WaMu sues IndyMac

Washington Mutual has sued IndyMac Bancorp for alleged breach of contract on a batch of residential loans that were originated, then sold between 1997 and 2000, according to court records.

WaMu is acting on behalf of PNC Mortgage Securities, which it acquired in 2001, and is seeking $50 million in damages. The lender filed the complaint last week in Los Angeles Superior Court.  more...

HUD to sell foreclosed real estate

The Department of Housing and Urban Development today announced that it will sell up to 4,000 homes acquired through foreclosure in the continental United States through a special Internet auction on Feb. 27-28.

All properties will be sold on an "as is" basis, without warrantee or guarantee. These properties were previously sold with FHA insurance and received by HUD as a result of foreclosure by a lender and payment of the related FHA insurance claim to the foreclosing lender.  more...

C21 launches Web Site Builder Wizard

Century 21 announced the launch of the C21 Web Site Builder Wizard, an Internet-based tool that aims to offer system affiliates a simplified and streamlined Web site development program.

The Wizard is free of charge and offers sales associates, team members and offices throughout the system the ability to create their own Web sites without a working knowledge of Internet technology or computer programming languages such as HTML.  more...

Discount brokerage battle heats up

The Texas Association of Realtors is still butting heads with the state's discount realty licensees over a controversial state regulation that would require licensees to provide home sellers with a minimum level of service.  more...

Real estate Web sites rock

Nearly 3.5 million Web surfers, or 2 percent of the active online population, went to Realtor.com in December 2003, according to a report by Nielsen//NetRatings.

Realtor.com was ranked the highest among real estate Web sites in the monthly brand ratings report. The Web site ranked number 202 in the overall valuation of some 3,000 Internet sites. The average time spent surfing Realtor.com was 29 minutes.  more...

Fannie Mae bolsters manufactured housing

Fannie Mae today joined with nine lenders to provide purchasers of manufactured homes nationwide access to affordable 30-year mortgage financing with down payments as low as 5 percent.

The low-cost financing will be available through a network of lenders that have demonstrated the high levels of expertise necessary to understand the property, titling, appraisal and servicing issues associated with manufactured homes, according to a press statement.  more...

Lightyear Capital completes DeepGreen acquisition

Lightyear Capital today announced that it has completed its previously announced acquisition of DeepGreen Bank's home equity lending platform and operations from Cleveland-based Third Federal Savings and Loan Association MHC.

The U.S. Office of Thrift Supervision has approved the transaction.  more...

Broker Agent Speakers Bureau announces council

The nation's largest speakers' bureau in the real estate industry, Broker Agent Speakers Bureau, on Monday announced the names of the industry leaders that constitute its new national council of advisors.

Those serving on the council include; Bill Barrett, Dave Beson, Carla Cross, Jim Pugliese, Terri Murphy, Marilyn Schwartz, Stefan Swanepoel (Chairman), Tim Templeton and Pat Zaby.  more...

Countrywide, Paragon enter joint venture

Countrywide Home Loans and Paragon Financial Resources today announced the formation of Paragon Financial Mortgage, which aims to offer some of the most competitive loan products, interest rates and services in the industry.

Paragon Financial Mortgage, an operating division of Countrywide Mortgage Ventures, will offer qualified home buyers options that include zero down payment loans, an attractive benefit for transferees who have yet to sell their existing home. The company also offers a variety of fixed and adjustable-rate options with optimum flexibility on rate and terms.  more...

Overnight interest rates dip further

Long-term mortgage interest rates were slightly lower Monday, and the benchmark 10-year Treasury bond yield decreased to 4.06 percent.

The 30-year fixed-rate average sank to 5.34 percent, and the 15-year fixed-rate decreased to 4.65 percent. The 1-year adjustable was down slightly at 3.29 percent.

The 30-year Treasury bond yield decreased to 4.91 percent.

Rates are current as of 7:15 p.m. Eastern Standard Time.  more...