April 2011

Banks to Pay Victims of Botched Foreclosures in Settlement With Regulators

(Source: Bloomberg By Lorraine Woellert) – The 14 largest U.S. mortgage servicers must pay back homeowners for losses from foreclosures or loans that were mishandled in the wake of the housing collapse, the first of a set of sanctions regulators [...]


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Don’t Bank on Loan Modifications or Debt Aid That Can’t be Promised

(Source: Los Angeles Times By David Lazarus) – Like a lot of homeowners, Mar Vista residents Faith and Gary Hunt found money a little tight during the recession and hoped they could work out some more accommodating terms with their [...]


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Carl Levin’s Senate Committee Says Mortgage Industry ‘Snake Pit’ Caused 2008 Financial Crisis

(Source: MLive By  Jeff T. Wattrick) – A report  from the Senate Permanent Investigations Committee, led by Sen. Carl Levin (D-MI) and Sen. Tom Coburn (R-OK) says, during the last decade’s housing bubble, mortgage bankers knowingly sold thousands of mortgages [...]


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Bailouts For Banks, Free Markets For Us

NEW YORK (Source: MarketWatch By David Weidner) — Hope Now, the industry program designed to reduce foreclosures, was supposed to be the bailout for the rest of us.


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The Feds Weigh in on MERS

(Source: Fierce Finance Jim Kim) – Lost somewhat in all the media coverage of the consent decree agreed to by big banks to satisfy federal regulators was the part that dealt with MERS, the much maligned Mortgage Electronic Registration System. [...]


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LTVs at Highest Level Since 2008

(Source: MoneyMarket By Paul Thomas) – The average loan to value ratio offered on mortgage has reached its highest level since April 2008, according to E.surv.


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Are These Home Prices Too Good To Be True?

(Source: The Orange County Register By Marilyn Kalfus) – Rob Peterson. a real estate agent at Century 21 Beachside in Huntington Beach, says he’s noticed that listing prices on some homes being offered as short sales – for less than [...]


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Homeowners Facing Foreclosure About to Win Right to Mediation

(Source: The Seattle Times By Sanjay Bhatt) – More homeowners in Washington state could get help avoiding unnecessary foreclosures under a bill awaiting Gov. Chris Gregoire’s signature.


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Major Banks Told to Review Foreclosures

(Source: USA TODAY By Julie Schmit and Paul Davidson) – Federal bank regulators announced new rules Wednesday for 14 of the nation’s largest mortgage servicers, saying the changes will curb past and future foreclosure abuses.


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Gov’t Orders 14 Lenders to Reimburse Homeowners

WASHINGTON (Source: Associated Press/AP Online Derek Gravitz)  – The federal government on Wednesday ordered 16 of the nation’s largest mortgage lenders and servicers to reimburse homeowners who were improperly foreclosed upon.


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Jpmorgan Dogged By Mortgage Talks

(Source: The New York Post By Mark DeCambre) – Don’t blame Jamie Dimon for having home loans on his mind today.


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OCC Clamps Down on Foreclosure Process

(Source: United Press International ) – Federal regulators said Wednesday they had clamped down on eight U.S. banks and two service providers to enforce new rules for foreclosures.


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RIVERSIDE: Realty Business Owner Stays Upbeat in Down Cycle

(Source: The Press-Enterprise By Leslie Berkman) – He says he’s been wooed by national real estate chains. But Richard Simonin, owner-manager of Westcoe Realtors Inc., has turned them all down, demonstrating his independence and his conviction that real estate is [...]


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Spring Home Sales Struggle

(Source: Ventura County Star By Allison Bruce) – Southern California’s housing market remained in a funk in March with a record-low number of new home sales and continued slow sales of existing homes, DataQuick real estate information service reported today.


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Fannie Mae Help Center Opens Today in Tampa

April 13–TAMPA -(Source: Tampa Tribune By Shannon Behnken) – Troubled homeowners with Fannie Mae loans will soon have the chance to meet face-to-face with a housing counselor who could help them stay in their homes.


