Seizing mortgages by eminent domain unfair to investors

A proposal in San Bernardino, Calif., that would use eminent domain to seize mortgages to help reduce the area’s massive negative equity does not adequately protect investors, analysts at Amherst Securities Group says. In late 2011, San Francisco investment group Mortgage Resolution Partners proposed a program in which the local government would seize underwater mortgages … More Seizing mortgages by eminent domain unfair to investors

California Homeowners’ Rights Bills Pass Committee

California Attorney General Kamala Harris announced Wednesday the passage of two bills from the California Homeowner Bill Rights through a special two-house conference committee. The Foreclosure Reduction Act and the Due Process Rights Act were approved by the Joint Conference Committee in a 4-1 vote, sending them up to an expected vote in both the … More California Homeowners’ Rights Bills Pass Committee

New Jersey passes bill to reuse vacant foreclosures

The New Jersey state Senate narrowly passed a bill Monday giving the state the ability to buy vacant, previously foreclosed homes and resell or rent them out. State Sen. Raymond Lesniak, D-Union, introduced the New Jersey Residential Foreclosure Termination Act in February. The bill forms the New Jersey Foreclosure Relief Corp., a new state government … More New Jersey passes bill to reuse vacant foreclosures

New Guideline Will Make Short Sales Easier for Military Homeowners

Under a new guideline, military members with Fannie Mae or Freddie Mac loans will now have an easier time with short sales. Federal Housing Finance Agency (FHFA) Acting Director Edward J. DeMarco announced in a release Thursday that military homeowners who receive Permanent Change of Station (PCS) orders can sell their homes via short sale … More New Guideline Will Make Short Sales Easier for Military Homeowners

Fed considers ‘funding for lending’ program

The Federal Reserve and the Treasury Department are considering a program that would lend to banks at very low rates so long as those firms will re-lend the money in the form of consumer loans such as mortgages. “We’re very interested in it,” said Fed Chairman Ben Bernanke during a press conference Wednesday. The Bank … More Fed considers ‘funding for lending’ program

FHFA Introduces Initiative to Protect Against Fraud

As an additional measure against fraud, the FHFA announced an initiative requiring Fannie Mae, Freddie Mac, and the Federal Home Loan (FHL) Banks to notify the agency when an act of fraud is committed by an individual or company the regulated entities conduct business with. The initiative is called the Suspended Counterparty Program and will … More FHFA Introduces Initiative to Protect Against Fraud

UPDATE 1-U.S. foreclosures up for 1st time in 27 months

(Reuters) – U.S. foreclosure starts rose year-over-year in May for the first time in more than two years as banks resumed dealing with distressed properties after a mortgage abuse settlement earlier this year, data firm RealtyTrac said on Thursday. The $25 billion settlement between major banks and states, formally approved in April, had been expected … More UPDATE 1-U.S. foreclosures up for 1st time in 27 months