Mortgages dominate complaints sent to Consumer Financial Protection Bureau

The majority of the consumer complaints filed with the Consumer Financial Protection Bureau during its first 11 months in existence relate to mortgage debt, the CFPB said in its semi-annual report to Congress. CFPB data shows the bureau received 55,300 consumer complaints from July 21, 2011, through June 30. Of those complaints, 43% involved mortgage … Continue reading Mortgages dominate complaints sent to Consumer Financial Protection Bureau

Chicago considers eminent domain to seize underwater mortgages

The City of Chicago will hold a hearing over using eminent domain to seize underwater mortgages. The idea first came under consideration in San Bernardino County, Calif. Venture capital firm Mortgage Resolution Partners is pitching the idea to several cities across the country. Using investor dollars, local governments would seize performing mortgages in negative equity, … Continue reading Chicago considers eminent domain to seize underwater mortgages

HELOCs return in some hardest-hit states

Home equity lending returned in some unlikely places over the past year, according to Moody's Analytics and Equifax. A joint report from the two firms showed HELOC increases in Florida, Nevada and Michigan. These states lead the country in negative equity, and lines of credit remain well below pre-crisis levels. Home values in Nevada fell … Continue reading HELOCs return in some hardest-hit states

More than half of US metros post higher foreclosure activity

Foreclosure activity in the first half of 2012 picked up in 125 of the 212 U.S. metros surveyed by RealtyTrac in the research firm's latest Foreclosure Market Report. Despite foreclosure increases in many markets, 129 metros still experienced year-over-year declines in foreclosure activity, according to the Irvine, Calif-based real estate research firm. Seven of the … Continue reading More than half of US metros post higher foreclosure activity

Short Sale Bill Addresses Slow Approval from 2nd Lien Holders

Rep. Jerry McNerney (D-Stockton) recently introduced a bill to speed up the short sale process by requiring subordinate mortgage lien holders to make a decision on a short sale within 45 days. McNerney’s bill proposes that if the lender does not make a decision within the given time period, the short sale will be approved … Continue reading Short Sale Bill Addresses Slow Approval from 2nd Lien Holders