Fortress Gathering Capital for Mortgage-Servicing Rights – Bloomberg
Fortress Gathering Capital for Mortgage-Servicing Rights Bloomberg Fortress Investment Group LLC (FIG), the New York-based investment firm overseeing $46.4 billion, is seeking capital to buy residential mortgage-servicing rights as banks sell the loans, according to a presentation to clients….(read more)
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Buffett tried to buy ResCap before bankruptcy: report
(Reuters) – Billionaire investor Warren Buffett sought to buy Residential Capital (ResCap) from Ally Financial before the U.S. auto and mortgage lender put its home-lending unit into bankruptcy, Bloomberg said, citing three persons familiar with the matter….(read more)
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Market Is in Trouble
This market is in serious trouble. For three years, traders have been accustomed to buying on modest dips of 3 to 6 percent or so. It's not working this time….(read more)
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ABA Statement on Jeremy Stein and Jerome Powell’s Appointment to the Federal Reserve Board of Governors
Washington, May 17, 2012 — "ABA applauds the Senate for confirming Jeremy Stein and Jerome Powell to the Federal Reserve Board. Their strong backgrounds and extensive experience will prove invaluable as they work on our nation's banking, economics and financial issues. We are also pleased that today's action will allow the Federal Reserve Board to [...]
SEC Charges New Jersey Man in Real Estate Investment Scam
FOR IMMEDIATE RELEASE 2012-94 Washington, D.C., May 17, 2012 ? The Securities and Exchange Commission today charged a New Jersey man with operating a Ponzi-like scheme involving a series of investment vehicles formed for the purported purpose of purchasing and managing rental apartment buildings in New Jersey and Pennsylvania. The SEC alleges that David M. [...]
AIG’s Benmosche: Government Could Be Out By End of Year
Benmosche acknowledged this request in an interview with CNBC's Mary Thompson after Wednesday's annual meeting. Benmosche has been battling cancer, and had agreed to stay to the end of this year. Now he's ready to stay longer….(read more)
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Commercial-Mortgage Bonds Slide as $9 Billion Weighs on Market – Bloomberg
Commercial-Mortgage Bonds Slide as $9 Billion Weighs on Market Bloomberg Commercial-mortgage securities are slumping as a flood of bonds dumped on the market during the past month weighs on values amid mounting concerns that Europe's debt crisis can't be contained. Relative yields on top-ranked debt tied to property loans ……(read more)
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New Democracy Moves Ahead of Syriza, Greek Poll Shows – Bloomberg
New Democracy Moves Ahead of Syriza, Greek Poll Shows Bloomberg A Greek opinion poll showed the bailout-supporting New Democracy party, Greece's biggest, ahead of its main rival for the first time since the inconclusive May 6 elections as the campaign for the June 17 rerun kicked off. New Democracy got 23.1 percent … and more »…(read [...]
Greece Aims to Clear Bank Funding By May 24 as ECB Loans Halted – Bloomberg
Greece Aims to Clear Bank Funding By May 24 as ECB Loans Halted Bloomberg A Greek official said the nation should clear a 18 billion-euro ($23 billion) capital boost for its four biggest banks by May 24, paving the way for a return to European Central Bank funding. "I hope that all technical and legal [...]
ABA Offers Free Fair Lending Compliance Resource
Washington, May 17, 2012 — The American Bankers Association has released a free, members-only resource to assist bankers with their continued compliance with fair lending laws….(read more)
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Another run?
Greek banks are not the only ones experiencing daily deposit withdrawals. Bankia, the Spanish bank that was half nationalized last week, is reportedly losing deposits and this will likely lead to a full nationalization at some point soon. The Spanish IBEX is at a fresh 9 yr low as also the country’s biggest banks, Banco [...]
Nationwide Housing Affordability Reaches New Record High
Press Release…(read more)
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Fixed Mortgage Rates Hit Record Lows Again
MCLEAN, Va., May 17, 2012 /PRNewswire/ – Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates again hitting new r……(read more)
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New York Fed Said to Postpone Sale of Maiden Lane III Debt – Bloomberg
New York Fed Said to Postpone Sale of Maiden Lane III Debt Bloomberg The Federal Reserve Bank of New York postponed a sale of $1.7 billion of debt held in its Maiden Lane III LLC portfolio that was scheduled to be completed today, according to a person familiar with the sale. The transaction was delayed [...]
Architects Announce Guide to International Green Construction Code
Architects Announce Guide to International Green Construction Code<br/>http://www.aia.org/press/releases/AIAB094806…(read more)
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3 Nightmare Scenarios When Greece Leaves the Euro
The consensus seems to be that we're way passed the world of "If."…(read more)
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Photos Tell Harsh Tale Of Foreclosure Crisis
Eleven months after Brandie Barbiere stopped paying the mortgage on her Milliken, Colo., home, her husband found out when he returned from work to see… Read more: Brian Ulrich , Lauren Greenfield , Foreclosure Crisis , Museums , Alfred Eisenstaedt , Alice Austen House , Guillaume Zuili , Financial Crisis , Foreclosure , Bruce Gilden [...]
Foreclosure activity drops in April
The number of foreclosure filings in April fell to the lowest monthly total since July 2007, according to RealtyTrac's most recent report, released on Thursday….(read more)
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Barclays Sued by DZ Bank Over Mortgage-Backed Securities
Barclays Sued by DZ Bank Over Mortgage-Backed Securities Bloomberg Barclays Plc (BARC) was sued by DZ Bank AG in New York court over $133.3 million in mortgage-backed securities. To contact the reporter on this story: Chris Dolmetsch in New York at cdolmetsch@bloomberg.net To contact the editor responsible for this ……(read more)
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AIG Among Insurers Chosen for ResCap Creditors Committe – Bloomberg
AIG Among Insurers Chosen for ResCap Creditors Committe Bloomberg American International Group Inc. (AIG), the bailed-out insurer, Allstate Corp. (ALL) and FGIC Corp. were named members of the unsecured-creditors committee for Residential Capital's bankruptcy. Insurers and trustees for residential mortgage-backed ……(read more)
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Number of the Day: 5.05 million
Number of the Day: 5.05 million Bloomberg By Gregory Giroux That's the number of US homes that are in foreclosure or for which mortgage payments are at least 90 days past due, according to a Bloomberg News estimate from data released by the Mortgage Bankers Association….(read more)
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Foreclosures Move East as Hardest-Hit Markets Clear
Foreclosure activity in April fell nationally to the lowest level since the summer of 2007, but government intervention and the recent $25 billion mortgage servicing settlement are now changing the face of the crisis….(read more)
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US housing chief hits road to spur mortgage relief
WASHINGTON, May 16 (Reuters) – President Barack Obama’s housing secretary has launched a roadshow to ensure the benefits of the $25 billion mortgage settlement with the nation’s biggest banks will live up to the hype, ahead of the November presidential election. The settlement nudged states to use their roughly $2.5 billion portion of settlement funds [...]
FOMC announces revised tentative 2012 meeting schedule and tentative 2013 meeting schedule
FOMC announces revised tentative 2012 meeting schedule and tentative 2013 meeting schedule…(read more)
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Yoshikami: The Housing Rebound Illusion
Should we start to breathe a sigh of relief that the housing market is returning to health? While headlines say that housing is stabilizing it will take more than these signs of life to return to healthier times….(read more)
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