Fitch Ratings released a commentary Thursday asserting that FHFA's plan to clarify the triggers for a loan repurchase request could be a boon for the industry at large. FHFA had made an earlier announcement that the agency intended to clarify its positions on the appropriate triggers for a putback request from Fannie Mae and Freddie Mac. The GSEs have asked for more than $80 billion in flawed loan repurchases from lenders over the past three years. As a result, it has been argued that lenders have raised standards for loans beyond what many homebuyers can achieve. In the commentary, Fitch suggested that laying out putback triggers and reducing putback liability will have an overall positive effect for the housing market.
Read More »Potestivo & Associates Hires Attorney for Chicago Office
Potestivo & Associates, P.C. has a new attorney on its team. The firm announced Wednesday the hiring of Caleb J. Halberg to support its Illinois operation in the Chicago office.
Read More »NAHB: Rising Student Loan Debt Could Be Good Sign for Housing
Data shows that the onset of the housing crisis brought with it an increase in students taking out loans for higher education. Since the third quarter of 2008, student loan debt has increased by 47.9 percent ($293 million). This increase is attributed to the drop in the availability of home equity loans, which are often used by homeowning parents to finance their children's education. While student loan debt has risen, NAHB's analysis dismissed speculation that loan delinquency could spell disaster for housing and the economy.
Read More »Massachusetts Foreclosure Activity Increases for May
The Warren Group reported Thursday that foreclosure activity in Massachusetts rose in the month of May as banks resume foreclosure processes. The number of foreclosure petitions in the state more than doubled year-over-year, rising from 699 in May 2011 to 1,724 in May 2012.
Read More »Law Offices of Daniel C. Consuegra Announces New Partners, Location
The Law Offices of Daniel C. Consuegra, P.L., announced Tuesday that since the start of the year, the firm has named two new partners and taken steps to personalize their services, including opening a new office.
Read More »New York Assembly Passes Foreclosure Fraud Justice Bill
New York Attorney General Eric Schneiderman's proposed Foreclosure Fraud Prevention Act of 2012 passed in the state Assembly, the Office of the Attorney General announced Thursday. Schneiderman introduced the legislation as part of an effort to protect homeowners from foreclosure and crack down on fraudulent business practices. The Foreclosure Fraud Prevention Act defines ""residential mortgage foreclosure fraud"" and imposes criminal penalties-including jail time-for employees who engage in fraudulent conduct (like knowingly authorizing, preparing, executing, or filing false documents in a foreclosure action) or managers who knowingly tolerate such behavior.
Read More »HLP Launches Online Portal for Foreclosure Mediation
Together with GMAC Mortgage and the state of Maryland, HLP created the Portal as a way to ease the process by which homeowners can opt in for Maryland's foreclosure mediation program. Before now, homeowners have had to submit paper copies of documents to the state's Office of Administrative Hearings. With the added option of electronic submission through the Portal, it is hoped that more homeowners will take the step to opt in for mediation.
Read More »Mortgage Rates Take Another Record Dive
According to Freddie Mac's Primary Mortgage Market Survey (PMMS), average mortgage rates are easing, even in the face of troubling economic signs. The 30-year FRM averaged 3.66 (0.7 point) for the week ending June 21, down from 3.71 percent the previous week. At the same time in 2011, the 30-year FRM averaged 4.5 percent. The 15-year FRM averaged 2.95 percent (0.6 point), down from 2.98 percent in the last survey and a year-over-year drop from 3.69 percent. Adjustable rate mortgages (ARM) both slipped down, as well.
Read More »Allonhill Announces New Sales and Marketing Officer
Allonhill announced Monday that Mark Korell is the company's new chief sales and marketing officer.
Read More »Freedman Anselmo Lindberg Brings on Three Associates
Freedman Anselmo Lindberg LLC announced Friday that three new associate attorneys are joining the firm's growing default servicing practice.
Read More »