According to recent data released by the controversial Lender Processing Services, mortgages aren’t performing too well. The comprehensive report shows a nearly 3% increase in seriously delinquent mortgages at the and of November. The LPS reports that 8.15% of the country’s mortgages is more than 30 days past due, however, it is not yet in [...]
The Treasury and the HUD recently released the latest edition of the Obama Administration’s Housing Scorecard. The most recent survey featured as news the scan of the nation’s 10 largest mortgage servicers participating in the Making Home Affordable Program, in order to promote transparency regarding its performance. The Scorecard tracks the key indicators of the [...]
Both Freddie Mac and Fannie Mae representatives upheld the companies’ practice of collecting penalties from servicers who fail to meet defined timelines for processing foreclosures. It is clear now, that both Fannie and Freddie representatives aim to keep borrowers in their home, because it is the better outcome for GSEs, but Edward Seiler, a director [...]
Sen. Johnny Isakson has submitted his idea for reforming the housing finance system. Isakson’s 30 year of experience as a real estate agent made him to develop an original plan for a reform. He introduced legislation Thursday that would wean the secondary market off government support and pay taxpayers back for the bailout of Fannie [...]
The Treasury Department has sent out letters to the banks that received Troubled Asset Relief Program funds expressing its will to put the bailout to bed. “They’re saying to the 380 remaining banks, ‘We want to light a fire under you to figure out how you’re going to get rid of Tarp,’ because they want [...]
The possibility of wrongful foreclosure of about 5,000 military members is now investigated by the Office of the Comptroller of the Currency (or OCC) according to an article by DsNews. The wrongful foreclosure is based on the Servicemembers Civil Relief Act signed into law in 2003, which protects military members from foreclosure while they are [...]
Government officials are likely to offer a sweetener for the banks sitting at the foreclosure servicing settlement table, by releasing these lenders from liability relating to their loss-mitigation efforts on delinquent FHA-insured loans, sources cited by the American Banker say. The deadline for resolving their differences is Christmas, so the government is ready to give [...]
State attorneys general are working with banksters to finalize the foreclosure settlement agreement, but it looks like they are losing field each day. DsNews and the Wall Street Journal blames California Attorney General, Kamala Harris for the failure. The initial deal – at the time when California AG was still part of the committee – [...]
Rep. Elijah Cummings (D-Maryland) has several questions to ask from the GSEs’ regulators, such as “Did policies in place at Fannie Mae and Freddie Mac help fuel foreclosure abuses such as robo-signing?” According to documents obtained by Cummings, the nation’s two largest mortgage financiers assessed $150 million in fines against servicers last year for not [...]
President Obama gave green light to a government spending bill yesterday morning which reinstalled higher conforming loan limits for the FHA (Federal Housing Administration) through the end of 2013. This means that starting yesterday, FHA can ensure loans up to $729,750 from $625,500 in the most expensive neighborhoods. An earlier proposed amendment to the bill [...]
Eureka was incredibly patient and assured me that we would close on our contracted close date. Although, we had a few sticking points come up with the short sale, they were right, we closed @ 10am on our contracted close date!! My fellow realtors couldn’t believe that we closed on time…their experiences with short sales have been “nightmares”. Thank you Eureka!
Jonna Juul-Hansen
Pacesetter Properties
