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 … More 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, … More 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 … More 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 … More BofA to Offer Principal Reductions of More than $100K

Attorney General settlement clears Bank of America from HAMP lawsuit

The $25 billion foreclosure settlement released Bank of America from a lawsuit charging the bank with fraud violations under the Home Affordable Modification Program. Gregory Mackler, a former contractor with the servicing outsourcer Urban Lending Solutions, filed the lawsuit as a whistleblower on behalf of the U.S. in July. BofA contracted with companies like Urban … More Attorney General settlement clears Bank of America from HAMP lawsuit

Hope Now: Nevada governor partner to help struggling homeowners

Several of the largest mortgage servicers will be in Las Vegas Friday and Saturday to work with struggling Nevada homeowners, under a program sponsored by Hope Now and Gov. Brian Sandoval. The free, two-day event will allow homeowners to explore possible alternatives to foreclosure. Since 2008, Las Vegas hosted four similar events, which have assisted … More Hope Now: Nevada governor partner to help struggling homeowners

When Excluding Distressed Sales, Home Prices Show Monthly Gain

While home prices declined on a year-over-year basis in January 2012, a month-over-month gain was seen when excluding distressed sales, according to CoreLogic’s January Home Price Index (HPI). Prices declined 3.1 percent in January 2012 compared to a year ago in January 2011 and by 1 percent compared to the previous month of December 2011, … More When Excluding Distressed Sales, Home Prices Show Monthly Gain

FHFA, Freddie faulted for overlooking mortgage servicers

Freddie Mac and the Federal Housing Finance Agency did not implement stronger oversight of mortgage servicers when they had the chance, according to an FHFA Office of Inspector General report. Freddie contracts with more than 1,400 servicers, but the largest banks handle the majority of its $1.8 trillion portfolio. In 2010, evidence surfaced of mishandled … More FHFA, Freddie faulted for overlooking mortgage servicers

Repeat foreclosures hit an all-time high in January

Foreclosure starts rose in January suggesting the pipeline is starting to move, according to the latest mortgage monitor report from Lender Processing Services ($22.02 -0.25). LPS said foreclosure starts in the first month of 2012 rose 28% from December but fell 11.5% from a year earlier. The data firm says 203,458 starts were recorded in … More Repeat foreclosures hit an all-time high in January