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 … Continue reading 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 … Continue reading 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 … Continue reading HUD Grants $42M to Housing Counselors

Foreclosure Activity for Judicial vs. Non-Judicial States Flip-Flopped

Depending on whether the data was based on a judicial or non-judicial state, foreclosure activity told different stories in RealtyTrac’s Foreclosure Market Report released today for February 2012. When clumping states together based on foreclosure processes, February foreclosure activity in the 26 judicial states increased 24 percent from February 2011 and 2 percent from the … Continue reading Foreclosure Activity for Judicial vs. Non-Judicial States Flip-Flopped

New York Reaches $25M Settlement Over MERS Actions

New York Attorney General Eric Schneiderman secured $25 million from three of the nation’s top servicing shops after filing a lawsuit early last month regarding foreclosures he says were improperly processed through Mortgage Electronic Registration System (MERS). Bank of America, JPMorgan Chase, and Wells Fargo will each pay the state of New York $5.9 million, … Continue reading New York Reaches $25M Settlement Over MERS Actions

Freddie clamps down on mortgage servicers with fee increases

Freddie Mac will charge mortgage servicers more for revising foreclosures or violating certain reporting timelines. The government-sponsored enterprise will issue a $5,000 fine (previoiusly $250) to servicers for failing to report on the status of at least 75% of their mortgages as part of a file review program updated last year. A second violation in … Continue reading Freddie clamps down on mortgage servicers with fee increases

BofA to Offer Principal Reductions of More than $100K

Some Bank of America borrowers may be in for principal reductions in amounts exceeding $100,000, according to the latest developments in the settlement the bank and four other large servicers made with state and federal regulators. Of the five servicers participating in the settlement, BofA is set to pay the largest portion of the total … Continue reading BofA to Offer Principal Reductions of More than $100K