Monday, 13 January 2025

Finance & Mortgage

Supreme Court rules families cannot sue over loan discount fee

The Supreme Court ruled on Thursday that loan applicants cannot sue a mortgage company for charging them a loan discount fee without giving them a loan discount. The unanimous ruling was a defeat for three couples in Louisiana, who claimed that Quicken Loans overcharged them as much as $1,100 at their mortgage closings for a "loan discount" or "processing" fee.

Spanish Banks Face More Property Risk - Consultant

Spanish banks may need to set aside more money to cover exposure to a bust property market because they still have to recognise billions of euros in loans to non-viable companies, said a report by Spanish property consultancy RR de Acuna.

Goldman Wins Mortgage Case Appealed by German Bank

Goldman Sachs Group Inc (GS.N) and investment adviser TCW have survived an appeal by a German bank that sued them for fraud over a toxic derivative marketed at the height of the housing market bubble.

EDITOR'S PICKS

U.S. Mortgage Rates Rise Slightly: Freddie Mac

U.S. 30-year fixed-rate mortgages rose slightly to 3.90 percent in the week ending April 19, mortgage financier Freddie Mac said Thursday.
By Staff Reporter
US Mortgage Refinance Applications Up, Purchase Applications Down Last Week

Mortgage applications increased 6.9 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending April 13, 2012.
By Staff Reporter
Mortgage Rates Slip, Tie Record Lows: Bankrate

Mortgage rates moved into record low territory again this week, with the average rate on the benchmark 30-year fixed mortgage rate settling at 4.10 percent, a level last seen in February, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.42 discount and origination points.
By Staff Reporter
Freddie Mac Sets New Timelines for Short Sales to Help Add Transparency, Expedite Decisions

In an effort to make the short sale process more transparent, Freddie Mac (OTC: FMCC) is updating its timelines and also requiring servicers to provide weekly updates when decisions take more than 30 days after the receipt of a complete application for a short sale under the Obama Administration's Home Affordable Foreclosure Alternative (HAFA) initiative or Freddie Mac's traditional requirements. All decisions must be made within 60-day
By Staff Reporter
UK Housebuilder Persimmon Upbeat as Enquiries Rise

British housebuilder Persimmon said it had made a good start to 2012 with both visitor levels and orders up on last year, boosted in part by a new government mortgage scheme.
By Staff Reporter
Global Regulators Map Out Safer Home Loans

Regulators published global guidance on Wednesday to make granting home loans more rigorous, five years after weak lending standards in the U.S. mortgage market spiralled into the worst financial crisis in decades.
By Staff Reporter
Fed Solicits Bids From Eight Banks For Maiden Lane III Assets

The New York Federal Reserve said on Wednesday it has asked eight dealers to bid on assets from its Maiden Lane III portfolio, which was created during the bailout of insurer American International Group (AIG).
By Staff Reporter
U.S. Bancorp Beats Street; Mortgage Revenue Soars

U.S. Bancorp's first-quarter profit topped analysts' expectations as mortgage banking revenue surged.
By Staff Reporter
Wells Fargo Reports Higher Profit on Mortgage Gains

A surge in mortgage banking income lifted Wells Fargo & Co's first-quarter profit by 13 percent, but its shares fell on concern that the bank is falling behind on its drive to cut expenses.
By Staff Reporter
UK Home Loans Plummet

Home loans in the UK have plummeted as mortgage availability tightens and rates rise despite the property industries attempts to encourage more first time buyers to kick start real estate market growth.
By Staff Reporter