Senate approves short sale tax break

Senate approves short sale tax break

Allows tax relief on 2014 short sales

Another regulator investigates Ocwen Financial

Ocwen’s terrible, horrible, no good, very bad year just got worse

Senate fails to pass Terrorism Risk Insurance Act

Housing groups "extremely disappointed" in "alarming failure"
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The Ticker

Ocwen accused of stalling short sales

NYDFS and CFPB investigate
Brena Swanson
Ocwen just can't get out from under the spotlight of housing regulators. This time the servicer is being accused over whether it improperly stalled short sales by borrowers who owe more than their homes are worth.
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Initial jobless claims decline slightly for the week

4-week rolling average ticks down marginally
Trey Garrison
Jobless claims declined slightly, with some of it being seasonal employment in time for the holiday season. Here's the details.
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Countrywide whistleblower will receive $57 million

Edward O’Donnell to get part of record Bank of America settlement
Ben Lane
The whistleblower at the center of the so-called "Hustle" case against Bank of America over Countrywide mortgage loans will also receive a hefty payout for his participation in the record $16.65 billion settlement between BofA and the U.S. Department of Justice to resolve claims over toxic mortgage-backed securities on residential mortgage loans sold to Fannie Mae and Freddie Mac.
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Yellen talks interest rates and oil prices

Fed Chair comments on FOMC announcement
Brena Swanson
Federal Reserve Chair Janet Yellen commented on two hot topics in the market right now: interest rates and oil prices. And her answers might surprise you.
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Bank of America, U.S. Bancorp face another MBS suit

NCUA files lawsuit against two large banks
Brena Swanson
Some of the country's biggest banks are facing another mortgage-related lawsuit. This time the National Credit Union Administration Board is filing the suit, claiming that both Bank of America and U.S. Bancorp failed to review mortgage loan files for irregularities.
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HOPE NOW: 39,000 homeowners saved from foreclosure

Continues steady pace of mortgage solutions
Brena Swanson
Servicers maintained a steady pace of loan modification for homeowners in October, with the number of solutions outpacing foreclosure sales.
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Michigan to get $75 million more to fight blight

$47.4 million earmarked for Detroit
Ben Lane
The fight against residential blight isn't over in Michigan. The state is about to get an injection of federal funding to continue its efforts to clean up the neighborhoods that were the hardest hit by the economic downturn.
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North Miami mayor found guilty of mortgage fraud

Marie Lucie Tondreau now faces up to 30 years in prison
Ben Lane
Marie Lucie Tondreau, the mayor of North Miami, Florida, was found guilty of mortgage fraud, stemming from her part in a scheme that defrauded lenders to the tune of $8 million. Prosecutors said she used her fame to recruit straw buyers.
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Large banks lower lending standards to pre-crisis levels

Underwriting standards start to weaken
Brena Swanson
A new survey shows that the days of risky mortgage lending may be back, citing concerns that big lenders are lowering their standards on some of the riskiest lending.
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Open Mortgage acquires reverse origination arm from 360 Mortgage Group

360 Mortgage winds down reverse mortgage originations
Brena Swanson
After entering the business earlier this year, 360 Mortgage Group reached an agreement with Open Mortgage to sell its reverse origination arm.
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