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

Tag Archives: HUD

HUD Selling Troubled Mortgages

The U.S. Department of Housing and Urban Development recently announced that it is accepting applications for investors interested in buying distressed residential mortgage loans formerly insured by the FHA, focusing on mortgages in Chicago, IL, Newark, NJ, Phoenix, AZ, and Tampa, FL. The Distressed Asset Stabilization Program is an expansion of an FHA disposition program… Continue Reading

For Investors There May Be a Brighter Side to the “Robo Settlement”

Further to Phil Stein’s post on Friday, as we continue to parse through the political rhetoric, the fine print of the settlement agreement, and the hoards of misinformation promulgated by the press, we do not believe that investors in securitizations and/or their trustees are entirely left hanging in the wind. While apparently the settlement with… Continue Reading

HUD Inspector General’s Reports on Foreclosure Handling Process of Five Major US Banks

In conjunction with its publication of the $25 billion settlement agreement, the Department of Housing and Urban Development’s Inspector General released separate reports detailing its investigation of foreclosure-handling practices at five major U.S.banks – JPMorgan, Wells Fargo, CitiMortgage, Bank of America and Ally Financial.   The Inspector General’s reports confirm and detail the lengths to which… Continue Reading

Settling with Government – SEC Gets Paid and Subprime Mortgage Securities Investors Suffer Huge Losses

Citimortgage Admits Liability On February 15th, 2012, in a clearly pre-negotiated deal between the US Attorney’s Office, on behalf of the Department of Housing and Urban Development and CITIMORTGAGE, INC. (a subsidiary of CITIBANK, N.A., and “CMI”), a complaint was filed against CMI in the US District Court in Manhattan and simultaneously settled for $158.3… Continue Reading