News

MCLEAN, Va. - By closing on its $20 million investment in The Enterprise Social Investment Corporation (ESIC) Empire and Garden States Equity Fund, Freddie Mac's portfolio of Low-Income Housing Tax Credit investments now exceeds $5 billion. Formed in 1986, the federal LIHTC program gives corporate investors credit against their federal...

LAS VEGAS - A nine-month certificate with a 9.3% rate and a $1,500 maximum-targeted as a new member promotion-was judged the "the best new idea" by credit union directors at the National Directors' Convention. Winning the top cash prize during the annual "Breakfast of Champions" was the $68 million Premier...

LEXINGTON, Mass. - CUMEX Mortgage Service Center of Lexington has added Mortgage Guaranty Insurance Corp.'s SingleFile program to its menu of mortgage products geared towards new and existing homeowners with excellent credit but who are typically channeled into borrower-financed private mortgage insurance or "piggyback" loans such as an 80/10/10 for...

LAS VEGAS - They played "Credit Union Jeopardy" at the National Directors' Convention and the hilarious event pitting three CU executives in a version closely matching the popular TV show nearly brought down the house. Complete with the syncopated music and lit up toteboards, the three "contestants" appearing on stage...

MCLEAN, Va. - Continuing low interest rates are spurring higher than expected cash-out refinance activity, Freddie Mac reports. In the second quarter of 2005, 74% of Freddie Mac-owned loans that were refinanced resulted in new mortgages with loan amounts that were at least 5% higher than the original mortgage balances....

HUNTINGTON BEACH, Calif. - Want to find the weak links in an institution's fraud prevention safety net? Ask a convicted mortgage fraud felon. Kevin Barnes was once an insider in the industry, working as a loan officer, branch manager and loan broker for 20 years. He became involved in an...