Of the largest 25 metropolitan areas, Miami-Miami Beach-Kendall, Fla. had the highest percentage of mortgaged properties in negative equity at 36.5 percent, followed by Tampa-St. Petersburg-Clearwater, Fla. (33.8 percent), Phoenix-Mesa-Glendale, Ariz. (25.6 percent), Riverside-San Bernardino-Ontario, Calif. (24.8 percent) and Warren-Troy-Farmington Hills, Mich.
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Housing Recovery Fuels Nationstar Mortgage’s Profits
At that time, the FHA said it would see whether or not steps it took to raise funds and the improvement in the property management baltimore housing market would close its funding gap. By law, the FHA is able to automatically access Treasury funds if it depletes it reserves, but it has never had to. In the past few years, it has taken a number of actions, including raising insurance premiums and tightening underwriting standards, to stay solvent. The government mortgage insurer plays a key role in helping those with low and modest incomes obtain credit to purchase a home.
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U.S. housing agency likely to tap Treasury funds: sources
Nationstar, shortly after its 2006 purchase by Fortress Investment Group, posted losses as the housing market collapsed. In 2007, it posted losses of $3.19 a share and lost money for the next three years. Black Eyes During that time, the mortgage servicing industry suffered black eyes from allegations of “robo-signing,” illegal foreclosures and foreclosure document fraud hit major lenders such asBank of America ( BAC ) andJPMorgan Chase ( JPM ). Besides scarred banks and jittery homeowners, legacies of the housing market crash included increased post-crisis regulatory scrutiny and the realization by big banks that they were not sufficiently set up to handle large numbers of mortgage delinquencies.
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