TransUnion today said borrowers, especially in California, continue to focus on credit card payments and ignore their mortgages. This is at least the company’s second study showing the same trend. The percentage of consumers current on credit cards and delinquent … Read More

( Update: Attorney Lear comment. ) The seizure of a handful of mortgage-aid companies operated by two men was made permanent today by Orange County Superior Court Judge Frederick Horn. The Judge granted a petition by the California State Bar, … Read More

( Update: Response from Tornow’s attorney. ) A man who posed as a mortgage broker was sentenced this morning to 70 months in prison, federal prosecutors said. Jared Tornow, of San Clemente, and others falsified documents on $40 million in … Read More

Ben Bernanke, head of the Federal Reserve, said Monday the central bank will continue to support the mortgage market while bank lending remains constrained, reports National Mortgage News. Here’s more: “We continue to encourage banks to raise additional capital to … Read More

There are many ideas for preventing another period of extremely reckless lending.  Some think the answer is for lenders to maintain a stake in the loans they make even after the loans are sold. Here’s more from National Mortgage News … Read More

First Dupage Bank of Westmont, Illinois, was closed today, becoming the 106th failure of an FDIC-insured lender this year. Read more HERE. Other banks that failed today are: Riverview Community Bank of Otsego, Minnesota. Read more HERE. American United Bank … Read More

Tad Lowrey, chief executive of CapitalSource Bank in Los Angeles, said the Federal Deposit Insurance Corp.’s plan to make banks prepay $45 billion in fees is an ingenious way for government to borrow from banks and have the cash necessary … Read More

The Federal Deposit Insurance Corp., which protects consumer deposits at banks, said in a much anticipated release: The Board of Directors of the Federal Deposit Insurance Corporation today adopted a Notice of Proposed Rulemaking (NPR) that would require insured institutions … Read More

The Los Angeles Times looked at a competitor to the popular FICO score for rating borrowers’ credit worthiness and how that score changes among different ways people drop a mortgage. Here’s how choices impact borrowers’ Vantage scores (max score is … Read More

House Financial Services Committee Chairman Barney Frank (D-Mass.) yesterday said he plans to revive the effort to give bankruptcy judges the power to renegotiate home mortgages. Within hours, the Mortgage Bankers Associated released a statement from Chairman David Kittle (bold … Read More