Homes And Condos

Considering that you are saving thousands by listing your home on flat fee MLS listing, your sale will be able to net you more money.

Although it seems clichd, there is no more important factor then location when it comes to buying a home.

In many cases, home loans can change on a frequent basis, with little to no notice.

National City Quits Wholesale Lending
National City Mortgage is closing down its wholesale lending division, a spokesman told MortgageDaily.com. National City Corp. remains committed to retail lending, he said. In August, the company folded its home equity unit into its mortgage subsidiary. In October, National City shut down its correspondent lending operations.

Ocwen Criticized Over VA Foreclosures
A 59-page report from the Government Accountability Office blasted Ocwen Financial Corp.’s management of foreclosed properties for the Department of Veterans Affairs. "VA also has not been satisfied with Ocwen’s performance in selling properties in the shortest time possible and at price levels established in the contract," GAO said. Among other concerns outlined in the report, Ocwen has failed to secure doors and windows, remove trash and debris, maintain lawns and make necessary repairs. "We believe we have maintained a generally positive working relationship with the VA during the execution of this contract," Ocwen’s chief risk officer told MortgageDaily.com.

Negative Ratings Actions hit $4 Billion RMBS
Ace Securities Corp. saw $243 million in classes of 2006-SL2 downgraded by Fitch. Changes to Fitch’s subprime loss forecasting assumptions led to downgrades on $145 million in classes of HASCO Series 2007-HE2, whole another $648 million was placed on Rating Watch Negative. The forecasting changes also led Fitch to downgrade $974 million of classes from Securitized Asset Backed Receivables Series 2007-BR2 and place another $974 million on negative watch. Two SASCO deals from 2007 were also impacted by Fitch’s changes, with $338 million in classes downgraded and $747 million placed on Rating Watch Negative.

New England Wholesaler Done
Webster Bank N.A. will reorganize its mortgage banking unit, its parent company announced. As a result of the changes, the company will close its wholesale lending operations, the statement said. In addition, the correspondent channel will be closed down.

M.I. Volume Down, Defaults Up
During November, more than 160,000 mortgage insurance policies were written, the Mortgage Insurance Companies of America reported. The dollar volume of policies written was $24 billion, MICA said. Volume fell from October but was higher than Novebmer 2006.

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