Columbia, Maryland-based CMSI Group Inc., a company that helps financial institutions mitigate credit risk, recently announced the first of two software applications for assessing the underlying loss risk of a lender’s loan portfolio.
Read More »California Foreclosures Rebound After Impact of SB 1137
ForeclosureRadar, an online company that tracks California foreclosures and provides daily auction updates, issued its California Foreclosure Report for November 2008 today. Despite the clear impact that California State Senate Bill 1137 had on stemming foreclosure activity in September and October, November saw significant increases across all stages of the foreclosure process, the company said.
Read More »NJ Company Expands Search to Accommodate Increasing Foreclosure Records
Bergenfield, New Jersey-based NJLispendens recently announced enhanced search options to its Web site for pre-foreclosure court filings. NJLispendens offers legal insider information that is updated daily, allowing for real estate investors, lenders, and Realtors to locate recently filed foreclosure actions as they are recorded in the courts and pinpoint homeowners in default who need their help to avoid foreclosure.
Read More »Rep. Waters Introduces Legislation for Systematic Approach to Loan Modifications
Rep. Maxine Waters (D-California), chairwoman of the subcommittee on Housing and Community Opportunity and a member of the Financial Services Committee, introduced the Systematic Foreclosure Prevention and Mortgage Modification Act of 2008 (H.
Read More »Obama Names NY Housing Commissioner as HUD Secretary
President-elect Barack Obama said on Saturday that he has chosen Shaun Donovan, the commissioner of Housing Preservation and Development in New York City, to be the next Department of Housing and Urban Development (HUD) secretary.
Read More »Identity Verification for Home Loans Now Provided in Real-Time
Fort Worth, Texas-based Rapid Reporting, a provider of income and identity verification products for the mortgage industry, has announced that the Social Security Administration is now providing verification of Social Security numbers in real-time, enabling Rapid Reporting to provide nearly immediate answers to users of its DirectChek identity verification solution.
Read More »Georgia and Texas Banks Close
Two more community banks have fallen under the pressures of the country’s economic and housing crises, bringing the total number of institutions on the Federal Deposit Insurance Corporation’s (FDIC’s) failed bank list to 25 in 2008.
Read More »National Loan Auditors Teams Up With Gulf Coast Law Center
Walnut Creek, California-based National Loan Auditors (NLA), a company providing quality control, pre-close, and post-close auditing, risk assessment consulting and fraud prevention to the mortgage, legal, and banking industries, has partnered with Pensacola, Florida-based Gulf Coast Law Center to build a national attorney network that will allow NLA loan audits from any state to be validated with a legal opinion letter from a licensed attorney in that jurisdiction.
Read More »Attorney General Sues Mortgage Rescue Companies
Seven new lawsuits have been filed by the state attorney general of Illinois against mortgage rescue companies. Attorney General Lisa Madigan said there is an alarming rise in scams that prey on vulnerable homeowners on the verge of foreclosure, and said homeowners should use caution when seeking help if they are at risk of losing their homes and to seek reputable and trusted sources for assistance.
Read More »New Report Says Foreclosures Could Top 8M by 2012
An estimated 8.1 million homes in the United States, or 16 percent of all outstanding mortgages, will be foreclosed over the next four years, according to a recent research and analytics report issued by the 152-year old financial institution Credit Suisse.
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