Posts Tagged ‘regulators’

As Mortgages Adjust Can We Trust Appraisers

Written by Timothy Blake on August 07, 2007 under Adjustables (ARMs), Archives, Government Positions, Lenders

In the second quarter of 2007 many adjustable rate mortgages will reset to higher rates and higher house payments. Many lenders are working diligently to help home owners. But what happens to a mortgage that is known to put the buyer upside down in the home? (By upside down I mean they owe more than the home is worth.) Is it fraud if mortgage backed securities are involved? What if the borrower financed 80 percent, plus the down payment? Add a home equity loan to that and what happens? Scrutiny of these loans is only months away!

Freddie Mac’s Position in August 2007

Written by Timothy Blake on August 04, 2007 under Archives, Government Positions, Lenders

The Office of Federal Housing Enterprise Oversight, which regulates both Fannie Mae and Freddie Mac, in July directed them to avoid loans that did not meet standards set in June by bank regulators. Freddie Mac chief executive Richard Syron said with credit pools drying up “there are some loans that are in difficulty. There are other loans that probably should never have been made and providing more liquidity will make that situation worse in the long term.”

AHM Job Losses, Cease and Desist Order

Written by Timothy Blake on August 03, 2007 under Archives, Job Losses, Lenders

Talk about mortgage blues. About 7000 people are unemployed, and the threat of a $1 million fine, coupled with a cease and desist order would certainly do it. When state banking regulators step in to drop the hammer it is a bad day. Here’s what happened Friday, August 3:

KPMG Auditing Company for New Century Mortgage

Written by Timothy Blake on July 28, 2007 under Archives, Economic Impact

KPMG was the auditing company for New Century Mortgage. Were the buy backs of unacceptable or defaulted mortgages so well hidden by New Century Mortgage that one of the most influential auditing companies in the world could not find the discrepancies? The Public Company Accounting Oversight Board is looking into the practice and faulted KPMG LLP for some deficiencies in its audits of public companies, citing three instances in which the firm failed to obtain sufficient competent evidence to support its audit opinions. The name of the public companies was not included in the information, and neither were the deficiencies.

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