A judge in Georgia dismissed a suit from a borrower alleging wrongful foreclosure. Senior District Judge J. Owen Forrester of the Northern District of Georgia ruled in favor of defendants CitiMortgage, Mortgage Electronic Registration Systems, Inc. (MERS), and Pendergast & Associates, P.C. In the case Crutcher v. CitiMortgage, the borrower argued MERS did not have … Continue reading Georgia Court Rules in Favor of MERS, Citi in Wrongful Foreclosure Case
Month: September 2012
Final parts of California Homeowner Bill of Rights signed into law
Gov. Jerry Brown, D-Calif., signed the final parts of the California Homeowner Bill of Rights into law this week. Brown signed senate bill 1474, giving the California attorney general’s office the ability to use a statewide grand jury to investigate and indict the perpetrators of financial crimes involving victims in multiple counties. Assembly bill 1950 … Continue reading Final parts of California Homeowner Bill of Rights signed into law
More than 400k Borrowers to Receive Settlement Claim Forms
California Attorney General Kamala D. Harris announced Tuesday that claim forms will be sent out to borrowers who may be eligible for settlement funds due to losing their home to foreclosure. The funds are made available through the $25 billion national mortgage settlement, which set aside $1.5 billion in payments for 2 million qualifying borrowers. … Continue reading More than 400k Borrowers to Receive Settlement Claim Forms
Shadow inventory declines by 1.2 million in 2012
Banks trimmed 1.2 million troubled mortgages or foreclosed homes out of the massive shadow inventory hanging over the housing market in the first half of 2012, according to JPMorgan Chase ($41.23 0%) research. The progress could double by the end of the year, though more than 4 million loans and properties would remain. Still, that … Continue reading Shadow inventory declines by 1.2 million in 2012
Deutsche Bank claims housing correction complete
Recent indicators showed housing has largely corrected back to pre-bubble levels and affordability, according to a note from Deutsche Bank analysts. Nationally, home prices dropped roughly 40% from the overheated peak in 2006 to a low in 2009. But the analyst said in a note Thursday that prices are still 30% higher than the millennium … Continue reading Deutsche Bank claims housing correction complete
Concern rising over expiration of mortgage debt relief ….
By Jim Puzzanghera, Los Angeles Times5:00 a.m. CDT, September 7, 2012 WASHINGTON — Struggling homeowners who obtain reductions in their mortgage debt face a new obstacle starting next year — a bill for taxes on that aid. A special exemption of as much as $2 million per household in principal reduction and other aid from … Continue reading Concern rising over expiration of mortgage debt relief ….
Romney vows to make foreclosure prevention easier
Jon Prior "A Romney-Ryan Administration will make it easier for homeowners to get alternatives to foreclosure, such as short sales, deed-in-lieu-of-foreclosure and shared appreciation," according to a recently released policy.[Update: Adds Romney shared appreciation accounting proposals]In his latest housing plan, Republican presidential nominee Mitt Romney promised to abolish President Obama's foreclosure prevention programs in order to … Continue reading Romney vows to make foreclosure prevention easier
FHFA to Raise G-fees for High Default States
By: Krista Franks Brock The Federal Housing Finance Agency (FHFA) plans to change the guarantee fees (g-fees) the GSEs charge on single-family mortgages. Starting in 2013, g-fees will be higher in some states than others, according to a notice sent to the Federal Register. Currently, g-fees are the same throughout the country. However, the FHFA … Continue reading FHFA to Raise G-fees for High Default States
Ocwen shared appreciation program holds redefaults steady
Borrowers will likely stay current on their mortgage after a principal write-down whether they share future equity returns with the bank or not, according to new shared appreciation program data. Select borrowers can receive a principal reduction from Ocwen Financial Corp. ($27.49 -0.06%) back above water over three years but must agree to share 25% … Continue reading Ocwen shared appreciation program holds redefaults steady
FHFA pushed Fannie to take harder line on BofA servicing
Fannie Mae still paid a premium to Bank of America ($9.23 0%) in order to transfer mortgage servicing from the bank to a smaller firm in 2011, but the Federal Housing Finance Agency forced it to push for a better deal, according to an inspector general report released Tuesday. When Fannie targeted 384,000 high-risk mortgages … Continue reading FHFA pushed Fannie to take harder line on BofA servicing
The Law Office of Beth Mann, P.C. 