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Author Archives: Kerri Panchuk

NC Governor Pushes for Foreclosure Prevention Bill

North Carolina Governor Mike Easley said Wednesday that he’s calling on the General Assembly to pass legislation that will require foreclosing parties to give subprime borrowers at least 45 days notice before beginning the official foreclosure process.

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REO Assets Keep RMBS Servicers Busy

A new report from Fitch Ratings says an influx of real-estate owned (REO) properties has created a dilemma for residential mortgage-backed securities (RMBS) servicers who are forced to maintain the properties and who are at-risk of losing money because of lost values and a lagging real estate market.

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CIT Group Inc. Sells Lending Business to Lone Star

CIT Group, Inc. announced Tuesday that the company will be selling its Home Lending business to Dallas, Texas-based private equity firm Lone Star Funds for $1.5 billion. As part of the transaction, the Dallas firm will be purchasing servicing centers in Marlton, New Jersey and Oklahoma City, Oklahoma, as well as $4.

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Florida Jumps on Countrywide Lawsuit Bandwagon

For the third time in two weeks, a state Attorney General has filed suit against subprime lender Countrywide Financial Corp. News of the suit arrives on the same day that Bank of America announced that it has completed its acquisition of Countrywide Financial Corp.

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BofA Completes Purchase of Countrywide

Bank of America completed its acquisition of subprime lender Countrywide Financial Corp. on Tuesday—an action that makes BofA the nation’s largest mortgage originator and servicer. The landmark merger has been solidified with a series of ground rules— namely BofA’s assertion that while it plans to offer an assortment of products, the company remains committed to the platform’s current policy of not originating subprime mortgages.

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Fortes Acquires National City Mortgage Wholesale Division

Fortes Financial, Inc. announced Tuesday that the company has officially integrated five regional wholesale offices belonging to National City Mortgage Corp. under its umbrella. The offices impacted are located in San Diego, Dallas, Chicago, Fredrick, Maryland, and Atlanta.

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Hughes, Watters and Askanase Receives Summit Award

Houston, Texas-based Hughes, Watters, Askanase, LLP, has announced the firm’s receipt of the 2007-2008 Summit Award—an honor that classifies the firm as a business that has obtained the highest of ratings in the areas of bankruptcy and foreclosure within the Fidelity National Default Solutions Attorney Network.

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Titanium Solutions CEO Finalist for Top Honor

Titanium Solutions, Inc., a company that provides mortgage servicing clients with a means and a network to contact homeowners, said Monday that Chief Executive Officer Todd Sibley was recently named a regional finalist for the Ernst & Young Entrepreneur of the Year Award in Utah.

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ProVest Opens Maryland Office to Navigate New Foreclosure Laws

Process server management platform ProVest announced Monday that the company has opened a new office in Maryland that will help local attorneys and servicers meet the demands of new state legislation that requires private process servers to personally deliver a notice of foreclosure to homeowners in default before the process begins.

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