Housing Wire

AUGUST 15, 2024

Department of Housing and Urban Development (HUD), last week filed a slew of new documents in their court case against Texas Capital Bank (TCB). These were primarily in response to the bank’s prior motion for a partial summary judgment and offer reasons why the motion should be denied. Attorneys for the U.S.

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Housing Wire

SEPTEMBER 8, 2022

Bank of America recently announced a loan for lower-income households that doesn’t require homebuyers to come up with a downpayment or closing costs, and doesn’t base the loan on a minimum FICO score. If they lost their job, they have a lot of equity in their home, and most likely their financials have gotten better over time.

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Loans Banks Equity Bankruptcy 544

Housing Wire

DECEMBER 27, 2022

They are not selling and have a lot of equity in their homes. Homeowners in 2022 also tapped into their home equity, which peaked at $11.5 trillion in the second quarter of 2022, capitalizing on home equity loans and home equity line of credit (HELOC). non-Bank financial institutions at Fitch Ratings.

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Housing Wire

JUNE 14, 2024

Attorneys for the federal government have issued an extensive new filing in the ongoing litigation between Texas Capital Bank (TCB) and Ginnie Mae , including a raft of correspondence that took place immediately prior to the seizure of the Reverse Mortgage Funding servicing portfolio by Ginnie Mae.

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Housing Wire

NOVEMBER 6, 2020

The lawsuit claimed the bank placed customers into these plans without notice, a direct violation of the Coronavirus Aid, Relief and Economic Security Act. . a member of the Senate Banking Committee, pressed the bank for more details after the original allegations. Law360 reports that on Nov. Senator Elizabeth Warren, D-Mass.,

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Housing Wire

JANUARY 11, 2024

District Court for the Northern District of Texas , Ginnie Mae has filed its response to a lawsuit brought against it by Texas Capital Bank (TCB) saying the warehouse lender lacks standing and discounts the authority the government has to extinguish a lender from its reverse mortgage-backed securities program.

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Housing Wire

FEBRUARY 17, 2023

The partnership was made public by Figure on Thursday and comes a day after an announcement from Celsius — which filed for bankruptcy in July 2022 — that it will be acquired by NovaWulf. NewCo is expected to be a public reporting company that is initially 100% owned by Celsius creditors with its common equity provided in a tokenized form.

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Housing Wire

MARCH 1, 2024

The funds will ultimately go to companies including Mirae Asset Securities , Industrial and Commercial Bank of China Financial Services (ICBC), Flagstar Bank , Customers Bank and the bankruptcy estate of Live Well itself, according to court filings reviewed by RMD. million; Customers Bank receive $7.64

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Housing Wire

SEPTEMBER 22, 2023

While the central bank left the benchmark rate unchanged in the target range of 5.25%-5.5% Elevated mortgage rates will lead to more lenders spilling red ink in the latter half of the year, in contrast to the improved financial performance of independent mortgage banks in Q2. Kim: Bankruptcies and layoffs are still happening.

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Housing Wire

FEBRUARY 5, 2021

At the time, the bankruptcy was being conducted by Blackstone , the private equity giant that acquired a majority stake in Stearns parent company, Stearns Holdings , back in 2015. The process eventually saw Blackstone obtaining full ownership of Stearns Holdings, and therefore Stearns Lending.

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Housing Wire

MARCH 26, 2024

The Home Equity Conversion Mortgage (HECM) program faces stability and viability challenges stemming from the 2022 collapse of a major industry lender and its extinguishment from the HECM-backed Securities (HMBS) program, which could warrant congressional scrutiny if these challenges are not properly addressed by the U.S.

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Housing Wire

FEBRUARY 23, 2024

The three areas in which AI is driving impact are mortgage banking, underwriting and servicing, Rocket CEO Varun Krishna shared with analysts during the latest earnings call. In 2023 alone, the mortgage industry saw a total of 62 merger and acquisition transactions, lender exits and bankruptcies.

