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Mortgage & Real Estate News
Page Under Construction
Wed., 28 Jul 2010 23:30 GMT
NY Court Rules Against Lender in Foreclosure
Recent New York case law has confirmed that before a lender in the state files a complaint to judicially foreclose on a mortgage securing a defaulted loan, the foreclosing lender must have a legal or an equitable interest in the mortgage, the physical possession of the underlying promissory note, plus all necessary chain of title ownership assignments of the note.
The foreclosure action had a promissory note that was purportedly endorsed to the plaintiff lender by another bank prior to the plaintiff's commencement of the foreclosure action.
The court held up the foreclosure action. | Wed., 28 Jul 2010 23:06 GMT
Closer Look at Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau was created as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The focus now shifts to the drafting of numerous regulations mandated by the Dodd-Frank Act, and construction of the new bureau.
Regulators must now decide how to best implement the law, with the aid of a follow-on technical bill to be released later by Congress.
This 16-page summary looks at various provisions of the new law that will affect how the residential mortgage industry operates for the foreseeable future. | Wed., 28 Jul 2010 22:39 GMT
Financial Regulatory Reform Update
On July 21 President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act. The House of Representatives and the Senate had approved the Conference Report of this legislation on June 30 and July 15, respectively. This 20-page report summarizes the new law. | Wed., 28 Jul 2010 21:49 GMT
Commercial Originations Show Signs of Strength
The origination of commercial real estate loans jumped 35 percent from the first quarter in the Mortgage Bankers Association's second-quarter commercial mortgage survey.
Compared to the first quarter, conduit production more than doubled.
By property type -- hotel loan production was nearly five times higher than in the first quarter. | Wed., 28 Jul 2010 17:11 GMT
Flagstar Performance Better, Warehouse Assets Up
Flagstar Bancorp Inc. reported that second-quarter residential originations increase 28 percent from the first quarter.
Delinquency on all loan types also improved, falling 220 basis points from March 31.
Warehouse lending assets finished June $126 million higher than at the end of March.
Compared to June 30, 2009, warehouse assets have nearly doubled. |
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