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 Renewal Zone provides you with the most current news and information in the real estate industry. Check out our "News" several times a day to find out what is happening in the world of real estate.
Loan originators managed to overcome the slowdown that normally precedes a holiday week and pushed activity higher. Leading the way were purchase transactions and government-insured business.Loan pricing inquiries increased 3 percent from last week, lifting the U.S. Mortgage Market Index from and Mortgage Daily for the week ended May 24 to 264. Business was 4 percent better than the same week last year.An 8 percent rise from the week ended May...
A federal jury has reached a guilty verdict in the criminal case of the former chief executive officer of a failed bank. Also convicted were a former vice president of the bank, the CEO's son and a former customer of the bank.When the Virginia State Corporation Commission closed Bank of the Commonwealth in September 2011, the Norfolk, Va., financial institution had $985 million in assets.At the time, the Federal Deposit Insurance Corp. estim...
In January, Evaluation Solutions/ES Appraisal Services declared bankruptcy, leaving thousands of real estate appraisers, agents and brokers with unpaid invoices for work performed. With close to nine million dollars in unpaid invoices for appraisals and broker price opinions, it is the worst of a growing number of appraisal management company failures that have left appraisers stiffed and steaming.The fallout has been extensive. According to...
It has been almost four years since residential loan performance has been this good at the Federal Home Loan Mortgage Corp., while it's been more than four years since the rate of late payments on apartment loans has been this low. New business, however, slowed.Almost as fast as it ascended in March, purchases and issuances at Freddie Mac fell last month. The secondary lender reported Friday that new business was down 9 percent last month.Bu...
The rate of delinquency on securitized commercial mortgages tumbled during April. While most categories of commercial real estate experienced a decline in delinquency, it was the hotel property category that saw the biggest drop.A decline of 47 basis points from March left delinquency of at least 30 days on commercial mortgage-backed securities at 6.736 percent as of the end of last month.A far more substantial improvement has been made from...
Former Justice Diane Hathaway of the Michigan Supreme Court pleaded guilty to bank fraud on Tuesday for concealing assets.
Daniel Loeb, the Third Point chief, and William A. Ackman are locked in a battle over, of all things, a nutritional supplements company that makes protein bars and energy shakes.
More than 130,000 homeowners have received $10.5 billion in relief under the national settlement over foreclosure abuses, according to a preliminary report issued Wednesday by the settlement monitor. Under the settlement in February, reached in response to evidence that the foreclosure process had been riddled with fraud, the country's five largest mortgage servicers promised $25 billion to help stem the tide of homeowner losses. About...
More than 130,000 people have benefited – mostly through short sales – in the first stage of relief promised by five banks in settling allegations of foreclosure abuses.
More than 130,000 people have benefited – mostly through short sales – in the first stage of relief promised by five banks in settling allegations of foreclosure abuses.
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