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Scotland’s Househunters a Helping Get From Hand Homes

(Source: Daily Record; Glasgow) – Miller Homes has set its sights on helping those who want to make the move to their but are looking for help and home, dream they to overcome any challenges support A range of specially [...]


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No One Attends Grant Hearing in Horry County

(Source: The Sun News By Brad Dickerson) – Horry County Community Development Office officials said they received 35 applications for assistance from low-income residents in January before whittling the number to the 13 now listed on the office’s annual action [...]


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Mixed Picture of Foreclosures in S.C.

(Source: The State (Columbia, S.C.) By Jeff Wilkinson) – Foreclosures in Richland County rose 12 percent from the first quarter of 2010 over the first quarter of this year, an indication that continued high unemployment is costing more people their [...]


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Bank of America CEO Brian Moynihan: Principal Reduction Not a Cure-All

(Source: BizJournals Adam O’Daniel) – Bank of America CEO Brian Moynihan  told a Charlotte audience on Tuesday that reducing the principal for struggling mortgage borrowers won’t be the solution for the country’s foreclosure ills.


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Foreclosure Deal Shouldn’t Block Probes

(Bloomberg By Bloomberg News) – The resolution of a 50-state probe of foreclosure practices shouldn’t block individual states from investigating the mortgage-servicing industry, according to the office of New York Attorney General Eric Schneiderman.


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New Law to Aid Homeowners Prior to Foreclosures

LITTLE ROCK (Source: KATV By Scott Munsell) — Homeowners facing foreclosure have a new right to gain information about their loan.


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Attorneys General Foreclosure Settlement Terms May Backfire, Study Says

(Source: Bloomeberg By Prashant Gopal) – A proposal by state attorneys general to require more mortgage modifications may backfire and add as much as $10 billion a year in costs, according to a study financed in part by loan servicers.


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Will Bad Credit Keep You from Getting Hired?

(Source: CBS Money Watch By Farnoosh Torabi) – Should a prospective employer be able to check your credit report and use it to determine your qualification for a job? That’s the latest debate in 25 states, where a total of [...]


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No Deal: Foreclosure Mediation Efforts Falling Flat

WEST PALM BEACH (Source: the Palm Beach Post By Kimberly Miller) — Less than 2 percent of foreclosure cases referred to a mandatory mediation program in Palm Beach County ended in a settlement, leading attorneys from both sides of the [...]


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4 More Guilty in New Haven Mortgage Fraud Scheme

(Source: Republican American) – Four more people have been found guilty for their roles in a mortgage fraud scheme in the New Haven area.


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Study is Critical of Mortgage Modification Industry

(Source: Ocala By Fred Hiers) – Nearly one of seven Ocala homeowners is more than 90 days late on his or her mortgage. The statistic makes for a fertile field of struggling, frightened homeowners susceptible to scam artists promising to [...]


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Mortgage Servicers to Revamp Practices

(Source: The Arizona Daily Sun) – Federal regulators are set to issue a report in the next few weeks aimed at reforming practices at the nation’s top mortgage servicers, including some practices that Joe Ray says he encountered.


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Open House Thursday Marks Fannie Mae Mortgage Help Center Opening

(Source: The Florida Times-Union By Kevin Turner) – The Fannie Mae Mortgage Help Center will open in Jacksonville on Thursday, kicking off with an open house.


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Walking a Tightrope

(Source: Bank News By Frost, Scott Jeffrey, Terry) – For community bankers, the operating landscape has never been more challenging. As of this writing, 2011 has already seen 14 banks fold under the pressure of bad real estate loans and [...]


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The Federal Reserve has Issued a Final Rule

(Source: Bank News) – The Federal Reserve has issued a final rule and requested public comment on a second rule under Regulation Z to revise the escrow account requirements for certain home mortgage loans. The revisions to the regulation, which [...]


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