CoreLogic: Foreclosures in June drop 20%

The number of foreclosures recorded in the U.S. fell 20% year-over-year in June, with only 55,000 homes completing the process, CoreLogic said.Just a year earlier, 68,000 foreclosures were recorded in the same survey.Yet, when compared to the previous month of May, foreclosures edged up 2.5% from 53,000 foreclosures.While foreclosures are down from last year, they … Continue reading CoreLogic: Foreclosures in June drop 20%

What We Can Learn From Australia’s Student Loan System?

What We Can Learn From Australia's Student Loan System?  inShare Marissa Brassfield, PayScale Jul 09, 2013The student financial aid program is far from perfect. It doesn't fit in with the modern world, where students are also part-time employees and sometimes even parents who need to take a semester off here and there to deal with other aspects … Continue reading What We Can Learn From Australia’s Student Loan System?

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

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

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

Mortgage cops taking tough stance Office of Inspector General on the prowl for strategic defaulters

By Lew Sichelman, United Feature Syndicate10:22 p.m. CDT, September 13, 2012Strategic defaulters, beware. The feds are coming for you. And they are not happy.Not the FBI. The Office of the Inspector General at the Federal Housing Finance Agency.The OIG may not have the same fearsome "G-man" reputation as its better-known counterparts at the Federal Bureau … Continue reading Mortgage cops taking tough stance Office of Inspector General on the prowl for strategic defaulters

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 … Continue reading California Homeowners’ Rights Bills Pass Committee