Irvine, California-based LoanMarket.NET announced on Monday the launch of its online marketplace for buying and selling real estate-secured note investments. According to the company, the new Web site creates a neutral, open marketplace for the purchase and sale of whole mortgage loans that brings efficiency and full pricing transparency to the traditionally opaque secondary market for real estate-secured debt investments.
Read More »FBI Wants Mortgage Records Kept Longer
The U.S. Justice Department and Federal Bureau of Investigation (FBI) are asking Congress to require mortgage companies to retain records for at least 10 years in order to better facilitate fraud prosecutions.
Read More »New Auction Company Opens in Texas
Austin, Texas-based TexTerra Auctions, LLC, has opened its doors for business. The newly created real estate auction company is focused on assisting lending institutions in Texas with offloading commercial and bulk residential REO properties.
Read More »Gains Expected In Home Sales
Pending home sales have edged up, hinting at a possible pickup of sales activity in coming months, according to the National Association of Realtors (NAR). NAR’s Pending Home Sales Index (PHSI), a forward-looking indicator based on contracts signed in February, rose 2.
Read More »Report: Re-Defaults Still Rising
The Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS) released their Mortgage Metrics Report for the fourth quarter of 2008 on Friday, which showed that re-default rates following loan workouts to help homeowners avoid foreclosure are still escalating.
Read More »Gov. Agencies Crack Down on Foreclosure Rescue Scams
The U.S. Department of the Treasury, the U.S. Department of Justice, the Department of Housing and Urban Development (HUD), the Federal Trade Commission (FTC), and the Attorney General of Illinois announced the launch of a new initiative on Monday aimed at foreclosure rescue scams and loan modification fraud.
Read More »Treasury Clarifies Guidance on Legacy Investments, Extends App Deadline
On Monday, the Treasury Department released additional guidance for potential investors in the securities portion of its Public Private Investment Program (PPIP) and extended the deadline for application to the program.
Read More »LenderLive Launches Gov. Loan Mod Campaign with Top Servicer
Denver, Colorado-based LenderLive Network Inc., a company that provides business process outsourcing and technology to the financial industry, announced on Monday that it has successfully launched its first large-scale Home Affordable Modification Program (HMP) campaign with one of the nation’s top four servicers.
Read More »Fannie, Freddie Proceed with Bonuses
Fannie Mae and Freddie Mac are planning to follow through with the payout of retention bonuses to more than 7,500 employees. The two companies plan to award $159 million to executives and key staff members over the next 18 months, on top of the nearly $51 million already paid out in 2008.
Read More »Companies Form REO Asset Alliance
Five national companies in the mortgage and property management industry – Avalar Network, Inc., DDN Services, ECJ Asset Management, TrustTitle, and TT Lender Solutions – announced on Friday the formation of a strategic alliance to provide a one-source, cross-functional solution for lenders and investors to manage distressed real property loan assets.
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