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Author Archives: Brittany Dunn

Homeownership Preservation Foundation Adds New Member to Board

Homeownership Preservation Foundation (HPF), a national nonprofit organization dedicated to foreclosure prevention counseling and preserving homeownership in the United States, has named Barrett Burns, president and CEO of VantageScore Solutions, to its board of directors. Burns joined VantageScore Solutions in 2005 and has more than 30 years' professional experience in risk and credit management.

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REDC to Auction More Than 100 Bank of America-Owned Homes

The words ""real estate auction"" and ""investor"" usually go hand in hand, but Bank of America and the auction company REDC recently announced plans for a foreclosure auction exclusively for owner-occupant homebuyers. The July 24 auction will include more than 100 homes located in the Inland Empire of Ontario, California. These Bank of America-owned homes have been removed from the market and are inspected, repaired, and ready for sale.

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Oil Spill May Cause Further Problems for Troubled Florida Homeowners

The BP oil spill may intensify problems for homeowners in Florida who were already struggling to keep up on their mortgage payments, Fitch Ratings recently reported. According to the ratings agency, these at-risk mortgage borrowers will have limited ability to face any additional economic challenges brought on by the spill. A study completed by Fitch found that half of all securitized non-agency mortgage loans in the Sunshine State are already 60 days or more past due.

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In Mortgage Apps, Refinance Volume Jumps as Purchase Activity Slumps

Despite a continued drop in purchase applications, total mortgage loan application volume jumped 8.8 percent for the week ending June 25, 2010, due to a surge in refinance applications, the Mortgage Bankers Association (MBA) reported Wednesday. According to MBA's Weekly Mortgage Applications Survey, the purchase index fell an additional 3.3 percent, but the refinance index soared 12.6 percent.

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Illinois Home Sales Soar by Double Digits in May, Prices Increase Slightly

The Illinois housing market continued down the road to recovery in May, as both home sales and prices jumped on year-over-year basis, the Illinois Association of Realtors (IAR) recently reported. According to IAR, statewide homes sales - including single-family homes and condos - totaled 11,638 transactions in May 2010, soaring 27.1 percent from the same month last year. In addition, the association said the median home price last month, coming in at $157,000, nudged up 0.6 percent from May 2009.

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Florida Reps. Introduce Bill to Protect Gulf Residents from Foreclosure

U.S. Reps. Jeff Miller (R-Florida) and Adam Putnam (R-Florida) have introduced legislation to provide mortgage forbearance to homeowners in the areas affected by the BP oil spill. This bill will allow for HUD to provide forbearance for those sustaining economic losses due to the oil spill. In addition, it will give HUD the opportunity to evaluate the resources and programs available within the agency that could provide further assistance to communities along the Gulf Coast.

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StoneHill Group Forms Alliance With CMC for Quality Control Services

The StoneHill Group recently announced that it has formed a strategic alliance with Capital Markets Cooperative (CMC). Through this alliance, members of CMC will be able to take advantage of post close quality control outsourcing services, in addition to branch, collateral, and servicing audits offered by the StoneHill Group.

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PMI Names SVP of Servicing Operations and Loss Management

The PMI Mortgage Insurance Co. recently promoted Chris Hovey to SVP of servicing operations and loss management. In his new role, Hovey is responsible for three groups, including claims and loss management, homeownership preservation initiatives and loss mitigation, and policy servicing and business intelligence.

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Commercial/Multifamily Debt Outstanding Falls Slightly in Q1 ’10: MBA

Driven by drops in commercial and multifamily mortgages held in commercial mortgage-backed securities and construction loans held by banks, the level of commercial/multifamily debt outstanding fell to $3.31 trillion in the first quarter of this year, according to a recent study by the Mortgage Bankers Association. That represents a $31 billion, or 0.9 percent, decrease from the fourth quarter of 2009. However, multifamily mortgage debt alone rose to $852 billion, an increase of $3 billion, or 0.4 percent, from the previous quarter.

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