Quicken Recruiting in Detroit
Publish Date: Fri., 27 January 2012 19:23 GMT
Quicken Loans Inc. is bringing on 800 people at its Downtown Detroit headquarters operation.
A posting on the company's website indicates that 500 interns and 300 "technology all stars" are being hired.
College students and recent graduates are the target of the hiring campaign.
RMBS Fraud Task Force Rapidly Takes Shape
Publish Date: Fri., 27 January 2012 18:21 GMT
It has only been three days since the Residential Mortgage-Backed Securities Working Group was made public, and the group has already started staffing and taking action.
The task force was unveiled this week in the president's state of the union address.
So far, the Justice Department has dedicated 15 attorneys, investigators and analysts to the cause, and another 30 are expected to be assigned in the coming weeks. The Federal Bureau of Investigation has assigned 10 agents to the group.
U.S. Originations Off 13% in 2011
Publish Date: Fri., 27 January 2012 16:14 GMT
Residential lenders originated 10 percent fewer first liens during Novebmer than were funded in October, according to new data released Friday
On an annual basis, more than 6 million first mortgages were closed from Jan. 1, 2011, through Dec. 31, 2011.
But last year's home-loan production was down by 13 percent compared to residential volume during 2010.
Rates Increase But Might Retreat
Publish Date: Thu., 26 January 2012 23:13 GMT
The average 30-year fixed-rate mortgage this week climbed 10 basis points from the previous week.
A 7-basis-point elevation was recorded for the average 15-year mortgage.
But rates could see-saw and wind up around 10 BPS lower in next week's report based on an analysis of data from the Department of the Treasury.
BofA, Chase Each Could Lose Over $60 mil in HAMP Incentives
Publish Date: Thu., 26 January 2012 22:10 GMT
More than $100 million in payments due to JPMorgan Chase & Co. and Bank of America Corp. for modifications completed under the Home Affordable Modification Program could be withheld -- possibly permanently.
The government claims that it held up HAMP incentive payments to the two mortgage servicers because they haven't complied with HAMP guidelines.
Both BofA and Chase each stand to lose more than $60 million in HAMP incentives if the withholding becomes permanent.
