CPI Up and Rates Follow, Condo Loans in Florida, Home Equity Loans

CitiMortgage, who continues to scale back in sellers, and also being welcomed by warehouse lenders, made some changes to their “Best Efforts Pull-Through (BEPT) Reward program”. Basically, they are making the measurements simpler beginning in August – possibly due to their re-engineering efforts a few weeks ago. No More BofA Broker Condo Loans In Florida

Mortgage Fraud Crackdown, Consumer Confidence Improves

The administration unveiled a new set of incentives for second mortgage modifications: the government will pay mortgage servicers (not originators) $500 upfront and $250 a year for three years for successfully modifying a second mortgage, such as a home equity loan. FBI To Hire Hundreds of Mortgage Fraud Agents The news yesterday also included the

PNC Buys National City For $5.2b Using Treasury Funds

PNC Bank is showing other banks the advantages of capital infusion component of the Treasury’s TARP plan. They’re buying National City Bank for $5.2b which, it can be argued is fully-taxpayer funded since PNC received $7.7b in Treasury’s first round of bank re-capitalizations. This is exactly what Treasury wanted to happen: for banks to take