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  • Freddie Mac reports $354M net loss in first quarter

    Freddie Mac reported a $354 million net loss in the first quarter, significantly down from its $2.2 billion net income recorded in the fourth quarter of 2015. The news is a reminder of the GSE's net loss in the third quarter of 2015, which marked the first loss in four years. But despite the news, Freddie CEO Donald Layton remains positive on the results. Click the headline to find out why.

Items Tagged with 'HUD'

ARTICLES

Here's the good news behind the volatile new-home sales data

February revised higher
New-home sales numbers from the U.S. Census Bureau can be extremely volatile. Rather than look at the core figures, several chief economists break down what the numbers mean for housing. While the numbers are not as bad as they appear, there are two caveats to be mindful of, according to Trulia's chief economist.
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Fidelity Bank accused of denying mortgage loans based on race

North Carolina-based bank agrees to $1M settlement over discriminatory lending
North Carolina-based Fidelity Bank reached a $1 million settlement over allegations that the bank engaged in discriminatory lending practices. The settlement agreement stems from a complaint filed by the Fair Housing Project of North Carolina Legal Aid, which accused Fidelity Bank of denying mortgage loans based on race, which would be a violation of the Fair Housing Act.
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Freedom Mortgage to pay $113 million for FHA violations

Unusually high levels of defective mortgages
Freedom Mortgage Corporation now has more in common with Wells Fargo, Franklin American Mortgage, Walter Investment, and First Tennessee Bank than simply being mortgage lenders, as Freedom Mortgage is set to become the latest mortgage company to settle with the Department of Justice over alleged violations of the False Claims Act.
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HUD to landlords: Rent to ex-convicts

Or else face the consequences
The Department of Housing and Urban Development released its revised guidance, addressing how landlords who have blanket bans on renting to people with criminal records are in violation of the Fair Housing Act and can be sued.
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Residential housing starts hit 5-month high

Single-family homes demand grows
New residential construction reached its highest in five months as there is a need for single-family homes. Quoted from Marketwatch, Steve Blitz, chief economist at ITG Investment Research said housing continues to be a “bright spot” for the U.S. economy.
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HUD mortgagee letter poses new challenges for mortgage servicers

Repairing to adjuster's scope of loss means higher standard for conveyance condition
If the hazard claim settlement proceeds are insufficient to complete the repair, the mortgage servicer may have to contribute corporate funds to remediation. If the repair is not timely, the mortgage servicer may have waived the contractual right to claim depreciation, leaving money on the table.
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First Federal Bank of Kansas City reaches $2.8 million settlement for redlining

Bank accused of excluding minority neighborhoods from lending service area
According to the Department of Housing and Urban Development, First Federal Bank of Kansas City allegedly redlined several neighborhoods where the majority of the residents are African-American, thereby limiting residential mortgage lending to persons based upon their race, which is a violation of the Fair Housing Act.
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Former Texas housing officials sentenced for bribery scheme

Pleaded guilty in taking bribes from Section 8 applicants
Two former Hidalgo, Texas housing officials were sentenced for conspiracy to commit bribery. The officials admitted they took bribes from Section 8 housing applicants in exchange for letting them skip the waiting line to immediately obtain housing assistance from the local Housing Authority.
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