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Fidelity Mortgage

Fidelity Mortgage - Grand Junction Colorado

Fidelity Mortgage Grand Junction was founded with the philosophy that the customer should always come first in mortgage lending. Since our doors ...

Bond Market Rally Leaves Some Mortgage-Heavy Funds Trailing

Jeffrey Gundlach, the star bond manager, is having a rare bout of underperformance this year. Other funds that, like his, focus on the mortgage-bond market are also lagging their benchmarks.

Mr. Gundlach’s $61.1 billion intermediate-term DoubleLine Total Return Bond Fund has gained 3.5% this year through July 28, while the Barclays U.S. Aggregate Bond Index has shot up 5.7% and the average intermediate-term fund has risen 5.6%, according to Morningstar Inc.

Other intermediate-term bond funds have large mortgage allocations, including varying degrees of non-agency residential and commercial mortgage-backed securities. Each has risen so far this year but lagged the Barclays U.S. Aggregate Bond Index and its average peer.

That’s due in part to the rally in non-mortgage assets, particularly long-term corporate and government bonds, which have propelled the benchmark higher. The yield on the 10-year Treasury note  touched record lows this month.

DOJ loses another top cop on mortgage fraud

According to the DOJ, Walsh served as U.S. Attorney for more than six years, making him the longest serving Colorado U.S. Attorney since the 1980’s.

He was appointed to his position by President Barack Obama and confirmed unanimously by the United States Senate, beginning his term with the DOJ on Aug. 10, 2010.

According to Attorney General Loretta Lynch, Walsh played a key leadership role in securing a $7 billion settlement with Citigroup over residential mortgage-backed securities and collateralized debt obligations.

“U.S. Attorney John Walsh has served the people of the District of Colorado and the entire nation with extraordinary distinction,” Lynch said. 

“For the past six years, John has protected our civil liberties, defended our national security, and aggressively and successfully prosecuted organized crime, drug cartels and gang violence,” Lynch continued.

“He served as a co-chair of the department’s Residential Mortgage-Backed Securities Working Group, where he led efforts to root out fraud and abuse and hold institutions accountable for the kinds of misleading lending practices that helped cause the 2008 financial crisis,” Lynch continued.

Fidelity Mortgage sells a mortgage on Doug's home to Enterprise Bank.Enterprise erroneously pays the real esta

te taxes on the home. When Enterprise demands reimbursment, Doug refuses, arguing that no contract exists that obligates him to reimburse the bank. What legal theory might Enterprise use to get its money from Doug?

Was there an escrow account set up for taxes in the original loan with Fidelity? If not, chances are Doug also paid the taxes to the county unless Enterprise brought it to Doug's attention that they had already paid them.