Walter Investment fined $29.6 million for False Claims Act violations

Walter Investment fined $29.6 million for False Claims Act violations

Subsidiaries allegedly submitted false reverse mortgage claims to HUD

The Wrap: Appraisal volume ticks down after two weeks up

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Servicing

$2 billion bulk Ginnie Mae MSR portfolio hits the market

Carries weighted average interest rate of 3.71%
MountainView Servicing Group, a provider of residential mortgage servicing rights sales and valuation advisory services, announced that it is advising on the sale of a $2 billion bulk portfolio of mortgage servicing rights backed by Ginnie Mae.
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Walter Investment fined $29.6 million for False Claims Act violations

Subsidiaries allegedly submitted false reverse mortgage claims to HUD
Walter Investment Management Corp. will pay $29.63 million in fines for violations of the False Claims Act to settle charges brought by the Department of Justice, which accused several Walter Investment subsidiaries of submitting false reverse mortgage claims to the Department of Housing and Urban Development. Click here to read more.
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Freddie Mac joins Fannie Mae in extending foreclosure timelines

Also raises number of allowable days for foreclosure proceedings in 33 states
On Thursday, Fannie Mae announced that it was increasing its maximum number of allowable days for a foreclosure sale in 33 states. But Fannie wasn’t alone. Freddie Mac also announced Thursday that it is increasing the maximum number of allowable days for “routine” foreclosure proceedings in those same 33 states.
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Fannie Mae extends foreclosure timelines in 33 states

Raises number of allowable days for foreclosure proceedings
Fannie Mae announced that it is increasing the maximum number of allowable days for “routine” foreclosure proceedings for much of the country. Click here to see where Fannie Mae just changed the foreclosure timelines.
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Green Tree gone; Ditech merger complete

Walter Investment combines origination and servicing businesses
Green Tree Servicing is gone. Last month, HousingWire reported that Green Tree’s days were numbered, after Green Tree’s parent company, Walter Investment, announced quietly that it planned to merge Green Tree with another of Walter Investment’s well-known subsidiaries, Ditech Mortgage Corp, to form a new company, ditech, a Walter company. Now the merger is complete.
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Fannie Mae picks non-profit for first small sale of non-performing loans

Completes first “Community Impact Pool” sale
Fannie Mae announced the winner of its first sale of non-performing loans as part of its “Community Impact Pool” program, which consists of smaller pools of non-performing loans and is designed to attract diverse participation by non-profits, small investors and minority- and women-owned businesses. Click here to read more.
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Nationstar gives $30 million for distressed homeowners in Milwaukee

Deal smooths way for public financing of Milwaukee Bucks arena
Nationstar Mortgage will provide up to $30 million to financially troubled Milwaukee homeowners under an agreement with the city. This comes after months of negotiations, a spate of critical press and upcoming hearings on how the city is financing the proposed $500 million Milwaukee Bucks arena, which media and analysts say is definitely related.
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RealtyTrac: Share of in-foreclosure sales hits 15-year low

Cash sales hit 8-year low
Sales of properties in-foreclosure and cash sales were down from a year ago to multi-year lows while year-to-date U.S. home sales in 2015 are at an eight-year high, and the U.S. median home price in July was at an 82-month high. Say what you will, this is one area of housing that's slowly fading. Read on.
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