Articles by Diana Golobay

Acting Comptroller Takes the Reigns at OCC

John Walsh became acting comptroller of currency on Sunday, succeeding John Dugan as he completes his five-year term at the Office of the Comptroller of the Currency (OCC). Dugan's departure from the OCC, unveiled earlier in July, was expected on August 14.
Read More

House Price Appreciation Slows in June: CoreLogic

National home prices rose in June from the same time in 2009, marking the fifth consecutive month of year-over-year increases, according to the latest report from real estate services and data provider CoreLogic [stock CLGX][/stock]. National prices, including distressed sales, rose by 1.4% in June from a year earlier. The yearly appreciation slowed from the 3.7% increase in May from one year earlier. The May increase was revised up from the initial 2.9% estimate.
Read More

Fifth Third Converts 70% of HAMP Trials to Permanent Status

Fifth Third Mortgage Co., the mortgage unit of Fifth Third Bancorp [stock FITB][/stock], so far converted 70% of its trial Home Affordable Modification Program (HAMP) plans into permanent modifications. "Fifth Third Bank is determined to keep customers in their homes," said Steve Alonso, executive vice president of consumer lending, mortgage and business banking for Fifth Third Bank. "We are working tirelessly to convert eligible customers in the government's Home Affordable Modification Program."
Read More

Mortgage Cadence Taps Investment Partner

Loss mitigation technology, lending solution and document services provider Mortgage Cadence is partnering with an investor to help fund the expansion of its product offerings. The company tapped Monitor Clipper Partners to provide an undisclosed amount of capital as a strategic partner.
Read More

FHFA Proposes Restricting GSE Mortgage Investments

The Federal Housing Finance Agency (FHFA) is proposing guidance that would restrict the government-sponsored enterprise (GSEs) from investing in mortgages with private transfer fee covenants. The proposed guidance, which is available for public comment, would apply to GSEs Fannie Mae, Freddie Mac and the Federal Home Loan Banks (FHLBs).
Read More

CIT Continues Pay-Down Efforts, Refinances $3bn of First Lien Debt

CIT Group [stock CIT][/stock], a commercial lender that provides financing to small and medium businesses, refinanced $3bn of its first lien debt and prepaid some $1bn balance of the debt with corporate cash. The company said it has now repaid $4.5bn — or 60% — of its original first lien debt and has refinanced the balance at a lower cost and with more flexible terms.
Read More

California Foreclosure Activity Remains Mixed in July

California mortgage defaults and foreclosure activity remained mixed in July, according to ForeclosureRadar, which tracks filings across the state. Foreclosure filings and cancellations dropped in July after rising in June while foreclosure sales rose after dropping last month. Notices of default filings slipped 4.8% from June and 47% from the same month last year. Notices of trustee sale fell 18.9% from June and 30.5% from July 2009:
Read More

Weekly Jobless Claims Swell to 484,000

The number of initial unemployment insurance claims grew by 2,000 to 484,000 in the week ending August 7, swelling more than expected after last week's initial figure was revised upward. The four-week moving average rose to 473,500, from the previous week's revised average of 459,250, according to new data today from the US Department of Labor (DOL).
Read More