Equifax, a commercial and consumer information company, released its March 2011 National Credit Trends Report Wednesday, which showed stability and growth in the U.S. credit market.
The most recent trend data indicates sustained new credit growth in numerous markets, including year-over-year increases in first mortgages and home equity lines of credit.
According to the findings, within first mortgages, prime originations (Equifax risk scores of 700 or more) now represent more than 75% of the marketshare.
The Office of the Comptroller of the Currency appointed a new senior deputy comptroller for bank supervision policy and chief national bank examiner, effective July 1.
The OCC announced Wednesday that David K. Wilson will replace Tim Long — who is retiring at the end of June after 32 years with the company.
As part of a planned management transition, the board of SunTrust Banks [stock STI][/stock] approved the appointment of CFO Mark Chancy as wholesale banking executive.
Chancy was appointed to the newly created position a week after William Rogers was named president and CEO of the Atlanta-based banking holding company. James Wells was recently named executive chairman. Aleem Gillani, current corporate treasurer for SunTrust, will succeed Chancy as CFO.
A distressed property index rose to 48.6% in March – the second highest level in the past 12 months while owner-occupant home purchases slowed during the same time period according to another index.
The Campbell/Inside Mortgage Finance HousingPulse Tracking Survey, a monthly measure of housing and mortgage usage patterns, generates both of the indexes.
Washington Mutual’s 2008 demise provided lawmakers with a case study that pinpointed not only a rise of high-risk lending, but also how those mortgages led to the bank’s failure — eventually contributing to the financial crisis.
The percentage of Washington Mutual high-risk originations rose dramatically from 19% in 2003 to 55% in 2006, according to a report released on Wednesday that dissected the 2008 crisis.
Fitch Ratings released a report Wednesday suggesting that rising interest rates could pose new challenges for investors in U.S. mortgage bond markets.
Within the $6.8 trillion market, the higher rates would affect the current U.S. private label and agency mortgage-backed securities markets, banks with significant, mortgage-related exposure and the structure of U.S. mortgage finance.
The Federal Housing Administration’s Mortgagee Review Board settled with a Massachusetts mortgage lender that allegedly failed to fully verify whether borrowers could sustain mortgage payments prior to refinancing their loans.
As part of the settlement, First American Mortgage Trust of Brookline, Mass., agreed to pay $72,500 to reimburse FHA for past insurance claims and to indemnify FHA’s insurance fund for any claims to be paid on five mortgages should they default within the next 60 months.
First American declined to comment.
Four fair housing organizations released findings Wednesday from a yearlong undercover investigation uncovering loan modification scammer-tactics victimizing homeowners.
The report, issued by The National Fair Housing Alliance, The Connecticut Fair Housing Center, Housing Opportunities Made Equal of Virginia, and the Miami Valley Fair Housing Center, was compiled after 80 loan modification companies were investigated.
Brickman takes to helm of one of the largest mortgage companies in the U.S. today, and while times at the government-sponsored enterprise are filled with uncertainty, Brickman sees nothing but excitement for the future of Freddie Mac.
When buying a home, many Americans consider a 20% down payment to be the norm, the ideal amount of money to put down to get a conventional mortgage with no private mortgage insurance and to keep monthly payments reasonably affordable.