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Mortgage Crisis Watch Business and legal issues affecting: loan repurchases | mortgage-backed securities | mortgage insurance

Monthly Archives: May 2012

Mortgage Delinquency Rate Falls To 2008 Levels, And Other Good Housing News

Declining Delinquency Rates According to a report, released May 16th from the Mortgage Bankers Association (“MBA“), the U.S. mortgage delinquency rate declined in the first quarter of 2012 to the lowest level since 2008. Specifically, the delinquency rate for residential mortgage loans decreased to a seasonally adjusted rate of 7.40 percent as of the end… Continue Reading

Lehman: “You Gotta Know When”

On May 3, 2012, U.S. District Judge Lewis Kaplan in Manhattan refused to allow insurers for former officers and directors of Lehman Brothers Holdings Inc. to settle a fraud lawsuit for $90 million. The lawsuit had been brought as a class action by shareholders of Lehman Brothers. Judge Kaplan was not satisfied with the independent… Continue Reading

Bank of America Lowers Reserves in Response to Buy-Back Demands

Hard Stance? Bank of America has lowered its reserves established for payments in response to mortgage buy-back demands. The announcement, coming in the banking giant’s quarterly earnings report, indicates BofA set aside less money in the first quarter of 2012 to cover the cost of “repurchase” demands than it had at any time since the… Continue Reading

Future With Fannie and Freddie Lesser Evil Than With Wall Street?

A Rare Point of Agreement Margaret Chadbourn of Reuters recently reported {April 23} that both Republicans and Democrats have “found a rare point of agreement.” They want to phase out or at least substantially reduce the role of the Federal National Mortgage Association (Fannie Mae ) and the Federal Home Loan Mortgage Corporation (Freddie Mac… Continue Reading