Mortgage and Financial News From 2007-12-18 Page 8

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• / CORRECTION - NAACP: Bailout Mortgage Plan Is Too Little Too Late for the Majority of African American Borrowers; ... (Marketwire via Yahoo! Finance)

  In the news release, "NAACP: Bailout Mortgage Plan Is Too Little Too Late for the Majority of African American Borrowers; Amended NAACP Class Action Filed Today Naming Additional Lenders," issued earlier today by Kabateck Brown Kellner; NAACP, we are advised by the companies that the second sentence of the first paragraph should name six more lenders as defendants, rather than seven. ...
  2007-12-18 05:17:00

• Fed endorses home mortgage plan (AP via Yahoo! News)

  The Federal Reserve moved Tuesday to protect home buyers from dubious lending practices, its most sweeping response to a mortgage meltdown that has forced record numbers of people from their homes.
  2007-12-18 01:02:47

• Nine people, one company indicted in mortgage fruad (KTVA Anchorage)

  A federal grand jury has indicted nine people and one corporation in a $1.7 million fraud scheme. The U.S. Attorney's office says those indicted engaged in a three-year scheme to defraud some 13 banks and home loan mortgage companies in 57 different loan transactions.
  2007-12-18 05:23:38

• Fannie's Forlorn Forecast

  Motley Fool - For that, you might want to thank your friendly mortgage broker and lender . Mudd's guess at a housing recovery's timing is no better than anyone else's. With the mortgage world in total disarray, mortgage lenders like Countrywide (NYSE: CFC ) need to ...
  2007-12-18 08:21:00

• Dublin man convicted of lying to jury

  Contra Costa Times - He was asked whether he was given any money by a particular mortgage broker who referred loan applications to Long Beach Mortgage. He said he did not receive any money. Records subsequently obtained from Bank of America show that Ngo received about ...
  2007-12-18 03:23:00

• 'It's a Not So Wonderful Life' Writes Thomas Quinn in CornerCap ...

  Forbes - After the mortgage broker collects his transaction fee, the mortgages are securitized and sold to some large financial institution on Wall Street that is responsible for collecting the loan repayments. The new mortgage brokers' incentive is for ...
  2007-12-18 08:28:00

• Fed endorses plan to curb shady home lending practices

  International Herald Tribune - The Fed also proposed banning certain practices, such as failing to credit a mortgage payment to a borrower's account when the company servicing the mortgage receives it. And it would prohibit a broker or other company from coercing or encouraging an ...
  2007-12-18 03:16:00

• Coakley restricts controversial form or broker compensation

  Times Daily - Attorney General Martha Coakley has issued mortgage lending rules that restrict but don't ban a controversial form of compensation for brokers. The regulations allow so-called "yield spread premiums" to remain a legitimate way to compensate brokers ...
  2007-12-18 01:14:00

• National Ethics Bureau to Admit Real Estate Agents, Real Estate ...

  PR Inside - They also must hold a valid real estate agent, real estate broker, or mortgage broker license, as well as be up to date with continuing education requirements. NEB has provided insurance agents, financial planners, and securities brokers with a ...
  2007-12-18 11:05:00

• Lender Lead Solutions Announces LIBOR 85 Margin Reverse Mortgage

  Forbes - Lender Lead Solutions was the first lender to announce a LIBOR-based reverse mortgage product offering in October. The LIBOR 85 basis point margin pays a premium to the broker and provides increased liquidity to the consumer. "The LIBOR 85 reverse ...
  2007-12-18 12:17:00

• Local Triangle Broker Earns Certification for Small Commercial Lending

  dBusinessNews.com - Cary , NC December 17 th 2007 -- Roland Carrillo, PhD of VanDyk Mortgage has earned certification as a small commercial lending expert through The Capital Loan Program by successfully completing a comprehensive education program. Dr. Carrillo earned ...
  2007-12-18 11:41:00

• Fed Proposes New Mortgage Rules Aimed at Stemming Shady Practices

  Wall Street Journal - The proposal would also "generally" ban lenders from "directly or indirectly paying mortgage brokers in connection with consumer credit transactions secured by a consumer's principal dwelling, unless the mortgage broker enters into a written ...
  2007-12-18 01:28:00

• Fed Endorses Home Mortgage Protections (San Francisco Chronicle)

  The Federal Reserve moved Tuesday to protect home buyers from dubious lending practices, its most sweeping response to a mortgage meltdown that has forced record numbers of people from their homes. The Fed has been under attack for not doing more to...
  2007-12-18 07:33:09

• Coakley restricts broker compensation tied to interest rates (Boston Herald)

  Attorney General Martha Coakley has issued mortgage lending rules that restrict but don't ban a controversial form of compensation for brokers. The regulations allow...
  2007-12-18 01:31:48

• Coakley restricts controversial form or broker compensation (Boston Globe)

  Attorney General Martha Coakley has issued mortgage lending rules that restrict but don't ban a controversial form of compensation for brokers.
  2007-12-18 02:06:17

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