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MortgageDaily.com - Mortgage News Headlines
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Mortgage Industry News for the Mortgage Industry
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7 Institutions Seized
The Georgia Department of Banking and Finance closed a bank in the state, while federal and state regulators closed two banks in Florida.
In addition, state regulators in Washington and Oregon closed two more banks.
Two credit union failures brought to seven the number of financial institutions to fail last week.
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Agency Issuance Increases 4th Consecutive Month
Fixed-rate issuance of Fannie Mae, Freddie Mac and Ginnie Mae MBS was $95 billion during July based on data reported by eMBS.
Volume was higher than $93 billion in June.
Volume has risen each month since March.
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COFI Edges Up
The Cost of Funds Index increased 0.006 percent from May to June, the Federal Home Loan Bank of San Francisco reported.
The index jumped 20 basis points compared to a year earlier.
The index was calculated based on data from 11th District members.
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U.S. Rep Takes on HUD
Democratic Rep. Dennis Cardoza is taking steps to curtail travel by U.S. Department of Housing and Urban Development Secretary Shaun Donovan.
The California congressman noted that Donovan took a delegation to Rio de Janeiro in March for an international housing conference.
Cardoza said Donovan needs to first concentrate on the foreclosure rate in the U.S. before getting involved in international housing problems.
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FHA Mortgagee Faces $3 Million Action
Alacrity Lending Co. improperly underwrote home loans, the U.S. Department of Housing and Urban Development concluded in a recent audit.
The agency's Office of the Inspector General examined 20 FHA loans originated by Alacrity.
The report recommended that the agency's attorneys determine whether sufficient evidence exists to pursue legal action that could result in "civil enforcement action" totaling more than $3.3 million.
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