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Author Archives: Esther Cho

Lawsuit Filed Against Wells Fargo and Chase for Default Service Fees

Baron and Budd attorneys filed a lawsuit on February 10, alleging that Wells Fargo and JPMorgan Chase charged excessive default service fees. According to the suit, while federal law allows mortgage servicers to charge borrowers BPO fees, Wells Fargo and Chase marked up the charges or performed unnecessary services to make a profit, which is not permissible. The suit also claims that the fees are disguised on statements as other charges, miscellaneous fees, or corporate advances.

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In Addition to $25 Billion Settlement, Nevada’s AG Wins More

In addition to the $25 billion settlement between the five largest servicers and 49 states, Nevada's Attorney General Catherine Cortez Masto reaped more for Nevada homeowners through an additional settlement with Bank of America. Masto won Nevada $750 million in relief for lien principal payments and short sales from BofA and $30 million for consumer protection efforts. That's on top of the $1.5 billion that will go to the state from the nationwide settlement reached with all five servicers.

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Stewart Lender Services Offers New Property Management Service

Stewart Lender Services (SLS) added Rental Management Solutions to its list of services to assist those in the mortgage industry with managing rental properties. ""It addresses pending government programs, offers a compliant rental solution to expediently place qualified renters into vacant homes, helps to alleviate the overhead of managing vacant REO properties, and aids in restoring communities heavily hit by the mortgage crisis,"" said Ken Blevins, CEO of PMH Financial, a Stewart company.

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CoreLogic Names New SVP for Default Services Business

CoreLogic appointed Kevin Wall as SVP for its default services business, which helps companies manage its default portfolio by providing services such as data and analytics. Wall, who joined CoreLogic in August 2009, will direct operations, product development, and services for the default services business.

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Tally Rises to Nine With Two More Bank Failures

A bank in Indiana and another in Illinois closed Friday, February 10, increasing the tally for FDIC-insured banks closed this year to nine. Shelby County Bank (SCB) of Shelbyville, Indiana shut its doors and was acquired by First Merchants Bank. Barrington Bank & Trust Company took over Charter National and reopened over the weekend as a branch of Barrington Bank.

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Foreclosed Homes Breathe Inspiration into Architects

Amidst the housing crises came new challenges for more than just politicians, homeowners and those in the industry, but also for people with a penchant for art and design. Foreclosed: Rehousing the America Dream, is an exhibition that will be showcased at the Museum of Modern Art (MOMA) in New York. The exhibit will explore architectural possibilities against the backdrop of the depressed housing market.

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Illinois Introduces Two Initiatives to Tackle Foreclosure Issues

To alleviate issues of foreclosure in one of the hardest hit areas, Illinois Governor Pat Quinn launched two initiatives. One effort will connect homeowners to resources to keep them in their homes, and another will help revitalize areas affected by foreclosed and vacant properties. Illinois is consistently ranked among the top 10 states with the highest number of foreclosures.

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HFF Hires Two New Managing Directors

Holliday Fenoglio Fowler (HFF), a commercial real estate and capital markets services provider, hired two new managing directors: one for its Pittsburgh office and one for its Orange county location. Nicholas Matt rejoined the firm in Pittsburgh, and James Fowler was selected for Orange county office.

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Home Values Declined 1.1 Percent in Fourth Quarter

Zillow forecasts home values will be on the decline through December 2012, but the decrease will be smaller than in 2011. Home values in the U.S. fell in the fourth quarter, with the Zillow Home Value Index sinking 1.1 percent after a less significant decline for the two previous quarters. Zillow's report also shows that the rate of homes foreclosed on increased slightly to 8.2 out of every 10,000 in December, compared to 8 out of every 10,000 homes in November.

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U.S. Resolves Claims Against BofA Through $1 Billion Settlement

Bank of America will pay $1 billion to the U.S. to settle on the largest False Claims Act relating to mortgage fraud. Since 2009, the U.S. attorney's office has been investigating lending practices from Countrywide, which BofA acquired in 2008. The results of the investigation led to allegations that the bank created loans insured by the Federal Housing Authority (FHA) to unqualified home buyers. BofA was also accused of originating loans based on inflated appraisals and failing to identify homeowners who could participate in the government's Home Affordable Modification Program.

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