Posts Tagged ‘Justice Department’

Memories of Financial Crisis Hindering Buying Despite Home Values Increasing

January 17th, 2017

Today’s News Synopsis: Despite the values of homes increasing, consumers are still hesitant to buy due to painful memories of the financial crisis.  Deutsche Bak reaches settlement of $7.2 billion with Justice Department for dishonest practices.  Real estate purchases in Brooklyn are exceeding those of Manhattan. In The News: CNBC – “Rising home

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Wells Fargo Required to Pay $1.2 Billion In the Largest Settlement in FHA History

April 11th, 2016

Today’s News Synopsis:   Wells Fargo is required to pay $1.2 billion, the largest settlement in the history of the FHA, to cover the costs of bad loans that went undisclosed.  Another bank, Goldman Sachs, is also required to pay to cover the cost of toxic mortgage bonds in a $5

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Department Of Justice Cannot Use Funds for Disparate Impact Claims According to New Bill

June 4th, 2015

    Today’s News Synopsis:   Freddie Mac reported mortgage rates continue to be high for the year with 30-year rates at 3.87% and 15-year rates at 3.08%.  At the same time, the average down payment decreased to its lowest in three years according to RealtyTrac, coming in at 14.8% of the purchase

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Settlement With Bank of America Nearly Reached by the Justice Department

August 6th, 2014

  Today’s News Synopsis: The Mortgage Bankers Association reported a 1.6% increase in mortgage applications for this week.  Bank of America Merrill Lynch reported on the slowdown in home price gains believing it is related more to a return from out sized gains and not a weakening market.  Bank of America and

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Foreclosures Now at Levels Below Pre-Financial Crisis

July 17th, 2014

Today’s News Synopsis: HUD reported housing starts decreased 9.3% last month to 893,000.  Foreclosures decreased 19% from the last 6 months and 23% from the first half of 2013.  613,874 foreclosures were completed in the first half of 2014, putting them at levels below what they were before the financial crisis.

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Inventory Up 9%, Home Sales Down 10%

June 16th, 2014

  Today’s News Synopsis: Builder confidence increased this month by four points to 49.  Citigroup and JPMorgan Chase are both facing lawsuit’s, one for fraud and the other over predatory lending.  Housing inventory increased this past month by 9.1%, while home sales decreased 10%. In The News: Mortgage Professional America – “Government preparing to sue

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Fannie and Freddie Hang in the Balance

April 28th, 2014

Today’s News Synopsis: The sale of pending homes increased by 3.4%, the highest since May 2011.  According to the latest Home Price Index, home prices increased 0.7% in February and 7.6% year-over-year.  They are expected to continue to increase 7% this year.  Fannie Mae and Freddie Mac hang in the balance

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Housing Seeing Higher Mortgage Rates and Unaffordable Prices

April 4th, 2014

  Today’s News Synopsis: This week’s video is a slideshow of highlights from the news of the week.  The unemployment rate remains virtually unchanged as only 192,000 jobs were added last month, below expectations.  A recent study by Zillow showed more homes now are unaffordable.  One-third of homes for sale are the

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The Norris Group Real Estate News Roundup 2/10/14

February 10th, 2014

  Today’s News Synopsis: In a big news story, the Justice Department is being sued in regards to their recent settlement with JPMorgan Chase, claiming the settlement was way too lenient for the agency’s years of illegal conduct.  Freddie Mac reached $1 billion in the number of bond securities sold, matching two

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The Norris Group Real Estate News Roundup 11/19/13

November 19th, 2013

Today’s News Synopsis: JPMorgan has officially reached a settlement with the Justice Department to pay $13 billion to cover faulty mortgages.  National default rates continue to remain unchanged overall as of October with the first-mortgage default rate only increasing to 1.30% from 1.28%.  8 million foreclosures were prevented following the recent

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