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Author Archives: Heather Cernoch

Real Estate Veteran Reveals Five Trends to Watch in a Struggling Market


Greg Rand, a 20-year real estate veteran and author of ""Crash Boom,"" recently divulged five new trends in the struggling housing market. The secret to making sure your real estate doesn't turn into a money pit, he says, is to watch these trends so you can predict where prices will rise and where they won't. Rand contends that no matter how the markets change, no matter which way the winds shift, people will always need a place to live - an ideal that's been true of America since the first log cabin.

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Financial Literacy Solutions Deploys Mediation Tool for Counselors

Financial Literacy Solutions LLC (FLS) is providing a video solution for loan mediation to Consolidated Credit Counseling Services, Inc. FLS offers Web-based custom videos and automated forms and materials that enable the borrower to learn about the mediation process. Consolidated Credit says as more states across the nation enact regulations that require mediation as part of the default process, it has seen demand for counseling services rise dramatically.

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One in 10 NYC Mortgages Seriously Delinquent

One in 10 residential mortgages in New York City is more than 90 days delinquent or in foreclosure, according to an analysis conducted by the Federal Reserve Bank of New York. The study also revealed that the ratio of New York City borrowers at least three months behind on their payments, but not in foreclosure, has improved from 5.4 percent in February 2010 to 3.8 percent as of March 2011. Mortgage performance statistics were also released for Long Island and Hudson Valley.

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Aklero Announces New SVP of Client Solutions

Aklero Risk Analytics Inc., a Pennsylvania-headquartered provider of automated data and document validity assurance for the mortgage industry, promoted Craig Riddell to SVP of client solutions. Previously, Riddell was the company's VP of product management and client relations. Aklero says its 500 percent percent growth is in large part due to Riddell's knowledge of the mortgage industry and his ability to translate client needs and market demand into value added solutions.

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Carrington Property Services Realigns Asset Management Operations

Carrington Property Services, LLC, a residential asset management company, recently restructured its operations to increase its capabilities in residential asset management services, a move expected to benefit lenders and servicers. The company has realigned its operations into three primary divisions - rental, REO administration, and centralized services.

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Michigan Counties Sue Fannie and Freddie over Property Taxes

Michigan's Oakland and Ingram Counties have filed lawsuits against Fannie Mae and Freddie Mac, alleging the GSEs avoided paying the state property-transfer tax on thousands of REO homes by claiming false exemptions. Oakland County says there are hundreds, perhaps thousands, of deeds recorded by Fannie and Freddie where they claimed exemptions. Officials maintain the exemptions cost Oakland County at least $250,000 per year.

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Analysis: Private Markets Key to Preventing Housing Meltdown Sequel

According to an analysis authored by a former chief economist of Freddie Mac and a real estate economics professor at University of Aberdeen, responsibility for the failure of Fannie Mae and Freddie Mac falls directly on regulators and indirectly on their political overseers. The two analysts argue that the U.S. government's involvement in housing finance nurtured the excessively risky loans that fueled the housing bubble of the last decade and resulted in the systemic collapse of the global financial system.

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Morgan Keegan to Pay $200M to Settle MBS Fraud Charges

Morgan Keegan & Company and Morgan Asset Management agreed to pay $200 million to settle fraud charges related to subprime mortgage-backed securities (MBS), according to a statement from the Securities and Exchange Commission (SEC). The firms, along with two principals, were accused of false valuations related to subprime mortgage securities in five funds from January 2007 to July 2007.

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Woodward Enhances Default Technologies for Third-Party Negotiations

Woodward Asset Capital recently announced improvements to its OfferSubmission and VerifiedShortSale products, which were developed to speed transaction times, prevent fraud, and ensure loss recovery for asset owners. Updates include rules-based offer routing and decisioning, enabling the loan servicer, senior management, outside third-party investors, and mortgage insurers to weigh-in on sale negotiations between the asset manager and buyer's agent in real time, shaving days off the sales cycle.

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Report: Slow Foreclosures and Oversupply Fuel Market Declines

Backlogged foreclosures, severe oversupply, and negative equity are pulling home prices down further, according to Radar Logic. The company tracks 25 major metropolitan areas across the country. Its latest index recorded a decline in the composite reading of 5.1 percent in April when compared to April 2010. The monthly sales rate remained more than 9 percent below April 2010. While sales of non-foreclosed homes increased more quickly than sales of foreclosed homes, RadarLogic says foreclosures are selling at an average discount of 39 percent.

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