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Author Archives: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.

Fitch Expects Re-Defaults on 75 Percent of Subprime RMBS Mods

Fitch Ratings took a closer look at servicers’ loss mitigation efforts among residential mortgage-backed securities (RMBS) in a special report= issued last week. The agency found that while home loan workouts to avoid foreclosures have increased substantially, re-defaults post-modification continue to be a problem for servicers, investors, and homeowners, with as many as three-fourths of those mortgages in the subprime category projected to fall back into default status within one year of the initial resolution.

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Quartz Surfacer Launches Mortgage Unit

Le Sueur, Minnesota-based Cambria announced on Monday the creation of its new Cambria Mortgage division, which will provide home lending services to Minnesota residents. Cambria is the only producer of natural quartz home countertop surfaces in the United States, and the company expects the launch of its new mortgage unit to further expand its presence in the housing realm.

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BofA Modifies 64,000 Countrywide Loans

Bank of America says it modified more than 64,000 Countrywide mortgages between December and March. The workouts are part of the bank’s agreement with 42 state attorneys general to settle predatory lending charges against its Countrywide subsidiary.

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LendingSpace Appoints Osheka President

Fulton, Maryland-based LendingSpace – a provider of loan origination management solutions for all residential mortgage loans, whether forward or reverse, government, or conventional – has announced the selection of Jeffrey T.

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Foreclosure Starts Hit One Million

According to the D.C.-based nonprofit homeownership research and advocacy group the Center for Responsible Lending (CRL), a dismal milestone was reached over the weekend – the organization says one million new foreclosures have been filed so far in 2009.

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Real Estate Auction Platforms For Sale

The real estate auction Web sites BidSell.com and BidRent.com, as well as their Canadian counterparts BidSell.ca and BidRent.ca, have been put up for sale by Idea Labz, Inc., an Internet holding company based in Los Angeles.

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HOPE NOW: April Workouts Hit New Record

HOPE NOW announced this week that 270,000 homeowner solutions were completed in April. This is the largest number of workouts in any month since HOPE NOW began to compile data. Last month, HOPE NOW members and the mortgage lending industry modified 127,000 mortgages and completed 143,000 repayment plans.

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Report: Home Resales Increase in April

Existing-home sales rose in April with strong buyer activity in lower price ranges and distressed real estate, according to a new report released this week by the National Association of Realtors (NAR).

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Court Denies Countrywide’s Motion To Dismiss RICO Charges

The federal district court for the Southern District of California in San Diego has denied Countrywide Financial Corp.‘s motion to dismiss a consolidated class action complaint against the lender, which challenges Countrywide’s subprime mortgage marketing and lending practices.

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