CIT agrees to sell $900 million reverse-mortgage portfolio
The sale of the struggling Financial Freedom unit to an undisclosed buyer would continue CIT's strategy of shedding noncore business lines. ... Read full article
News Topic: Reverse mortgages
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The boom after the storm; Berkshire exercises B of A warrants
Following short-term disruptions from Harvey, Texas bankers expect a long-term lift to the local economy; Buffett’s company officially becomes the bank’s largest shareholder. ... Read full article
HUD revamps reverse mortgage program fees to stem losses
The agency will charge higher upfront premiums for most Home Equity Conversion Mortgage borrowers while lowering the annual premium. ... Read full article
HUD secretary promotes reverse mortgage reforms
The Department of Housing and Urban Development is implementing reforms to its reverse mortgage program and providing more counseling resources for seniors who are considering the product, Secretary Ben Carson said Monday. ... Read full article
DOJ's False Claims Act focus shifts to reverse mortgage servicers
The Trump administration's Justice Department was expected to be less aggressive in its pursuit of False Claims Act cases against the mortgage industry. Instead, its focus has shifted to Federal Housing Administration-insured reverse mortgages. ... Read full article