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Author Archives: Esther Cho

HUD Secretary Presents Department’s Budget for FY 2013

Before a senate subcommittee Thursday, HUD Secretary Shaun Donovan revealed details of his department's 2013 fiscal year budget and presented a breakdown on what programs the funds will help. Overall, HUD's budget for the fiscal year 2013 provides $44.8 billion for housing programs, an increase of 3.2 percent or $1.4 billion compared to 2012. However, Donovan further explained that the program funding level is offset by $9.4 billion in projected FHA and Ginnie Mae receipts, which means the budget is actually $35.4 billion, or 7.3 percent below the fiscal year 2012 level of $38.2 billion.

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Foreclosure Activity Trends Mixed in Metros, According to RealtyTrac

While 114 out of 212 metropolitan areas with a population of 200,000 or more saw increases in foreclosure activity during the 2012 first quarter, activity was still down compared to the same quarter a year ago, according to RealtyTrac's 2012 first quarter Metropolitan Foreclosure Market Report. Last year, 135 out of 212 metros areas saw increases in foreclosure activity in the first quarter.

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KML Hires Industry Veteran as Controller

KML Law Group, a Pennsylvania based legal services provider to the mortgage servicing industry that was founded in 1981, brought on Bernard (Bernie) Smith to be the controller for the law firm. Smith has 30 years of experience in residential mortgage default servicing, financial planning, audit and control. As controller, Smith will be responsible for the billing, accounting and corporate finance functions of the firm to ensure regulatory and client compliance during a time of increased oversight.

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Coester Appraisal Group Enhances Cloud Control

Coester Appraisal Group enhanced Cloud Control by adding C-Data, the company's automated appraisal review technology. C-Data automated review technology electronically evaluates every field in an appraisal report; identifies potential fraud, errors, discrepancies and missing information; and offers findings in online and in printed formats.

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California Sees Fewer Homes Going into and Getting Lost to Foreclosure

California may have some rough patches in it, but overall, with the worst part of the housing crises appearing to be over, the state is seeing fewer delinquencies and losing a smaller number of homes to foreclosure, according to a San Diego-based real estate data provider. A total of 56,258 Notices of Default (NODs) were recorded at county recorders offices in California during the first quarter of 2012, the lowest level since the second quarter of 2007 when 53,943 NODs were recorded, according to DataQuick. NOD filings peaked in the first quarter of 2009 at 135,431.

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Zillow Projects Prices to Fall 0.4%; Some Markets to Hit Bottom and Rise

According to the Zillow Home Value Forecast, prices are projected to fall 0.4 percent over the next year, but not all markets are expected to see this decline, with several already appearing to have reached bottom. Of the 30 metro areas covered by the Zillow forecast, 19 are expected to, or already have hit their lowest point in 2012, with nowhere else to go but up. Metro areas that are expected to see significant gains following their low point in the next 12 months include Phoenix, Miami-Ft. Lauderdale, and Tampa, according to the forecast.

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Call for GSEs to Apply Principal Reduction Continues

In a speech to the National Council of State Housing Agencies on Monday, a Treasury official named a number of measures to address challenges in the housing market, and stressed one solution that has not been applied by Fannie Mae and Freddie Mac: principal reduction. Mary Miller, under secretary for domestic finance, says given the large percentage of outstanding mortgages that are currently backed by Fannie or Freddie, it is important that the GSEs participate in the principal reduction alternative of the Home Affordable Modification Program.

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PNC Financial Services Announces New President

The PNC Financial Services Group announced the election of William S. Demchak by the board of directors as president of the corporation and PNC Bank, the principal banking subsidiary. Demchak has been senior vice chairman of PNC since 2009 and has held supervisory responsibility for all PNC businesses since 2010.

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DataQuick Adds Short Sale Enhancements to RiskFinder Distress

DataQuick added several content and performance enhancements to its RiskFinder Distress solution, including enhanced tracking of short sales. These additional features provide investors, lenders, and servicers expanded distressed property reviews based on a new data algorithm and extended customization.

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FHFA House Price Index Up 0.3%; Comparisons with Case-Shiller

FHFA's house price index showed a monthly increase of 0.3 percent in February and a 0.4 percent increase compared to a year ago. This marks the first 12-month gain since the July 2006 - July 2007 yearly increase. The FHFA index uses purchase prices of houses backing mortgages sold to or guaranteed by Fannie Mae or Freddie Mac. Patrick Newport, economist with IHS Global Insight, pointed out in a report that unlike FHFA indexes, Case-Shiller includes all transactions and, he said, GSE mortgages are in much better shape than other mortgages overall.

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