Citizens Republic Bancorp Inc. agreed to a $3.6 million settlement with the Justice Department over charges of alleged discrimination by a loan production office in a black neighborhood, a statement said. A total of $1.5 million in checks were mailed to Hispanic borrowers who obtained a mortgage from Golden Empire Mortgage Inc., the FTC recently reported. A $1.45 million discrimination settlement was announced between Midwest BankCentre and the Department of Justice.
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Two East Coast banks taken into receivership by the Federal Deposit Insurance Corp. A week earlier, the National Credit Union Administration threw a credit union, also located on the East Coast, into conservatorship. In all, 70 mortgage-related operations or companies have been closed or failed this year based on data maintained by Mortgage Daily .
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Posted by admin | Posted in clean credit | Posted on 18-06-2011
The nation?s two biggest providers of reverse mortgages are no longer offering the loans, as the economics of the business have come under pressure. Wells Fargo, the largest provider, said Thursday that it was leaving the business, following the
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Bank of America said that it mistakenly sent nearly 5,000 Oregon borrowers letters indicating that they owe property taxes and might be risking foreclosure. But the borrowers didn’t owe the taxes. “We sincerely apologize to those who received the letter in error,” said a bank spokeswoman.
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Posted by admin | Posted in clean credit | Posted on 12-06-2011
NEW YORK (Reuters) – Wells Fargo & Co may be moving toward a settlement of Baltimore’s lawsuit accusing it of steering minority borrowers to expensive home loans.
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The average 30-year fixed-rate mortgage fell 6 basis points in Freddie Mac’s weekly survey. A more steep decline was recorded for the five-year, Treasury-indexed, adjustable-rate mortgage: 13 BPS. The one-year Treasury-indexed ARM was down 18 BPS.
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In July 2009, the Monthly Treasury Average fell to the lowest level on record based on Federal Reserve data going back to 1953. Nearly two years later the MTA continues to set new lows. In May, the index fell to 0.26 percent.
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The 11th District Cost of Funds Index was nearly 10 basis points lower in April. It was the 10th consecutive month that COFI was lower. The index is at its lowest level since October 2009.
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A settlement in a class-action lawsuit will cost Fairway Independent Mortgage Corp. more than $1 million. At issue are alleged undisclosed yield spread premiums and claims of mortgage fraud by a Missouri originator. The lead plaintiffs claim that Fairway, as a mortgage broker, had a fiduciary duty to provide them with the least expensive loan and breached that duty by collecting yield spread premiums.
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The Georgia Department of Banking and Finance said it obtained superior court orders authorizing it to take possession of two banks in the state. The Washington Department of Financial Institutions closed down a bank in that state. In addition, Merit Mortgage Services has advised its loan correspondents of its decision to exit the mortgage business.
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