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Broker, Fraud, Credit, and Hedging Products; Lenders Adjust to FHA Changes

Posted To: Pipeline Press

Here’s a little trivia for you. What does San Francisco have six of that Manhattan has none of? Dirt roads ! I don’t know if the cost of maintaining a dirt road is more than that of maintaining a paved road, but I do know that the industry is buzzing about Citi being smacked with a $30 million fine by the Office of the Comptroller of the Currency stemming from violations in relation to the holding period of other real estate owned. Yes, apparently there is a two-year limit on banks maintaining possession of a foreclosed property unless the bank applies for an annual exemption for five years. Past five years and the bank is supposed to sell the property back into the market to prevent available housing inventory from being kept away from would-be homebuyers. I received a few notes...(read more)