Bill extends Mortgage Debt Relief Act of 2007

Unless a newly introduced bill passes, a 2007 federal provision that allows taxpayers to exclude debt reduction income resulting from mortgage restructuring or foreclosure, will expire at the end of the year. The Mortgage Debt Relief Act of 2007 applies to debt forgiven from 2007 to 2012. Up to $2 million of a married couple’s … More Bill extends Mortgage Debt Relief Act of 2007

States and Metros Known for Fraud Are Repeat Offenders: Report

States and metro areas known for being risky when it comes to mortgage fraud seem to be repeat offenders, according to the 2011 Annual Mortgage Fraud Risk report released by Interthinx. The top six states with the highest levels of mortgage fraud risk in 2010 maintained their spots as the riskiest states into 2011, a … More States and Metros Known for Fraud Are Repeat Offenders: Report

Sales of Distressed Properties Down in California, Equity Sales Up

In California, the sale of distressed properties slowed down as equity sales picked up in February after two months of decline, the California Association of Realtors (C.A.R.) reported this week. “A lack of inventory in the bank-owned (REO) and short sale market was a contributing factor to the decline in share of distressed sales in … More Sales of Distressed Properties Down in California, Equity Sales Up

Fannie Mae finds Americans remain committed to homeownership

Home values may be down nationwide, but the majority of Americans surveyed by Fannie Mae in the fourth quarter still prefer homeownership as opposed to renting. Fannie released its quarterly national housing survey Tuesday morning after interviewing 3,000 Americans between the months of October and December. Two-thirds of renters surveyed said they hope to buy … More Fannie Mae finds Americans remain committed to homeownership

Bank of America Offers Leasing Program to Select Customers Facing Foreclosure

In select hard-hit markets, Bank of America is introducing a program that will give some of its customers who are facing foreclosure the option to remain in their homes as a tenant rather than as a homeowner. The Charlotte, North Carolina based-bank made the announcement Thursday in a release. The program, called Mortgage to Lease, … More Bank of America Offers Leasing Program to Select Customers Facing Foreclosure

HUD: Hispanics have most to gain from national economic recovery

Recognizing the impact the financial crisis had on Hispanics and their growing purchasing power, Housing and Urban Development Secretary Shaun Donovan said they stand to benefit the most from a revitalization of the American economy. Speaking at the National Association of Hispanic Real Estate Professionals policy conference in Washington, D.C., the Donovan said no one … More HUD: Hispanics have most to gain from national economic recovery

Rate of Properties Entering Shadows = Rate of Properties Finding Light

The current rate at which mortgage borrowers are falling into serious delinquency closely matches the rate of distressed sales – short sales and REO sales- according to CoreLogic’s latest report released Wednesday. While distressed sales are keeping the shadow inventory from growing, the quantity on record is not yet decreasing. In fact, today’s shadow inventory … More Rate of Properties Entering Shadows = Rate of Properties Finding Light

FHFA Blames State Laws for Excessive Foreclosure Timelines

State and local governments across the nation responded to the foreclosure crisis by introducing a wave of new laws aimed at protecting homeowners and preventing foreclosures. Unfortunately, according to Alfred M. Pollard, general counsel for the Federal Housing Finance Agency (FHFA), some of these laws are hurting more than helping as the housing market struggles … More FHFA Blames State Laws for Excessive Foreclosure Timelines

Fannie, Freddie suffer Florida foreclosure woes

Florida lawmakers never voted on a chance to speed up the foreclosure process for Fannie Mae, Freddie Mac and the taxpayers who support the mortgage giants. The Florida House approved a bill in February that would have accelerated the foreclosure process, especially for homes already deemed vacant. But the bill died in the state senate … More Fannie, Freddie suffer Florida foreclosure woes

HUD Grants $42M to Housing Counselors

HUD Secretary Shaun Donovan announced Friday the distribution of $42 million in grants to 468 housing counseling agencies nationwide. In his announcement Friday, Donovan called housing counseling programs “nothing less than indispensable.” After national funding for housing counseling was cut last year, Donovan said, “We fought hard to persuade Congress to restore funding for housing … More HUD Grants $42M to Housing Counselors