BofA pays $1.3 billion to Fannie, Freddie for foreclosure delays

Bank of America Corp posted an unexpectedly sharp drop in first-quarter profit as higher expenses from delayed home foreclosures weighed on its mortgage business. The largest U.S. bank lost more.

REITs pay 90% of their taxable income to shareholders in the form of dividends according to law. In 2011, most REITs were confident and issued dividend payouts in excess of their 2010 level of $18.

Fannie Mae did not give Bank of America special consideration in agreeing to pay more than $500 million to transfer the servicing of 384,000 mortgages to firms more likely to prevent foreclosures.

In addition to the settlement, Bank of America will also pay .3 billion in fees to Fannie related to its role as a loan payment processor for the mortgage-finance giant. Tweet Share

A unit of Lewisville’s Nationstar Mortgage Holdings Inc. (NYSE: NSM) has agreed to spend $1.3 billion for the rights to service residential mortgages.

 · Nationstar to buy $215B in BofA’s mortgage servicing assets for $1.3B. Of the $215 billion in mortgage-servicing assets that Nationstar Mortgage is getting, roughly 47 percent are owned, insured or guaranteed by Fannie Mac, Freddie Mac and Ginnie Mae, according to a news release. The other 53 percent come via loans in private-label securitizations, the news release said.

City council to vote on Richmond eminent domain proposal Irvington is the second municipality in the country to declare its intent to use eminent domain to purchase homes in foreclosure, behind Richmond. city is performing a legal study of the proposal..Fitch warns home prices overvalued 1930s. 1933-1939 The New Deal is a group of new laws created to fix problems in the Great Depression economy, including methods to increase home ownership for white Americans .; 1934 The National Housing Act of 1934, part of the New Deal, makes more affordable housing and home mortgages.It creates the Federal Housing Administration (FHA) (later united states department of Housing and.

""As announced last year, Fannie Mae and Freddie Mac (the Enterprises) may accept the pay down of mortgage principal funded. program offered through Keep Your Home California is Bank of America..

How did PNC Financial turn a profit with its mortgage business dropping? More refinancing homeowners choose shorter loan terms jpmorgan equity strategist predicts construction boom How did PNC Financial turn a profit with its mortgage business dropping? consumption falls as consumers break free of mortgage debt The second major category of mortgage frauds targets consumers. Foremost among these are foreclosure rescue and mortgage debt relief scams.

Bank of America Corp. about $11.6 billion of settlements with government mortgage finance company fannie Mae to end allegations the bank improperly sold mortgages that later soured, and to resolve.

Fees of $1.3 billion will be paid to Fannie for its role as a loan payment processor for the collapsed company. Fannie had been demanding that BofA repurchase $11.2 billion in Countrywide loans.

While that is down from more than 68,800 repossessions one year ago, Fannie said the total was artificially depressed due to extended delays in the foreclosure process. Fannie, Freddie pressured.

Bank of America will make a US$3.6-billion cash payment, spend US$6.75-billion to buy back residential loans sold to Fannie Mae, and pay US$1.3-billion in fees for taking too long to assist or.

Housing Recovery is Spelled R-E-O Bondholders hope Countrywide settlement will pay up Countrywide Financial Corp. will pay .6 million as. homeowners who are already caught up in the foreclosure process and that we prevent additional foreclosures in the future,” Ritter said. “The.