Ginnie Mae

Ginnie Mae Gives 2 Lenders The Boot For VA Loan Churning

Ginnie Mae Gives NewDay USA and Nations Lending The Boot After Accusations Of VA Loan Churning Ginnie Mae is following through with its threats to punish lenders for aggressively targeting servicemembers and military veterans. The GSE threatened lenders with expulsion from its primary mortgage bond program if the lenders do not address their abnormally high complaints of predatory lending and […]

fake liens

Are FHA Loans “Government Backed” Subprime Loans?

JPMorgan Chase Claims That FHA Loans Are Government Backed Subprime Loans FHA loans that were originally intended to give first-time buyers easy access to mortgages are being compared to the very loans that contributed to the housing crisis. Kevin Watters, CEO of Chase Mortgage Banking told CNBC, “FHA requirements are down to a 520 FICO […]

Ginnie Mae Halts BofA Servicing Transfer Deal

Kate Berry, National Mortgage News Ginnie Mae has halted the transfer of mortgage servicing rights from Bank of America (BAC) to a nonbank servicer because the bank is missing documents such as recorded mortgages and title policies on the underlying home loans. Ted Tozer, the president of Ginnie Mae, says he has held up the […]

Fannie Mae Limiting Loans Helps JPMorgan Mortgage Profits

Jody Shenn, Clea Benson and Heather Perlberg, Bloomberg Fannie Mae and Ginnie Mae are seeking to protect taxpayers as a flood of new lenders apply to do business with them. That’s also helping big banks’ profit and blunting Federal Reserve efforts to boost housing. Fannie Mae, the government-supported mortgage financier, has begun limiting how many loans […]

Yves Smith

Is Yves Smith Talking To The Hookah Smoking Caterpillar?

Now Yves Smith Endorses The Shady Practices Of A CRA Operator I have to wonder if Yves Smith is inhaling something toxic. Her latest article is even crazier than her last. Her last blog was a gushing endorsement of Lisa Epstein of Foreclosure Hamlet fame. Epstein ran unsuccessfully for Palm Beach County Clerk.  In that piece, […]

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