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Housing Wire

DECEMBER 13, 2024

Importantly, the association said that the recent development of Ginnie Maes new, complementary Home Equity Conversion Mortgage ( HECM )-backed Securities ( HMBS ) product known as HMBS 2.0 could serve as a logistical template for such a product. MBA detailed some of its reasoning for looking to the existing HMBS program and HMBS 2.0

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Housing Wire

JULY 22, 2022

FGMC) filed for Chapter 11 bankruptcy protection at the end of June — leaving four warehouse lenders on the hook for more than $415 million. Just weeks later, a leaked text message from Flagstar Bank provided an inside look at how dire the current climate is for many non-QM lenders. Non-QM lender First Guaranty Mortgage Corp.

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Housing Wire

OCTOBER 13, 2022

The financial chaos that sparked the savings and loan crisis of the 1980s, leading to a government bailout, now haunts the independent mortgage banking market this Halloween season — and beyond. The firm specializes in asset-backed credit, whole loans and private equity. There likely will be 40 to 50 deals done this year.

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Housing Wire

JANUARY 4, 2024

When assessing December’s Home Equity Conversion Mortgage (HECM) volume data for December 2023, Reverse Market Insight (RMI) used a choice word as the title for its commentary : “thud.” In the case of large institutions such as Bank of America , Wells Fargo , and MetLife , we never regained their lost volume.

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Housing Wire

SEPTEMBER 29, 2022

MAXEX is an Atlanta-based fintech company that is backed by leading private-equity and capital-markets investors, including J.P. These new programs will expand our reach with bank-statement and other alternative-documentation loans, interest-only, etc., Morgan Chase.

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Realty Biz

MARCH 21, 2024

If you’re struggling financially and unable to pay your bills, you may have considered filing for bankruptcy. Filing for bankruptcy gives you a fresh start, but it stays on your credit report for up to 10 years — resulting in consequences for years to come. However, there are risks to using home equity for debt repayment.

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Housing Wire

MARCH 28, 2022

The sponsors and loan aggregators in the private label securities (PLS) deals that have come to market so far this year include affiliates of real estate investment trusts, private equity firms as well as more familiar names in the non-QM space, such as Verus Mortgage Capital , Ellington Financial , Angel Oak and Deephaven Mortgage.

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Realty Biz

SEPTEMBER 25, 2021

Your home equity is the difference between what you owe on your mortgage(s) and what your home is currently worth if you sold it today (the appraised value). For instance, if the remaining balance on your mortgage is $195,000 and the market value is $295,000, you have $100,000 of equity in your home. Your equity increases in two ways.

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McKissock

AUGUST 7, 2022

It didn’t help that the Federal Reserve was not strictly regulating the bank’s loan screening and approval process. Therefore, the banks approved mortgages to customers without regard for their ability to repay the loan. Other fields also faced bankruptcy due to credit issues. Why is This Current Housing Crisis Different?

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RIS Media

JANUARY 29, 2021

A lender may instead base its decision on information contained in bank statements. After a bankruptcy, foreclosure or short sale, a prospective homebuyer may have to wait a period of time before taking out a new prime mortgage. A high loan-to-value ratio means that an Alt-A borrower will have little or no equity.

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HomeLight

AUGUST 31, 2020

This means that you cannot sell your house and pocket any equity from the sale until that tax lien debt is satisfied. As that tax debt piles up, it’ll swiftly eclipse any equity that you’ve built up in your home. But you cannot wait to use equity from the completed home sale to pay it off. What is a tax lien on a home?

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Bankruptcy Equity Title Closing 105

Toronto Realty Blog

MARCH 1, 2023

After all, they’re developers, not equity groups or banks. Many times, these projects are effectively canceled by somebody else… – 4) Bankruptcy. Urbancorp and Cresford are the two most high-profile condominium developer bankruptcies that I can think of, but feel free to share if you know of others.

