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Financial Freedom Senior Funding Corporation

Gingrich Backs Lifting Campaign Finance Restrictions

Complete Premium video at: Former Speaker of the House Newt Gingrich discusses the "Citizens United" ruling, which determined ...

CIT Bank selling Financial Freedom, exiting reverse mortgage business

The settlement is for Financial Freedom’s recovery of mortgage insurance payments from the Federal Housing Administration that the company was allegedly not entitled to.

And now, CIT is selling off Financial Freedom and exiting the reverse mortgage business.

CIT did not disclose much in the way of details of the deal. CIT did not disclose the buyer of Financial Freedom, nor any financial details on the deal.

CIT said that the deal includes Financial Freedom and its reverse mortgage portfolio, including the sale of mortgage servicing rights and approximately $900 million of reverse mortgage whole loans, including other real estate owned assets.

In a statement, CIT Group Chairwoman and Chief Executive Officer Ellen Alemany said the deal is another step in the company’s plan to simplify its operations going forward.

“Throughout this year we have made continued progress in transforming the company and applying our focus toward maximizing the potential of our commercial banking and deposit franchises, which are the core of our go-forward strategy,” Alemany added. “We are pleased to have reached this agreement, which will enable CIT to exit the reverse mortgage business.

Washington ratchets up sanctions threats against Turkey

President Donald Trump threatened to impose sanctions on Turkey today for its ongoing detention of a US citizen, bringing his administration in line with a monthslong congressional effort to punish the NATO ally.

Trump took to Twitter to threaten “large sanctions on Turkey for their longtime detention of Pastor Andrew Brunson,” adding, “This innocent man of faith should be released immediately!”

The president’s threat came a mere hour after a key Senate panel advanced legislation intended to cut Turkey off from international financial institutions.

“We never wanted this bill to be necessary, but we warned the Turkish government that there would be consequences if it did not cease its unjust detention and harassment of US citizens and locally employed embassy staff,” Senate Foreign Relations Committee Chairman Bob Corker, R-Tenn., said before the panel voted unanimously to pass the Turkey International Financial Institutions Act. “We will continue to pressure the Turkish government until we see an end to the harassment and arbitrary detention of all US citizens.”

Is it a coincidence that the same companies Geithner meets with regularly will be exempt from new finance rule?

Turns out Secretary of the Treasury (Turbo Tax Cheat Geithner) speaks quite regularly (VERY regularly) with 3 companies specifically: Goldman Sachs, Citigroup, and JPMorgan Chase.