Record unemployment caused by the coronavirus pandemic led to the largest one-month increase in mortgage delinquencies ever recorded.
Executives at four of the nation’s 15 biggest mortgage lenders, already gearing up for a busy 2020, anticipate hiring thousands of employees this year to keep up with what they expect to be a flood of demand.
The administration’s plan calls for returning Fannie and Freddie to private ownership and reducing risk to taxpayers, while still preserving homebuyers’ access to 30-year, fixed-rate mortgages, a pillar of housing finance.
The mortgage industry has added almost 5,000 employees since March. It’s a stark reversal from a year ago, when the Federal Reserve was hiking interest rates and banks were cutting thousands of jobs.
Wells Fargo is one of the last remaining big banks to settle charges related to its role in the subprime mortgage crisis.
Borrowers whose mortgages were foreclosed upon between 2008 and 2012, with servicing abuses by HSBC, are eligible for part of the $470 million federal-state settlement with the lender.
The foreclosure lawsuit is the latest legal problem for the 43-year-old retailer, which is still trying to pay off debt from a Chapter 11 bankruptcy it filed in 2011.
Of the 654 congregations to file for bankruptcy protection between 2006 and 2013, 60 percent had black pastors or predominantly black membership, according to an associate professor at the Indiana University Maurer School of Law.
Shares of Stonegate Mortgage Corp. sank 18 percent in trading Thursday after the firm reported third-quarter losses of $1.7 million and missed Wall Street estimates by a wide margin.
California-based Carrington Mortgage Services said Thursday it plans to spend $3.2 million to open an office in Westfield. In addition to the new hires, about 180 employees in Fishers would move to the Westfield location.
Bank of America is nearing a $16 billion to $17 billion settlement to resolve an investigation into its role in the sale of mortgage-backed securities before the 2008 financial crisis, a person directly familiar with the matter said Wednesday.
The owner of Castleton Place, a shopping center in one of the city’s busiest retail areas, is the target of a $5 million foreclosure lawsuit by a lender that seeks to have the property placed in receivership.
Lender JPMorgan Chase & Co. took possession of convicted Ponzi schemer Tim Durham’s Geist mansion Thursday after the property failed to draw an offer higher than the bank’s base bid of $2.24 million.
Rates are sharply higher than they were a year ago when the 30-year fixed rate was 3.35 percent and the 15-year was 2.65 percent.