The Post Tribune reported that two thirds of the $300,000 stolen from the town of Merrillville by former bookkeeper Rosemary Barath has been recovered, thanks in part to a court order requiring her to obtain a reverse mortgage on her house said Councilman Joseph Shudick, D-5th. “Approximately $200,000 of the $300,000 lost as a result [...]

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As reverse mortgage volume continues to slide and the possibility of another principal limit reduction in October, reverse mortgage lenders have been forced to innovate and bring down costs to ensure seniors have access to the HECM program. The drop in home values across the country has played a big role in the decline in [...]

This week has been filled with legislation, both on the federal and the state level. Two Senate Committees approved significant financial reform legislation this week, paving the way for the sweeping financial reforms long discussed to head to the Senate floor. The Restoring American Financial Stability Act (S 3127), introduced by Senate Banking Committee Chairman [...]

Ginnie Mae announced that it guaranteed $22.7 billion in mortgage backed securities (MBS) during March. “The robust performance of the Ginnie Mae MBS continues to provide strong support for a still struggling economy,” said Theodore Tozer, Ginnie Mae president. “The dependable execution of the Ginnie Mae MBS in the secondary market is vital as our [...]

With more state reverse mortgage legislation being proposed, Jeff Lewis, Chairman of Generation Mortgage told Broker Universe that there is a high level of concern about these bills and how the industry is going around state to state “putting out fires,” as these bills legislate “to the lowest common denominator”. He adds, “Something happens one [...]