Wealth of Women

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A final settlement between the nation's five largest mortgage servicers , two federal agencies and 49 of the states' attorneys general (AGs) was announced this morning by officials representing the AGs, the Departments of Justice (DOJ) and Housing and Urban Development (HUD). The settlement, the result of a 16 month nationwide investigation into foreclosure abuses, fraud, and unacceptable mortgage servicing practices is, as anticipated, for $25 billion dollars but there was no information released as to which state was not participating in the action. Bank of America, JPMorgan Chase & Co., Wells Fargo & Company, Citibank, and Ally Financial, (formerly GMAC) and their servicing subsidiaries have agreed to commit a minimum of $17 billion directly to borrowers through a series of relief...()

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As prices continued to decline during the fourth quarter of 2011 in most metropolitan areas of the U.S., housing affordability rose due not only to the lower prices but also because of record low interest rates . The National Association of Realtors® released its Housing Affordability Index (HAI) including a new annual metro-level housing affordability index which shows historically favorable conditions dominating across the country. The median price of an existing single-family home rose in 29 out of 149 metropolitan statistical areas (MSAs) in the fourth quarter compared to the fourth quarter of 2010. Prices were unchanged in two MSAs and fell in 118. The national median existing home price was $163,500 in the fourth quarter compared to $170,600 one year earlier, a decrease of 4.2 percent...()

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Latest Alert From MBS Live: Treasuries, MBS Attempting to Turn a Corner Following 30yr Auction - 2:06PM Volume surged briefly following the 1pm 30yr Bond Auction, but has since died down. In the process, Treasury yields and MBS prices experienced a bit of volatility, but that now seems to be resolving itself in a favorable manner. Fannie 3.5 MBS are down only 4 ticks on the day at 103-23, and 10yr yields are down to 2.045 after being as high as the 2.07's before the auction. New and meaningful headlines out of Europe have slowed to a trickle and there are no other major decisions or announcements scheduled to be made today. Several officials are on record as saying that the Greek bailout agreement is a done deal but other officials note that nothing official will be announced today. Whether...()

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Loretta E. Lynch, U.S. Attorney for the Eastern District of New York announced the settlement of claims her office had brought against Bank of America, Countrywide Financial Corporations and some of its affiliates for underwriting and origination mortgage fraud. The settlement ends an inquiry into whether Countrywide, acquired by Bank of Boston in 2008, had knowingly made loans insured by FHA to unqualified home buyers. The settlement, in the amount of $1 billion requires an immediate payment of $500 million to correct some of the harm done to FHA by Countrywide's conduct. The remaining $500 million will be deferred to fund a loan modification program for borrowers across the nation with Countrywide mortgages that are under water. If, after the expiration of three years, the bank has not applied...()