Mortgage brokerage CEO jailed for stealing homes, renting them back to struggling homeowners

The former owner and chief executive officer of a California mortgage brokerage will spend nearly the next eight years in federal prison after pleading guilty to charges that he falsely promised to help distressed homeowners avoid foreclosure. But instead of actually helping the struggling homeowners keep their homes, David Singui, and his company, Direct Money Source, stole the equity in the homes and served as the homeowners’ impostor landlord for a period of years.

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Goldman Sachs subsidiary continues snapping up non-performing loans from GSEs

For the fourth time in 2016, and the second time in a week, MTGLQ Investors, L.P., a “significant subsidiary” of Goldman Sachs, is the winning bidder for a pool of non-performing loans from one of the government-sponsored enterprises, increasing its total amount of loans bought from Fannie Mae and Freddie Mac beyond $2 billion.

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Patch of Land names new CEO to lead company

There’s a new leader at the top of Patch of Land, as the company names Paul Deitch as CEO. Deitch brings more than 25 years of financial services experience to this position, most recently as managing director at Oaktree Capital Management. Here’s what Deitch sees for the future of the online marketplace lender.

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Here are the 10 hottest housing markets for Millennials looking to buy

With a solid job under your belt and a hopefully growing savings account, you’re ready to dabble in the world of real estate. The only problem is that locking in a home you want for the price you want isn’t that easy. But you’re not completely out of luck. The National Association of Realtors compiled a list of the top 10 metro areas for young homeowners, including cities that should be in your price range.

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AAG names Tom Selleck national spokesman

Tom Selleck is the AAG’s latest spokesman to promote awareness about reverse mortgages. Selleck has quite the history, including having served on several boards, served in the U.S. army, received awards for his acting roles, and even received awards from congress. Here’s more about him, and what the AAG is planning next.

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Ocwen lays off 120 employees as cost-cutting continues

Ocwen Financial is in the midst of what it already said would be a tough year for the company. To counteract the expected losses, Ocwen said that it is undertaking several cost-cutting efforts throughout 2016. Included in those cost-cutting efforts is a reduction in the company’s staff, as HousingWire can report that Ocwen recently laid off 120 employees from various office locations throughout the U.S.

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Minorities lose out as banks favor jumbo mortgages

Banks are taking a new turn, which is causing minorities, mostly blacks and Hispanics, to lose out on receiving mortgages. Whereas jumbo loans may be a safer choice for banks, it could also lead to legal problems from fair-lending regulations.

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