MA, NY attorneys general launch foreclosure prevention programs

Two high-profile attorneys general revealed how they will use part of their respective state’s portion of the $25 billion national mortgage servicing settlement. On Wednesday, Massachusetts Attorney General Martha Coakley launched an initiative intended to prevent unnecessary foreclosures. Titled HomeCorps, the program increases the amount of loan modification specialists available to distressed borrowers and provides … More MA, NY attorneys general launch foreclosure prevention programs

AG settlement mortgage servicing standards enforceable in six months

Joseph Smith, the monitor for the $25 billion foreclosure settlement with the largest mortgage servicers, made a lot of progress building up his infrastructure in recent months, but overseeing compliance to the new standards is still half a year away. Smith stepped down from his post as the North Carolina banking commissioner in February to … More AG settlement mortgage servicing standards enforceable in six months

Short Sales Surpass Foreclosures as Banks Agree to Deals

The number of U.S. home short sales surpassed foreclosure deals for the first time as banks became more agreeable to selling houses for less than the amount owed on their mortgages, according to Lender Processing Services Inc. (LPS) Short sales accounted for 23.9 percent of home purchases in January, the most recent month available, compared … More Short Sales Surpass Foreclosures as Banks Agree to Deals

FHFA REO-to-rental bid deadline extended, sources say

Investors will have an extra month to bid on Fannie Mae REO properties as part of a pilot program to rent out these homes, according to sources familiar with the process. The pilot announced in February would sell 2,490 previously foreclosed homes held by Fannie Mae in Atlanta, Chicago, Las Vegas, Los Angeles, Phoenix and … More FHFA REO-to-rental bid deadline extended, sources say

RealtyTrac Reports Foreclosure Filings Down, Foreclosure Timelines Up

Foreclosure filings – default notices, scheduled auctions, and bank repossessions – were reported on 572,928 properties during the 2012 first quarter, down 2 percent from the previous quarter and down 16 percent from the first quarter of 2011, according to RealtyTrac’s  U.S. Foreclosure Market report released Thursday. For just March alone, foreclosure filings were reported … More RealtyTrac Reports Foreclosure Filings Down, Foreclosure Timelines Up

BofA Makes Changes to Trim Short Sale Timeline

Bank of America is making changes to its short sale procedures and introducing an improved task flow within the short sale technology module from Equator, BofA’s short sale management platform of choice. The goal: to reduce the timeframe for a short sale decision to less than three weeks. Starting Saturday, April 14, real estate professionals … More BofA Makes Changes to Trim Short Sale Timeline

Georgia approves bill to expand land banks

The Georgia General Assembly approved a bill last week authorizing local communities to form land banks and fund the acquisition and rehab of vacant homes. The Center for Community Progress, a national policy think tank, authored the Georgia Land Bank Act, or S.B. 284. It revises original law adopted more than 20 years ago and … More Georgia approves bill to expand land banks

Morgan Stanley Next Federal Target for Servicing Practices

Morgan Stanley may have sold its servicing sector off, but it’s still going to be under a watchful eye for previous practices. The Federal Reserve issued a consent order against Morgan Stanley Tuesday to address servicing and foreclosure issues from the company’s former subsidiary Saxon Mortgage Services. The consent order requires Morgan Stanley to hire … More Morgan Stanley Next Federal Target for Servicing Practices