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Home | News | Loss Mitigation

Realtor.com Still Sluggish Amidst DDoS Attack

Realtor.com Still Sluggish Amidst DDoS Attack

Move, Inc., reported that it is continuing to combat the distributed denial of service (DDoS) attack which has interrupted its websites' operations since mid-day June 17. The company said in a release that they are "working around-the-clock" to mitigate the attack and restore operations.

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HOPE NOW: Loan Mods Reach 7 Million Mark; 42k in April

HOPE NOW: Loan Mods Reach 7 Million Mark; 42k in April

HOPE NOW released its latest data on loan modifications, noting that in April approximately 42,000 homeowners completed a modification for their home's mortgage. All told, the organization reported that more than 7.02 million homeowners have completed home mortgage modifications since the third quarter of 2007.

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Ocwen No Longer Requiring Gag Orders on Loan Mods

Ocwen No Longer Requiring Gag Orders on Loan Mods

In a report originally in Reuters, Ocwen will stop requiring gag orders, which disallowed some homeowners from criticizing the company publicly in exchange for having their loan terms modified, according to New York State's Superintendent of Financial Services Benjamin Lawsky.

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Missouri Man Sentenced to 4 Years for Defrauding TARP Bank

Missouri Man Sentenced to 4 Years for Defrauding TARP Bank

The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) announced the latest victory in its ongoing effort to protect taxpayers by combating fraud, waste, and abuse connected with the U.S. Department of the Treasury's Troubled Asset Relief Program (TARP). Michael Edward Filmore of Chesterfield, Missouri was sentenced to four years in federal prison and ordered to pay $6.5 million in restitution for defrauding Pulaski Bank.

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California Man Sentenced to 51 Months for Fraud

California Man Sentenced to 51 Months for Fraud

The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) announced that Steven Pitchersky of Rancho Mirage, California was sentenced to 51 months in federal prison for a scheme to defraud GMAC Inc., since rebranded as Ally. Through his fraudulent actions, the company incurred losses of approximately $5.3 million.

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Increase in FHA Market Share Ups Default Risk Index

Increase in FHA Market Share Ups Default Risk Index

Nearly 12 percent of home purchase loans in today's market run the risk of default in the event of an economic downturn, according to a new report from the American Enterprise Institute's (AEI) International Center on Housing Risk. AEI's National Mortgage Risk Index (NMRI), a measure of loan default risk under stressful conditions, increased to 11.9 percent for April, up nearly half a percentage point from March.

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Ohio Bank Fails; Eighth This Year

Ohio Bank Fails; Eighth This Year

Columbia Savings Bank of Cincinnati, Ohio was closed by the Ohio Division of Financial Institutions, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with United Fidelity Bank of Evansville, Indiana to assume the failed bank's deposits.

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HUD Awards Housing Counseling Grants

HUD Awards Housing Counseling Grants

In an ongoing effort to improve housing education for consumers, the U.S. Department of Housing and Urban Development (HUD) announced it has awarded $40 million in grants to hundreds of national, regional, and local organizations to bolster housing counseling programs.

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