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Subprime Mortgages Banking Sector

Elimination Of Regional Breakouts In Freddie Mac PMMS Creates Uncertainty In New York

by Ballard Spahr LLP on

Freddie Mac's Primary Mortgage Market Survey (PMMS) no longer provides regional breakouts for the 15-year and 30-year fixed-rate mortgages, or the 5/1 hybrid ARM. Every week, lenders throughout the country are surveyed on the...more

Wells Fargo Gives Subprime Borrowers Another Chance

by Bilzin Sumberg on

Wells Fargo has announced that it plans to begin originating FHA-backed loans for borrowers with credit scores as low as 600. This new cut-off is 40 points below Wells Fargo’s current floor, and 20 points below what has...more

Derivative Suit Filed Against JPMorgan Alleges Culture of Risk

by Bilzin Sumberg on

Adding to JPMorgan Chase’s widely publicized recent legal woes, shareholder Bradley P. Miller filed a derivative suit against the bank and its directors in California federal court on January 23, 2014, as a result of the $20...more

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