Breaking News
  • DOJ planning to sue Moody's over crisis-era mortgage bond ratings

    In the fallout from the financial crisis, many argued that the credit ratings agencies’ competition for business led to ratings shopping among bond issuers and relaxed ratings standards for the ratings agencies themselves. Last year, Standard & Poor's reached a $1.375 billion settlement over just such claims. And now the Department of Justice is taking aim at Moody's Investors Service. Click the headline to read more.

Wells Fargo limits homeowners extensions on short sales

Wells Fargo (WFC) is no longer granting more than one extension for homeowners to complete a short sale. The firm said it has been working through a number of investor-related concerns regarding the time it takes to complete a short sale. The bank recently decided to implement this policy in order to stay consistent between short sale transactions. Wells Fargo spokesman Jason Menke also said certain mortgages owned by the bank, which investors are looking to take in a short sale, will still be allowed one foreclosure postponement provided there is some indication the short sale is guaranteed to be approved. "We do allow for one foreclosure postponement provided we have a short sale in hand that has been approved, the buyer has proof of funds of financing approved, and the short sale can close within 30 days of the scheduled foreclosure sale," he told HousingWire. Write to Christine Ricciardi.

Services Guide

Comments powered by Disqus