Hard Money Loans

A foreclosure judgment on behalf of HSBC Mortgage Services Inc. was reversed by the District Court of Appeal of Florida, Second District. In California, GMAC Mortgage Corp. was denied its application for service upon a borrower by publication in the Santa Clara weekly. A foreclosure filed by Bank of America was dismissed by a judge in the Superior Court of New Jersey Chancery Division.

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Two proposed disclosure forms have been released by the Consumer Financial Protection Agency. The regulator is asking lender to identify which of the two forms would better inform a prospective borrower about loan terms. The two forms include identical information for a 30-year adjustable-rate mortgage to be used for a home purchase.

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Nationally, distressed sales account for 39 percent of the housing market. Repossessed properties and those owned by borrowers in financial peril weigh heavily on the real estate market. Sales of those homes, commercial buildings and lots make up such a large percentage of the market today that the appraiser’s old axiom — that distressed sales not be factored into establishing valuation — no longer strictly applies.

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The Housing Finance Reform Act of 2011 has been introduced into Congress. The bill seeks to ensure liquidity in the conventional mortgage market during all economic cycles while limiting the government’s exposure. “The bipartisan legislation introduced by Congressmen Campbell and Peters to reform our secondary markets closely mirrors the proposal of MBA’s Council on Ensuring Mortgage Liquidity, the Mortgage Bankers Association’s chairman said in a statement.

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President George W. Bush appointed Sheila Bair as chairman of the Federal Deposit Insurance Corp. in 2006. More than 300 federally insured banks have failed during Blair’s tenure. The FDIC has announced that Bair will leave in July.

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A 15 percent jump in refinance inquiries from last week was noted in the Mortgage Market Index . Refinance share rose to 47 percent from 45 percent. This week’s share reflected a 34 percent rate-term share and a 13 percent cashout share.

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Melissa White and her husband stopped paying their mortgage in May 2008 after it reset to $3,200 a month, more than double the original rate. That gave them extra cash to pay off debts and spend on staples until their Las Vegas home sold two years later for less than they owed.

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Deutsche Bank AG and subsidiary MortgageIT “repeatedly lied” on Federal Housing Administration originations, according to a civil lawsuit filed by the U.S. Department of Justice. MortgageIT “recklessly selected mortgages that violated program rules in blatant disregard of whether borrowers could make mortgage payments,” the suit alleges. Deutsche Bank said it is still reviewing the complaint.

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Patton Boggs LLP announced that its mortgage group has teamed up with The Collingwood Group LLC. In a telephone interview, a Patton Boggs partner noted that right out of the gate the two firms hope to help mortgage firms tackle the Federal Reserve Board’s loan originator compensation rule. Other issues the alliance is expected to deal with are risk retention and the Fed’s proposed payment ability requirements under Regulation Z.

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First-quarter retail originations were down around 50 percent from the fourth-quarter 2010 at Fairway Independent Mortgage Corp. Compared to the first-quarter 2010, production was off around 14 percent. But Fairway reported strong growth at its recently launched wholesale lending division.

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