Mortgage

Mortgage

Corker Asks Regulators to Simplify, Synchronize Mortgage Lending Rules and Avoid Permanently Keeping Taxpayers...

WASHINGTON, DC - January 22, 2012 - (RealEstateRama) -- In a letter today, U.S. Senator Bob Corker, R-Tenn., a member of the Senate Banking, Housing and Urban Affairs Committee, urged federal banking regulators to simplify and synchronize underwriting standards for new mortgage lending rules to avoid permanently regulating the private sector out of the housing finance business. The qualified residential mortgage (“QRM”) being implemented under the Dodd-Frank Act currently exempts loans sold to Fannie Mae, Freddie Mac, and the Federal Housing Administration

Homeownership Preservation Foundation and Tennessee Attorney General Partner on Statewide Hotline to Facilitate Distressed...

WASHINGTON, D.C. - December 13, 2012 - (RealEstateRama) -- The Homeownership Preservation Foundation (HPF), an independent national nonprofit dedicated to helping distressed homeowners navigate financial challenges and avoid mortgage foreclosure through its Homeowner’s HOPE™ Hotline, and Tennessee Attorney General Bob Cooper announced today that they have partnered on a statewide hotline to facilitate distressed homeowners’ access to available mortgage relief programs.

Corker to Fed Governor: Fed Activism & Flawed Dodd-Frank Mortgage Rules Are Counterproductive

WASHINGTON, DC - September 20, 2012 - (RealEstateRama) -- U.S. Senator Bob Corker, R-Tenn., a member of the Senate Banking Committee, today sent a letter to Federal Reserve Governor Daniel Tarullo, head of Bank Supervision and member of the Federal Open Market Committee who voted last week for the Fed’s latest effort to stimulate the economy (known as quantitative easing or “QE3”), arguing activism at the Federal Reserve and flawed mortgage rules being written in accordance with the Dodd-Frank Act are counterproductive. Corker said a more thoughtful approach would be to fix the regulations instead of ballooning the Fed’s balance sheet and risking future inflation

Corker Applauds FHFA Decision Not to Encourage Underwater Borrowers to Default on Home Mortgages

WASHINGTON, DC - August 1, 2012 - (RealEstateRama) -- U.S. Senator Bob Corker, R-Tenn., a member of the Banking, Housing and Urban Affairs Committee, made the following statement today in response to a decision by Federal Housing Finance Agency Acting Director Ed DeMarco who rejected a proposal by the Obama administration to use taxpayer dollars to reduce principal on mortgages guaranteed by Fannie Mae and Freddie Mac in which borrowers owe more than their homes are worth. FHFA’s analysis found such a policy would encourage underwater borrowers, most of whom are current, to stop making payments so they can benefit from a taxpayer-funded principal reduction. This outcome would put taxpayers at risk and would not reduce the chances of foreclosure for these borrowers

Corker Calls Renewal of Federal Housing Loan Limits to Subsidize Expensive Mortgages “Unconscionable,” Will...

WASHINGTON, DC - November 17, 2011 - (RealEstateRama) -- U.S. Senator Bob Corker, R-Tenn., a member of the Senate Banking Committee, today called an effort to renew excessive loan limits for mortgages backed by the Federal Housing Administration “unconscionable,” arguing the higher loan limits put taxpayers at risk when Congress should be restoring the private market for housing. A measure being added to an appropriations conference report would raise the FHA’s conforming loan limit to $729,750 after it had fallen to $625,500 in September.

Republicans Push to End Failed Mortgage Program

WASHINGTON, D.C. - March 10, 2011 - (RealEstateRama) -- Today, U.S. Senators Jim DeMint (R-South Carolina) and Bob Corker (R-Tennessee), both members of the Senate Banking Committee, and Tom Coburn, M.D. (R-Oklahoma), a member of the Senate Finance Committee, introduced legislation to end the Housing Affordable Modification Program (HAMP).

Sevierville Attorney Indicted in Wire and Bank Fraud Conspiracy and Money Laundering in $6...

KNOXVILLE, TN - February 18, 2011 - (RealEstateRama) -- A federal grand jury has returned a superseding indictment against Jerry Kerley, 57, of Kodak, Tenn., and Jeffrey Whaley, 46, of Sevierville, Tenn.. The superseding indictment, which was returned this morning, charges Kerley and Whaley with conspiring to defraud Citizens Bank, located in New Tazewell, Tenn., and SunTrust Mortgage, Inc., located in Richmond, Va., through a mortgage fraud scheme. The indictment alleges that the conspiracy involved a "straw borrower" mortgage fraud scheme in which straw borrowers were induced to obtain mortgage loans in their names based on promises that they would not have to make a down payment or mortgage payments for the property, would receive cash at closing, and would share in the profit following a resale of the property.

Four Tennessee Residents Arrested, Indicted in Mortgage Fraud Scheme

Knoxville, TN - May 19, 2009 - (RealEstateRama) — Four individuals suspected of a multi-million dollar mortgage fraud scheme in Shelbyville, Tennessee, were arrested today, without incident, by special agents of the Knoxville Division of the Federal Bureau of Investigation (FBI) Chattanooga Resident Agency and investigators with the Bedford County Sheriff's Office (BCSO).

Roe Fights for Housing Recovery, but Not at the Expense of Consumers

WASHINGTON, DC - May 13, 2009 - (RealEstateRama) — Congressman Phil Roe (TN-1) continues to fight for fundamental reform and accountability in many ways, including reform of organizations such as Freddie Mac and Fannie Mae. However, HR 1728 makes no mention of these entities, it encourages excessive litigation for foreclosure related issues and it simply slows down the housing recovery process by undermining current efforts that are already underway.

Alexander Votes to Help Tennessee Homeowners and Stabilize Housing Market

WASHINGTON - July 26th, 2008 - U.S. Senator Lamar Alexander (R-Tenn.) today made the following statement after voting for the Housing bill (H.R. 3221),...

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MERCY LOAN FUND PARTNERS WITH NATIONAL CHURCH RESIDENCES TO PRESERVE MUCH-NEEDED...

Mercy Loan Fund (MLF), a leading Community Development Financial Institution (CDFI) based in Denver, Colo., has announced it has partnered with National Church Residences (NCR) to help preserve 55 affordable homes for seniors at Hickory Hollow Senior Apartments in Memphis, Tenn.

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August Market Report

Memphis-area home sales for August increased 10.3 percent from a year ago, with 1,942 total sales recorded in the Memphis Area Association of REALTORS®MAARdata property records database. Sales were up 11.2 percent from July when there were 1,747 total sales. Average sales price from August-to-August was up 4.4 percent, at $183,175. Inventory decreased 2.1 percent, with 4,713 units listed for sale. Year-to-Date sales volume was up 13.7 percent at $2.24 billion.