, Boston and Washington. The Bank of Ireland was ordered by Ireland’s financial regulator to Read full article »
NCUA Seeks Millions in Damages from Goldman Sachs
The National Credit Union Administration (NCUA) believes that Goldman Sachs has not yet fully made up for mistakes made in the sales of mortgage-backed securities (MBS), and it has filed another $491 million lawsuit against the firm. This brings the total NCUA is seeking in damages for Goldman Sachs to nearly $2 billion. NCUA believes that Goldman Sachs made “numerous Read full article »
Mortgage Production Sinks
According to recently released Mortgage Lender Rankings (MLR) reports, residential loan originations by U.S. lenders fell 19 percent in the second quarter of this year and 20 percent over the same time last year. The decline was fueled mainly by Wells Fargo, Bank of America and JPMorgan & Chase, the three biggest lenders in the country. Wells Fargo loan origination Read full article »
State Attorneys General Working on Immunity for Major Banks
The latest in the state attorneys general negotiations with major lenders is an attempt to get immunity for major banks over irregularities in handling foreclosures in light of evidence emerging that banks are continuing to file questionable documents. Bank of America, Wells Fargo, Citigroup, JP Morgan Chase and Ally Financial could get immunity from civil lawsuits by states in exchange 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.
