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Home | News | Loss Mitigation

Seriously Underwater Properties Fall to Lowest Level in Two Years

Seriously Underwater Properties Fall to Lowest Level in Two Years

9.1 million U.S. residential properties were seriously underwater in the first quarter of 2014, according to RealtyTrac's U.S. Home Equity & Underwater Report. Seriously underwater properties, which are homes where the combined loan amount secured by the property is at least 25 percent higher than the property's estimated market value, represented 17 percent of all properties with a mortgage.

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Bank of America Legal Expenses Hurt Q1 Earnings

Bank of America Legal Expenses Hurt Q1 Earnings

Bank of America’s first-quarter earnings were hit hard by legal expenses, resulting in a net loss of $276 million to start the year. The loss follows a profitable fourth quarter of 2013, which saw the bank taking in $3.4 billion. For the first quarter of 2013, BofA reported net income of $1.5 billion. The results for the first quarter include $6 billion in litigation expenses related to a major settlement the Federal Housing Finance Agency (FHFA) over legacy securities claims.

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Report: Bank Mergers Outpace Bank Failures

Report: Bank Mergers Outpace Bank Failures

According to the Mortgage Graveyard report by Mortgage Daily, the number of mortgage-related failures has significantly declined this past year, and wholesale lenders are disappearing equally as quickly. However, mortgage mergers are on the rise.

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4 Indicted in ‘Massive Bank Fraud Scheme’

4 Indicted in ‘Massive Bank Fraud Scheme’

The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) announced that four men—Sean Cutting, Brian Melland, Bijan Madjlessi, David Lonich—have been indicted on federal charges of conspiracy, bank fraud, wire fraud, money laundering, false statements to a bank, false bank entries, and obstruction of justice.

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Missouri Businessmen Plead Guilty to Fraud

Missouri Businessmen Plead Guilty to Fraud

The Special Inspector General for the Troubled Asset Relief Program (SIGTARP) announced that James Crews and Michael Hilbert pleaded guilty to defrauding Excel Bank. According to plea agreements, Crews and Hilbert admitted to making false statements to Excel Bank with respect to escrow funds or “fix funds” set aside to repair rental homes financed through the bank.

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Freddie Mac Extends Mortgage Relief to Washington Disaster Victims

Freddie Mac Extends Mortgage Relief to Washington Disaster Victims

Freddie Mac commented Wednesday that its' full menu of mortgage relief policies are available for borrowers who are affected by disasters in the state of Washington from recent flooding and landslides. The company said, "Freddie Mac's disaster relief policies enable servicers to help borrowers with homes in presidentially declared Major Disaster Areas where federal Individual Assistance programs are being made available."

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NFHA Files Another Complaint Alleging Housing Discrimination

NFHA Files Another Complaint Alleging Housing Discrimination

In a long line of lawsuits and complaints against corporations alleging discrimination, the National Fair Housing Alliance (NFHA) announced a complaint against Safeguard Properties, the largest mortgage field services company in the country. The organization alleges REO properties were not as well maintained and marketed in African-American, Latino, and other non-white communities compared to properties in white neighborhoods.

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Financial Education Paramount for Texas Homebuyers

Financial Education Paramount for Texas Homebuyers

Through a partnership between the Texas State Affordable Housing Corporation (TSAHC) and the Texas Association of Realtors (TAR), the joint campaign "Get Ready: Making Texans Homeowners for Life" will work to increase awareness of educational programs among potential home buyers.

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Mortgage Fraud Rises in 2013, Continuing Trend

Mortgage Fraud Rises in 2013, Continuing Trend

For the second straight year, Washington, D.C., is the place lenders are most likely to encounter mortgage fraud, according to the annual Mortgage Fraud Risk Report released by Interthinx. This continues the rising trend in fraud risk observed over the past three years as inventories shrink, prices rise, and markets stabilize.

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Former Bank CEO Charged with Bank Fraud, Conspiracy, and Perjury

Former Bank CEO Charged with Bank Fraud, Conspiracy, and Perjury

Poppi Metaxas, former president and CEO of Gateway Bank of Oakland, California, was charged with bank fraud, bank fraud conspiracy, and perjury in relation to a sham "round trip" transaction. The scheme, initiated by Metaxas, caused Gateway to execute a false transaction in which the bank self-funded a down payment to make it appear that Gateway had sold toxic, non-performing mortgage loans.

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