Mozilo to stay as Countrywide CEO through 2009

Countrywide Financial Corp. has reached agreement with chairman and chief executive officer Angelo R. Mozilo in which he will continue in that role through 2009.

Mozilo co-founded Countrywide in 1969, which has become the nation's biggest mortgage lender and a diversified financial services company with a market capitalization of more than $20 billion and 55,000 employees.  more...

Grand jury to examine alleged Indianapolis mortgage fraud scheme

A federal grand jury will convene next month in Indianapolis to look into possible criminal charges in an alleged mortgage fraud scheme by a real estate agent who's already a defendant in a civil suit filed by lender Countrywide Financial Corp.

Countrywide's June 22 lawsuit alleges Robert Penn and relatives in Virginia enlisted blue-collar workers and retirees in Martinsville, Va., to participate in a "real estate investment club." Penn and members of his business circle bought properties in the Indianapolis area, and used fraudulent appraisals to inflate the values of 112 properti  more...

JPMorgan Chase names new CEO for Global Mortgage

David Lowman has been named chief executive officer of JPMorgan Chase & Co.'s Global Mortgage business.

Lowman has 25 years experience in the lending and mortgage businesses and has been president and CEO of CitiFinancial International since 2004, the company said.

Chase originates $150 billion in mortgages and home equity annually, and services a portfolio of more than $500 billion in residential mortgages and home equity.  more...

FIS application offers automated tax data for loan closing

Fidelity National Information Services today unveiled a new online service that provides lenders with property tax data for loan closing and escrow account setup.

PropertyTaxDirect is designed to provide highly accurate automated tax data prior to loan closing, including the number of 'escrow months-to-collect' based on servicing requirements.  more...

Inventory growth puts brakes on Maryland home sales

Maryland home sales tumbled for the 12th straight month in September as inventory continued to climb and price growth remained modest, according to statistics provided by the Maryland Association of Realtors.

Realtors reported 6,333 sales last month, down 29 percent from September 2005 when 8,924 homes were sold. Statistics include new and existing single-family homes, condos and townhomes.

The overall median price for single-family homes and condos was $307,307 in September, down from $317,738 in August, but up 3.1 percent from the year-ago median of $297,881.  more...

On the move

Move Inc. has promoted Allan Dalton, president and CEO of property listings site Realtor.com, to president of Move's Real Estate division.

In addition to leading Realtor.com, Dalton will now lead SeniorHousingNet.com, Top Producer Systems and The Enterprise, according to a company announcement.  more...

New Jersey co-op charged in handicapped parking scandal

The U.S. Department of Housing and Urban Development on Friday announced that it has charged a New Jersey Cooperative Corporation and its owners, Linwood Avenue Owners Inc., as well as property manager Rita Neary, with violating the Fair Housing Act for refusing to give a disabled man a handicapped parking space.

The charge alleges that in June 2002, Robert Dublirer purchased a unit at Mediterranean Towers South, a private apartment complex at 2000 Linwood Ave. in Fort Lee, N.J.  more...

Web site allows users to search for 'sexy' real estate

A new home-search Web site, launched by Alexandria, Va.-based DROdio Real Estate Inc., allows prospective buyers to search for specific keywords in the multiple listing service description.

TheBestHomeSearchEver.com offers detailed searches of Greater Washington, D.C., area property listings information supplied by MRIS, one of the nation's largest MLSs. As of 10:40 a.m.  more...

Little movement in overnight real estate rates

Long-term mortgage interest rates were mostly flat Friday, and the benchmark 10-year Treasury bond yield stayed at 4.79 percent.

The 30-year fixed-rate average dipped to 5.92 percent, and the 15-year fixed rate remained at 5.63 percent. The 1-year adjustable was unchanged at 5.37 percent.

The 30-year Treasury bond yield held at 4.91 percent.

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

Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states.  more...