Banks step up efforts to forgive mortgage debt in California
News from Los Angeles Times:

Banks are stepping up efforts to forgive mortgage debt for troubled California homeowners, although more than half of the aid offered under last year’s landmark mortgage settlement is still geared toward getting people out of their homes.

California homeowners have received an estimated $ 16.9 billion worth of completed aid doled out by the nation’s five largest mortgage servicers under the accord reached last year. In the most detailed report to date on how that money is flowing to borrowers, regulators noted an increase in the number of principal reductions, although the single biggest chunk of aid has been short sales.

In principal reductions, banks write down mortgage debt for borrowers who remain in their homes. Short sales allow homeowners to sell their properties for less than they owe. Both require banks to take a haircut.

Nationally, more than half a million consumers had received a total of $ 45.8 billion in aid from the five largest banks as of Dec. 31. The settlement was struck last year by 49 state attorneys general, several federal agencies and Bank of America Corp……………. continues on Los Angeles Times

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ING Australia May Sell Record $ 2.1 Billion Mortgage-Backed Bonds
News from Bloomberg:

ING Groep NV (INGA)’s Australian unit may sell as much as A$ 2 billion ($ 2.05 billion) in bonds backed by home loans this year, the most since it began issuing the securities in 2010.

ING Bank (Australia) Ltd., the Dutch financial firm’s only online banking unit outside Europe, will raise the cash through two offerings to fund loans in the A$ 1.1 trillion home mortgage market, Chief Executive Officer Vaughn Richtor said.

Australia’s fifth-largest home lender, which trades under the ING Direct brand in the country, is turning to mortgage- backed securities to diversify away from deposits and wholesale funding. Costs for the bonds have dropped to a 22-month low as investors favor higher-yielding assets amid the lowest financial debt spreads in more than four years.

“For a bank that is focused on mortgages like us, it is a way of diversifying our funding,” Richtor, 57, said in an interview in Sydney yesterday. “We would hope to do a couple of…………… continues on Bloomberg

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California Mortgage Loan Brokering & Lending


Completely updated, this edition incorporates the SAFE Act and its impact on mortgage brokers along with other significant changes seen in the mortgage loan industry since the real estate meltdown that started in 2008. New state and federal regulations are addressed and financial information reflects current market data. The overall loan process is covered along with discussions of the mortgage loan business giving a broad overview of career opportunities in this competitive industry. Ideal for real estate licensees, individuals seeking to enter the mortgage loan business, and those already actively working in the industry, this text covers key topics including appraisal, credit agencies, title and escrow, and computer programs used in the mortgage loan industry. Important legal concepts are covered to meet state course requirements in addition to up-to-date coverage of new industry requirements like the FNMA 1003 loan application form and new appraisal requirements to comply with URAR-FNMA 1005 form. This text remains the authority on current standards of professional practices that meet the goal of consumer protection for the public.
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