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HUD Ignored Procedures in Selling Distressed Mortgages, Report Says

“This is kind of huge,” said Elizabeth Lynch, a lawyer with Mobilization for Justice Inc. in New York. Her group filed a lawsuit that contends that the loan sales disproportionately affected minority homeowners.

“This is an $18 billion program that has ramifications for stakeholders, and they didn’t notice and comment.”

Ms. Lynch said her organization, in light of the report, was considering amending the lawsuit to add a claim that HUD violated standard administrative procedures in going forward with the mortgage sales. But she added that no final decision had been made.

Frequent criticisms of the loan sales have been that some private buyers have been too quick to move toward foreclosure or that they offered borrowers one-size-fits-all modifications to reduce monthly payments.

Kevin Stitt to run for US Congress

Tulsa businessman Kevin Stitt announced his candidacy for the 2018 Oklahoma Gubernatorial race. The first-time candidate and pro-life advocate is the founder and CEO of Gateway Mortgage Group (GMG).

“I am excited to announce my candidacy for the office of the governor of Oklahoma. I’m not a politician, but I feel I have the qualifications and leadership skills to bring Oklahoma to the top, where we should be,” said Stitt. “This campaign is about growth. I built my business – now I want to grow our economy and give teachers the tools they need to make our schools and children successful. Our state’s problems are too large to ignore. I’m running for governor because I believe we need new leadership to turn our state around.”

Stitt founded GMG in 2000. GMG is one of the nation’s largest privately held mortgage companies and employs more than 1,100 people providing mortgage services in 40 states.

Gateway is expected to originate more than $6 billion in mortgage loans this year, while its servicing portfolio will eclipse $14 billion. Approximately 100,000 customers are expected to receive mortgage services from Gateway Mortgage Group in 2017.

Cannot pay mortgage have

My brother has been working with the Bank of America since July 2009 to get emergency assistance on his mortgage. He always worked and paid his bills but was diagnosed with bone cancer and cannot move around - so cannot work.