N E W S F L A S H
Fannie Mae Announces Single National Down Payment Policy;
Replaces Policy Regarding Markets Where Home Prices are Declining
WASHINGTON, DC -- Fannie Mae (FNM/NYSE) today announced a new, national policy on down payment requirements for conventional, conforming mortgages the company will purchase or guarantee. Starting June 1, 2008, Fannie Mae will accept up to 97 percent loan-to-value ratios for conventional, conforming mortgages processed through its Desktop Underwriter® (DU®) automated underwriting system, and 95 percent loan-to-value ratios for loans underwritten outside of DU, in all geographic locations in the United States. The new national down payment policy will supersede the policy the company adopted in December 2007 that required higher down payments in markets where home prices are declining.
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
N E W S F L A S H
Judge Says Countrywide Officers Must Face Suit by Shareholders
Directors and officers of Countrywide Financial, the beleaguered mortgage lender, must answer shareholder accusations of insider trading and an overall failure to monitor lending practices that led to the company's collapse, a federal judge in California has ruled.
Rejecting the arguments of Countrywide executives and directors that they were unaware of lax loan operations that led to ballooning defaults, Judge Mariana R. Pfaelzer of Federal District Court in Los Angeles ruled Tuesday that she found confidential witness accounts in the shareholder complaint to be credible and that they suggested "a widespread company culture that encouraged employees to push mortgages through without regard to underwriting standards."
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
N E W S F L A S H
September 13, 2007 -- Nervous employees of Countrywide Financial Corp. have filed a lawsuit suing the struggling mortgage giant after watching their retirement accounts shrink by millions of dollars along with the company's stock price.
The lawsuit, filed in U.S. District Court in California on Tuesday, seeks class-action status and names as defendants Countrywide's sun-drenched chief Angelo Mozilo and benefits committee members in charge of the company's retirement plan, according to lawyer Steve Berman, who represents the workers.
Courtesy, Lenn Harley, Broker, Homefinders.com.
;)
Links;)
Tags (Tag Cloud);)
Archives
Lenn, This is an AWESOME Post.. (as always..:-)..) The employee's of CW have a right to complain.