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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.

JPMorgan Chase Reaches $13B RMBS Settlement with U.S. Government

JPMorgan Chase has struck a deal with the U.S. Department of Justice to resolve civil claims over residential mortgage-backed securities (RMBS) issued prior to January 1, 2009, by the bank and two financial institutions it acquired in 2008. The $13 billion settlement is the largest in American history between the U.S. government and a single entity and includes $4 billion in relief for consumers and communities impacted by the housing crisis.

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Award-Winning NexTitle Expands Footprint with New Oregon Office

NexTitle, based in Bellevue, Washington, announced plans to expand its operations with a new office in Lake Oswego, Oregon, which the firm intends to make its flagship office in the state. The company also announced it was selected from a field of finalists in the title and escrow field to receive the 2013 Business and Humanitarian Award for Outstanding Title and Escrow Company presented by the Washington Association of Mortgage Professionals.

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Private-Public Collaboration Results in 8M Foreclosure Preventions

Collaboration between the private and public sectors has resulted in 8 million non-foreclosure solutions completed for at-risk families since 2007, according to HOPE NOW, a voluntary alliance of mortgage servicers, investors, mortgage insurers, and nonprofit housing counselors. Over the last six years, the mortgage industry has completed more than 6.71 million total permanent loan modifications, while short sales total approximately 1.39 million since December 2009.

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JPMorgan Strikes Deal with Mortgage Investors

JPMorgan Chase & Co. has reached a $4.5 billion agreement with 21 institutional investors to settle mortgage repurchase and servicing claims on 330 residential mortgage-backed securities (RMBS) issued by J.P. Morgan, Bear Stearns, and Chase. The group of investors supports the arrangement, according to their legal representative, and has asked the trustees to accept JPMorgan's offer. The bank says it is appropriately reserved for this and any remaining RMBS litigation matters.

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Rushmore Approved as Freddie Mac Seller/Servicer

Rushmore Loan Management Services LLC made announcements of two positive corporate developments Thursday. Rushmore has received approval to act as a Freddie Mac seller/servicer--a nod the company says will significantly expand its business. In addition, Standard & Poor's assigned an average rating to Rushmore as a residential special servicer and residential primary servicer, ranking the company's management and operations as above average.

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Judicial Foreclosure Auctions Elevate Foreclosure Activity

Foreclosure auctions in judicial states rose annually for the 16th straight month in October. RealtyTrac recorded a total of 30,023 scheduled judicial foreclosure auctions nationwide last month, up 10 percent from the previous month and up 7 percent from October 2012. The company says lenders are moving these properties to public auction more rapidly because there is strong demand from institutional investors looking for buy-to-rent opportunities, and because rising home prices mean more loan losses can be recouped.

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More Homeowners Receiving Principal Reductions Under HAMP

As of September, more than 1.2 million homeowners have received a permanent modification through the Home Affordable Modification Program (HAMP). Homeowners currently in permanent HAMP mods have been granted an estimated $12.1 billion in reduced principal, Treasury reports. In fact, officials say of all non-GSE loans eligible for principal reduction entering HAMP in September, 72 percent included a principal reduction feature.

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Federal Court in North Carolina Dismisses ‘Fraud by Use of MERS’ Case

Merscorp Holdings, Inc. announced Thursday that the U.S. District Court for the Eastern District of North Carolina ruled in favor of Mortgage Electronic Registration Systems, Inc. (MERS), JPMorgan Chase, and other MERS members in a recent case in which the plaintiff claimed the hidden purpose of MERS was to defraud borrowers and court clerks by hiding the true owners of secured interests in property.

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Indecomm’s eRecording Service Available in More Than 500 Counties

Indecomm Global Services is now offering eRecording to lenders and title agents in more than 500 counties nationwide. The company passed the 500-county mark with the recent addition of all Hawaiian counties to the Indecomm eRecording roster. The company already offers paper recording in all U.S. jurisdictions.

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Furloughed Government Workers Elevate Unemployment Rate to 7.3%

Some 204,000 Americans found work in October, the Bureau of Labor Statistics reported Friday morning. Yet with the number of public employees counted as unemployed or temporarily laid off as a result of the federal government shutdown last month, the national unemployment rate rose to 7.3 percent, up from 7.2 percent in September. Job gains for both August and September were revised upward, adding a combined 60,000 more to the workforce.

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