PGA golfer Dustin Johnson sues Nat Hardwick for $3 million theft

PGA golfer Dustin Johnson sues Nat Hardwick for $3 million theft

Former LandCastle Title CEO was Johnson's attorney and "trusted advisor"

Are record-low interest rates masking high-cost mortgage lending?

Five leading economists weigh in and the answer may surprise you

Auction.com partners with Google to predict housing trends

Nowcast will predict in real time
W S

News

Lynn Effinger joins RIO Genesis

Will become senior vice president of institutional services
Ben Lane
Industry veteran and frequent HousingWire contributor Lynn Effinger has joined the management team at RIO Genesis Software Solutions as the company’s new senior vice president of institutional services.
Read More

Maryland apartment complex kicks out victims of domestic violence

Complex accused of violating Fair Housing Act
Brena Swanson
An apartment complex in Maryland is being charged with violating the Fair Housing Act for refusing to renew the lease of a female tenant and her two sons after a reported domestic violence case.
Read More

PGA golfer Dustin Johnson sues Nat Hardwick for $3 million theft

Former LandCastle Title CEO was Johnson's attorney and "trusted advisor"
Ben Lane
According to Johnson’s lawsuit, filed Tuesday in United States District Court for the Northern District of Georgia and obtained exclusively by HousingWire, the title law firm of Morris Hardwick Schneider, Nat Hardwick and others allegedly used their positions as Johnson’s “trusted advisors” to steal $3 million from him to cover shortages in the firm’s accounts created by Hardwick himself, who allegedly embezzled at least $30 million from the firm’s own accounts and the firm’s trust accounts.
Read More

Here's why falling home prices is not good news

Signs point to a worse economy
Lynn Effinger
Many economists and housing analysts agree that a rise in interest rates will negatively impact the economy, particularly with respect to the housing sector. This will hardly be good for homebuyers.
Read More

Ocwen woes drag down Altisource

What’s the opposite of "a rising tide lifts all boats?"
Ben Lane
Over the course of the last ten days, Ocwen Financial and its affiliates have taken a beating from all corners of Wall Street over a letter from the New York Department of Financial Services, which alleged that Ocwen was backdating letters to borrowers.
Read More

Freddie Mac: Homeowner demand for home equity loans doubles

Refinance volume falls sharply
Brena Swanson
"While the share of borrowers that cashed-out some equity has increased considerably over the past year, the refinance volume has also fallen sharply," said Frank Nothaft, Freddie Mac vice president and chief economist.
Read More

Fannie, Freddie to take on more credit risk

Capital Economics: Weighing up the FHFA’s mortgage proposals
Trey Garrison
Proposals to lower the minimum down-payment on Fannie Mae and Freddie Mac-backed mortgages at the same time as reducing banks’ exposure to put-back risk may help accelerate the planned modest loosening in mortgage credit conditions.
Read More

Citi 3Q earnings revised down

Adds in $600M increase in legal costs
Brena Swanson
Citigroup lowered its third-quarter net income due to a $600 million increase in legal accruals.
Read More

How much offshore staff do the top mortgage servicers use?

Fitch shines a light on offshoring and its potential consequences
Ben Lane
Several of the country’s largest mortgage servicers already have as much as a third of their mortgage servicing staff offshore. A new report from Fitch Ratings details the rise of offshoring and what it means for the future of mortgage servicing.
Read More

Ellie Mae’s earnings overcome mortgage industry declines

AllRegs buy will reflect on next quarter's results
Brena Swanson
“Revenue grew 30% over last year’s third quarter to a record $42.8 million, despite a 27% decline in industry mortgage origination volume, and our active user base crossed the 100,000 mark for the first time,” said Sig Anderman, CEO of Ellie Mae.
Read More