International Business Machines Corp. (IBM) this morning is set to announce its purchase of a major mortgage servicer, Wilshire Credit Corp., from Bank of America, sources familiar with the matter told DS News over the weekend. Details of the rumored deal are scant, but it would mark a major addition to IBM's information empire, the sources said. IBM says it is looking to have a presence in the mortgage market, where technology-based service providers have been under increasing pressure to accommodate servicers' rising modification and foreclosure volumes.
Deadlines for regulatory reform proposals set in the heat of the financial crisis have proven to be too ambitious as government agencies fail to deliver on time. The timetable published by the Treasury Department in June called for the delivery of five reports from different federal agencies. Four of the five dates have been missed, leaving intact only the year-end target for the report on changes to capital requirements, which Treasury says is on schedule.
The steady stream of collapses continues for small community banks across the country. Regulators shut down three more Friday - in Colorado, Michigan, and Minnesota. The number of FDIC-insured institutions to go under this year now stands at 98, compared to 26 in 2008 and just three in 2007 - a clear sign of the toll the nation's economic crisis and soured loans are having on small lenders.
A bill introduced in the House of Representatives Thursday aims to limit defaults on mortgages backed by the Federal Housing Administration by further tightening standards on borrowers. The bill would raise the minimum down payment on FHA loans to 5 percent of the principal, up from 3.5 percent. It would also restrict borrowers from using FHA loan money to cover their closing costs. Since the beginning of the housing crisis, concern has grown among politicians about the FHA's ability to pay out on massive defaults.
| | | | | |
Rob Alley, Realtor
Keller Williams Realty
540-250-3275
roballeyrealtor@gmail.comhttp://www.charlottesvillevarealestate.blogspot.com http://www.robsellscharlottesville.comOh, by the way, I am never too busy to work any of your referrals.
Each Office Independently Owned and Operated
Licensed to Sell Real Estate in the Commonwealth of Virginia
DSNews.com
Comments
Post a Comment