Mortgage News

SEC Economist Leaving Amid Short-Sale Rules Conflict

3/8/2010 6:00 PM

" The U.S. Securities and Exchange Commission’s top economist is leaving the agency after Chairman Mary Schapiro merged his office with another and passed short- selling rules that hedge funds said ignored financial analysis....Read More

Making Sure Wrong Home Isn't Seized

3/8/2010 6:00 PM

Reports of lenders repossessing the wrong home are further tarnishing the banking industry's image, already bruised by bailouts and bonuses. The mix-ups have been perpetuated by the sheer number of foreclosures being processed today as well as the various layers of communication involved. Addresses and other information passed from one department t...Read More

Fed Audit Bitterly Opposed By Treasury

3/8/2010 6:00 PM

"The Treasury Department is vigorously opposed to a House-passed measure that would open the Federal Reserve to an audit by the Government Accountability Office (GAO), a senior Treasury official said Monday. Instead, the official said, the Treasury prefers a substitute offered by Rep. Mel Watt (D-N.C.), and would like to see it enacted as part of t...Read More

Dodd Promises To Promote 'Smart Growth' Housing Plans

3/8/2010 6:00 PM

"Acknowledging that he's running short on time, U.S. Sen. Christopher Dodd on Monday promised that he'll step up his work for a law to promote networks of affordable housing and mass transit....Read More

foreclosure woes hit napa wineries

3/8/2010 6:00 PM

California’s Napa Valley is the latest victim of the ongoing foreclosure crisis, according to a piece in BusinessWeek. Land values in the area have fallen by roughly 15 percent from the 2007 peak, and demand for the costly wines produced in the region has slumped...Read More

General Growth Investors Add $3.93 Billion to Plan

3/8/2010 6:00 PM

"- General Growth Properties Inc. said its biggest debt and equity holders offered to jointly invest $3.93 billion in the company, bolstering a plan with Brookfield Asset Management Inc. to bring the mall owner out of bankruptcy....Read More

Mortgage investors push for banks to write down second liens

3/8/2010 6:00 PM

"A group of investors in mortgage-backed bonds dubbed the Mortgage Investors Coalition (MIC) recently submitted to Congress a plan to overhaul the refinancing of underwater borrowers by writing down the principal balances of both first and second mortgages. The confederation of insurers, asset managers and hedge funds hope to break a logjam between...Read More

streamlined short sale program on the way

3/8/2010 6:00 PM

Apparently the Treasury is planning to add another weapon to its growing foreclosure prevention arsenal, though this latest one involves the loss of the home. Come April 5, a streamlined and standardized short sale process will emerge – lenders will rely on real estate agents to determine the value of a home and the corresponding minimum offer to a...Read More

Fed to linger in agency MBS market after exit

3/8/2010 6:00 PM

"Now that the U.S. Federal Reserve has nearly finished its massive mortgage bond buying spree, its huge portfolio could be used to tighten credit if and when the economy begins to show real signs of recovery....Read More

Defaulted Loans May Haunt Seniors

3/8/2010 6:00 PM

A little–noticed law could soon result in smaller Social Security checks for hundreds of thousands of the elderly and disabled who owe the U.S. money from defaulted loans and other debts more than a decade old. Social Security benefits are off–limits to creditors, such as credit–card companies and banks. But the U.S. can collect debts to federal ag...Read More

We are required by law to list the following licensing information. Flagship Financial Group, LLC is licensed as: Alaska Mortgagee Licensee #100278; Arizona Banker 0908193; Department of Corporations under the California Residential Mortgage Lending act Lender 4130854; Florida Correspondent Lender CL 0703188; Georgia Mortgage Broker Licensee 17297 – 3130 W Maple Loop Dr, #200, Lehi, UT 84043 (GA); Illinois Residential Mortgage Licensee MB6760204; Registered under the Kansas Mortgage Business Act License Number of 2002-4309, Maine Mortgage Lender License# SLM9424; Maryland Mortgage Lender 16461, Mississippi Supervised Mortgage Company 308/2006; Nevada Mortgage Broker 1385 – 1349 Galleria Dr., #110, Henderson, NV 89014; New Hampshire Banking Department Mortgage Broker 13439-MBR; North Dakota Money Broker MB101563; Licensed by the Pennsylvania Department of Banking (PA); Utah Mortgage Loan Company 5493106; Licensed by the Virginia State Corporation Commission, License MC-2980. In certain states in which we do conduct business, certain restrictions and limitation apply. Rates and terms subject to change. If you have any questions or comments regarding this offer please email to lharris@ffgcorporate.com.