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Home | News

Judge Rules Wells Fargo Breached Terms of 2010 Mortgage Settlement

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Judge Richard Seeborg, in the U.S. District Court of Northern California, ruled that Wells Fargo had breached the terms of the settlement by using "evolving and perhaps ill-defined standards" when determining borrowers' eligibility for a loan modification, according to one report. At the same time, however, Seeborg told both sides they had had "almost no idea" what they agreed to in the settlement.

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Largest Financial Firms Turn in Healthy Q1 Earnings Reports

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Bank of America originated $17 billion worth of first-lien residential mortgage loans and home equity loans in Q1, which helped the bank's net income rise to $3.4 billion for Q1. The Charlotte, North Carolina-based bank also reported a 45 percent year-over-year decline in the number of first mortgage loans serviced by its Legacy Assets unit that were 60 or more days delinquent, down to 153,000.

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Massachusetts Court Rules in Favor of MERS

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The Appeals Court of Massachusetts became the latest court to uphold the validity of the assignment of a mortgage by Mortgage Electronic Registration System (MERS) on Friday, according to an announcement from MERSCORP Holdings, parent company of MERS.

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CFPB Amends Guidelines For Providing Lists of Housing Counseling Organizations

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Housing counselors‒‒which can be the lenders themselves‒‒can provide advice on buying a home, renting, defaults, foreclosures, and credit issues at little or no cost to consumers. The Dodd-Frank Act of 2010 included a requirement that mortgage lenders provide applicants with a list of local housing counselors, which consumers are to receive shortly after they apply for a mortgage.

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RIO Genesis Announces Partnerships With Two Real Estate Firms

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California-based firms The Life Planning Companies and National Real Estate Solutions (NRES) have teamed with Henderson, Nevada-based RIO Genesis to take advantage of RIO's breakthrough technology platform, national real estate broker organization (the NRBA), and numerous RIO Genesis users, real estate brokers, and agents, according to an announcement from RIO Genesis CEO Michael Krein.

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FHFA Launches Neighborhood Stabilization Pilot Program in Illinois

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The Neighborhood Stabilization Initiative is a set of strategies that aim to help delinquent borrowers avoid foreclosure and create a more efficient disposition path for foreclosed properties that will first be introduced in Cook County, Illinois. The housing market in the county, which contains Chicago, took a precipitous dive at the end of 2008 that took four years to reverse, according to data from DePaul University.

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