Falling REO inventory dries up foreclosure discounts

Falling REO inventory dries up foreclosure discounts By Kerri Ann Panchuk • November 12, 2012 • 4:35pm Some metro areas across the U.S. are experiencing steep discounts on foreclosed properties – upwards of 27% in some cases – but the overall mark-down is not as deep as it seems, Zillow said in a new report. … Continue reading Falling REO inventory dries up foreclosure discounts

September mortgage delinquencies higher: LPS

The national mortgage delinquency rate rose 7.7% from August to September, making it the largest monthly late payment increase in four years, according to Lender Processing Services. LPS made that conclusion in the company's September Mortgage Monitor report. The data analytics firm punctuated its research with a note saying the recent rise in delinquencies still … Continue reading September mortgage delinquencies higher: LPS

Fannie Mae pleased with REO bulk sale pilot

Chief Financial Officer Susan McFarland of Fannie Mae spoke with HousingWire about the government-sponsored enterprise third quarter results and its REO bulk sale pilot. The pilot is deemed a success and Fannie Mae may plan on using bulk sales to resolve more REOs. McFarland would not give specifics, but added that it is keeping REO … Continue reading Fannie Mae pleased with REO bulk sale pilot

Hope Now reports 219,333 third quarter mortgage modifications

Mortgage servicers completed 219,333 loan modifications during the Q312, according the data from Hope Now, an alliance between HUD-approved counseling agents, mortgage servicers, investors and other mortgage market participants. For the month of September, 60,595 proprietary loans were completed. This is a 2% increase from August, which indicates that mortgage servicers delivered 59,459 proprietary loan … Continue reading Hope Now reports 219,333 third quarter mortgage modifications

Alternative Minimum Tax Could Hit Millions of Households More than 26 million households will for the first time face the AMT, which threatens to tack an average of $3,700 on to tax bills

The Washington Post6:36 a.m. CST, November 5, 2012 The best hope for a deal to avoid the "fiscal cliff" may lie with the alternative minimum tax, an obscure provision of the tax code that is about to become alarmingly relevant to millions of middle-class taxpayers. Unless Congress acts by the end of the year, more … Continue reading Alternative Minimum Tax Could Hit Millions of Households More than 26 million households will for the first time face the AMT, which threatens to tack an average of $3,700 on to tax bills

New short-sale guidelines expected to unclog bad mortgage backlog

The new Federal Housing Finance Agency short sales guides for the government-sponsored enterprises Fannie Mae and Freddie Mac are now in effect. The guideline’s impact on mortgage servicers so far are seen as positive, given that the program seeks to avoid foreclosures and is helpful to borrowers, servicers and the housing market, said senior executive … Continue reading New short-sale guidelines expected to unclog bad mortgage backlog

Completed Foreclosures Down 31% from Year Ago, but Remain High

Completed foreclosures continued their descent into September, falling 31 percent from a year ago, according to data from CoreLogic. The analytics company reported the number of homes lost to foreclosure in September dropped to 57,000. The decline is a steep drop from 83,000 in September 2011, and a decrease from the upwardly revised 59,000 in … Continue reading Completed Foreclosures Down 31% from Year Ago, but Remain High