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Author Archives: Esther Cho

RTT Hires Associate, Announces Leadership Award for Shareholder

Rogers Townsend & Thomas, PC (RTT) hired an associate for its Columbia, South Carolina office and announced one of its shareholders will be honored by SC Lawyers Weekly with a leadership award. Andrew Powell was selected to serve as an associate for the firm's default services department. Cynthia Durham Blair of RTT's Columbia office will receive recognition March 14 with a 2013 Leadership in Law Award.

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Agents Report Strong Homebuyer Traffic Despite Winter Season

Winter weather did not slow down the housing market's momentum, with homebuyer traffic still going strong in December, according to survey results from Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. The three homebuyer groups--current homeowners, first-time homebuyers and investors--all recorded their biggest traffic gains of 2012 in December, data from the HousingPulse survey revealed. The survey also measured the relative health of the housing market by assessing time on market, number of offers, closed transactions, and sales prices. Overall, survey data revealed all measures improved at the end of 2012.

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Fitch: Potential Impact of CFPB’s New Servicing Rules

The new servicing rules recently issued by the Consumer Financial Protection Bureau (CFPB) will benefit the mortgage servicing industry by creating uniform standards, but it will also increase compliance costs for the servicers, which will put pressure on smaller-sized entities, according to a report from Fitch Ratings. ""[S]imilar to other servicing-focused initiatives, the CFPB rules will further increase compliance costs for the industry, extend timelines, and potentially drive further consolidation within mid to smaller servicers,"" Fitch stated.

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Three Carrington Execs Named to 2013 Inman 100 List

Three executives representing Carrington Holding Company earned a spot in Inman News' list of the most influential leaders in real estate. Steve Ozonian, chief real estate officer at Carrington Holding Company; Steve DiUbaldo, president of Atlantic & Pacific Real Estate (a subsidiary of Carrington); and Rick Sharga, EVP at Carrington Mortgage Holdings, were named to the 2013 Inman 100 list.

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Obama Nominates SEC Chair, Renominates Cordray

President Obama nominated Mary Jo White to serve as chair of the Securities and Exchange Commission (SEC), according to reports. White is known for her work as a U.S. attorney for the Southern District of New York, a position she held from 1993 to 2002. During her time as a U.S. attorney, White served as a prosecutor in international terrorism cases, as well as complex white collar cases. Obama also renominated Richard Cordray as the director of the Consumer Financial Protection Bureau (CFPB).

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Prices, Sales Improve in Largest Counties in December: DataQuick

Out of the 42 largest counties in the nation, all 42 exhibited price growth on a monthly, yearly, and quarterly basis in December, according to DataQuick's monthly Property Intelligence Report. DataQuick's monthly Property Intelligence Report (PIR) assesses the housing market based on valuation trends, REO inventory trends, and sales trends metrics. In addition to positive price growth in all 42 counties, sales also showed substantial growth in December. While home prices and sales improved, VP of analytics for DataQuick Gordon Crawford, Ph.D., noted foreclosures worsened compared to November.

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Fannie Mae: Slow Economic Growth May Be the Near-Term Norm

While some are asking when the economy will return to normal, others are wondering if this prolonged period of below-potential GDP growth is actually the ""new normal,"" according to a report from Fannie Mae's (FNMA/OTC) Economic & Strategic Research Group. For 2013 and 2014, Fannie Mae projects a continuation of below-potential economic growth, with a 2 percent growth rate expected for 2013, similar to the lackluster performance seen in 2012.

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