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Notorious ROB

JUNE 14, 2022

money printing) plus a bunch of other things (Clinton era Community Reinvestment Act, among others) practically told the banks to start giving away money via mortgages. Maybe the Fed can also raise reserve requirements, forcing banks to keep more on deposit with the Fed. Equities down 80%? That cheap money (i.e.,

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Realtor.com

MARCH 24, 2021

Many of these loans are held in bank portfolios, where the bank has considerable discretion to offer the type of relief it sees fit, while others are owned by smaller investors or packaged into private-label securities, where the deal documents can govern what types of relief servicers can offer to borrowers. A judge in U.S.

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HomeLight

SEPTEMBER 30, 2021

to 1% of the loan amount annually, and it can be dropped when you reach 20% equity. A hard worker with an hourly paid job at a nearby prison, the client was able to save and use the Neighborhood Assistance Corporation of America (NACA) program through Bank of America. Mortgage insurance costs are typically anywhere from 0.5%

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HomeLight

AUGUST 16, 2021

You’ll learn how to prospect for distressed properties, how to approach homeowners, how to work with banks, and much more that will position you as the local expert with solutions to help those in need. We have a great listener question about how to become a bank’s go-to agent and much, much more. Christina: Sure.

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HomeLight

MARCH 16, 2023

There are just not enough buyers who have a good credit rating and can get bank underwriting,” he says. Investors offer alternatives to foreclosure and bankruptcy About 60% of sellers who contact Ramcharitar are behind on their mortgage payments. But that’s no longer the case. The seller and buyer agree on a price and terms.

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HomeLight

APRIL 29, 2022

This site also lists whether a property is in bankruptcy, preforeclosure , or foreclosure. RealtyTrac is another subscription service that offers access to pre-foreclosure, foreclosure, auction, and bank-owned properties — you can even filter by these options depending on your goals or investment strategy. RealtyTrac.

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Marco Santarelli

SEPTEMBER 6, 2020

Lending money through the crowdfunding site eliminates the need to have a detailed contract with the borrower or having an equity stake in the property itself. If they are sued or go into bankruptcy, you’re joined at the hip as their business partner. On the other hand, stocks are considered equity. Affiliate Marketing.

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HomeLight

JULY 31, 2021

turn four walls and a roof into money in the bank, without the need for inconvenient showings, nail-biting appraisals , or a 50-day closing. Value-add is the process of remodeling a home or complex to increase the value and add equity,” Shipwash explains. “In If only there were a way to — poof! Closing costs.

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Real Estate Finance HQ

AUGUST 25, 2017

Bankruptcy: You can qualify for FHA loans one year after Chapter 13 bankruptcy, two years after Chapter 7 and three years after a foreclosure, provided you’ve had no negative credit events since. Cash in the bank. Home Equity Loans. equity to qualify. Investment account totals. Down Payment. Mortgage Limits.

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FHA loan Debt-to-income ratio Inspection Loans 40

Marco Santarelli

JULY 25, 2022

Instead, they will lose their homes to foreclosure and often file for bankruptcy in the process. By 2000, the Nasdaq peaked, and when the tech bubble burst, many high-flying equities plummeted. A drop in housing prices resulted, in lowering the equity of homeowners even more. In response to the technology bust, the U.S.

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Housing Wire

FEBRUARY 14, 2025

Today, however, the latest Household Debt and Credit Report from the Federal Reserve Bank of New York may not be the love letter you were hoping for. Foreclosures and bankruptcy The housing bubble years were marked by a massive credit boom and not necessarily due to low mortgage rates. Forbearance Crash Bros anyone?

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Toronto Realty Blog

DECEMBER 19, 2023

In this post, I provided the following reasons: 1) Zoning and approval 2) Economic viablity 3) Financing 4) Bankruptcy 5) The ability to cancel and re-sell without reprisal While a couple of the points are repeated from the previous blog post, the explanations and reasoning are completely different.

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Pre-approval Construction Development Agents 98

Housing Wire

MAY 25, 2022

The home itself is a depreciating asset, which makes it difficult for manufactured homeowners to build equity or intergenerational wealth. But when home prices depreciated, it flamed out, and its parent Conseco filed for bankruptcy protection in 2002. The loans, called chattel, are rarely refinanced. That means the 17.5

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