Mortgage News

JPMorgan Chase says it will hire 1,200 mortgage loan officers by the end of next year, a 60 percent increase in its sales force.

After a slow start, the Obama administration's mortgage relief program has reached one in five eligible homeowners, a government report says.

Dodd's 1,100 page-draft would strip the Federal Reserve and other regulators of their powers to regulate banks and hand that job to a single agency.

Lloyds Banking Group Plc , Britain's biggest mortgage lender, said it plans to cut about 5,000 jobs in its administration, insurance and mortgage units.

The Federal Housing Administration, which has played a crucial role supporting American home buyers after the collapse of the mortgage market, has burned through a huge cash reserve in less than a decade and could soon wind up with what amounts to an automatic taxpayer bailout if the agency's fortunes don't improve, according to a review of FHA finances.

Mortgage lenders have vowed not to take legal action against struggling homeowners - but only if they can work out a deal on repayments.

Government controlled mortgage provider Fannie Mae said Monday the U.S. Treasury has blocked its plans to sell more than $2.5 billion in low-income housing tax credits.

Reporting from Washington - For most of the growing legion of financially stretched families in danger of losing their homes, there is help available -- as long as they don't bury their heads in the sand.

Banks expect to tighten terms on credit cards in response to a new law that aims to protect consumers from sudden rate hikes, the Federal Reserve said Monday.

THE scene is set for a home construction boom after a record number of Australians rushed to take advantage of the First Home Owners Boost in September before it was reduced from last month.

Seventeen metro areas in the much watched S&P/Case-Shiller Home Price Indexes saw price increases from July to August, according to Standard & Poor's. Home prices in both the 10-city and 20-city composite indices and all metro areas except for Cleveland either improved or fell more slowly.

A SOLICITOR is today at the centre of a probe into what could be the country's biggest ever property probe.

In New York the other day, a debtor drove 10 city blocks with a repo man clinging to the hood of her car.

William Everett Nichols, 56, of Alexandria, La., President and sole shareholder of First Fidelity Mortgage, Inc., pleaded guilty to defrauding Sabine State Bank in Many, La.

Those days are still here - consumers continue to be unprotected from closing cost shocks or intentional lowballing of fees - but in about eight weeks the situation should change dramatically.

A former real estate broker has pleaded guilty to charges that he committed mortgage fraud, operated a real estate investment scam and was involved in a check-kiting scheme and bankruptcy fraud.

Royal Bank of Scotland yesterday said bad debts were "bottoming out" but the bank expects to continue losing money into next year.

Reuters Posted: Saturday, Nov 07, 2009 at 1524 hrs IST Updated: Saturday, Nov 07, 2009 at 1524 hrs IST New York: Freddie Mac, the second largest provider of US residential mortgage funding, on Friday posted a loss of $5 billion in the third quarter and predicted it would need more government support amid a "prolonged deterioration" in housing.

Key Democratic lawmakers are threatening to dismantle the Obama administration's plans to place the Federal Reserve at the heart of efforts to overhaul the financial regulatory system

Regulators closed 5 additional failed banks today. The largest failed bank of the week was United Commercial Bank, San Francisco, CA which had $11.2 billion in assets. United Commercial was the 4th largest banking failure this year in terms of total assets and the fifth largest in terms of total loss to the FDIC.