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Author Archives: Krista Franks Brock

Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia.

Shadow Inventory Lurks Behind Recent Price Gains

Home prices rose 4 percent during the third quarter, according to the latest IAS360 index from Integrated Asset Services. The index also posted a 0.4 percent gain from the beginning of the year and a 0.6 percent gain from the third quarter of last year. ""I did a double-take when I saw the numbers,"" says Paul Sveen, CEO of Integrated Asset Services. He says the market is behaving like it's already hit bottom, but it's likely just the calm before the storm considering the large volume of distressed properties hidden in the shadows.

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Judge Criticizes SEC for Being Soft on Citigroup

U.S. District Judge Jed S. Rakoff criticized the Securities and Exchange Commission's (SEC) $285 million proposal to Citigroup to settle allegations related to its mortgage trading, and said he will need time to consider the deal. Rakoff questioned several of the settlement's terms, including the agreed-upon monetary penalty. Rakoff is particularly leery of this condition because the SEC has reportedly reached settlements with Citigroup in the past after which the bank allegedly broke the agreements through security law violations.

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Americans Consider Housing Policy in 2012 Election

As Americans consider the best candidates for the 2012 presidential and congressional elections, housing is at the forefront of the debate for many. About 70 percent of Americans say a candidate's position on housing could sway their vote, according to a survey released by Move, Inc. However, Americans differ in their views of what the housing market needs most. The survey found 30.9 percent of Americans believe the next president's priority for his or her first 100 days in office should be helping homeowners avoid foreclosures.

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Fiserv: Home Prices Will Continue to Fall into 2012

In the second quarter of 2011, single-family home prices fell 5.9 percent on an annual basis, according to the latest national Fiserv Case-Shiller home price indexes released Wednesday. This continuation of the double-dip that started in 2010 is not the end, according to Fiserv. In fact, the company predicts prices will continue to fall into the coming year -- dropping another 3.6 percent by the first half of 2012. However, Fiserv does see a light at the end of the tunnel.

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Financial Asset Services Receives Woman Business Certification

Financial Asset Services recently announced that the company has received its Woman Business Enterprise Certification (WBE) from the Woman's Business Enterprise National Counsel (WBENC). Financial Asset Services, based in Irvine, California, has been serving customers in the asset management, property disposition, and valuation services fields for 30 years. The company serves banks, mortgage companies, financial institutions, and servicers nationwide.

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Foreclosure Starts Rise as Servicers Process Backlog of Delinquent Loans

Foreclosure starts among private-label residential mortgage-backed securities (RMBS) have been rising toward historic averages, which will lead to an influx of distressed properties bringing downward pressure to the housing market, according to Fitch Ratings. Foreclosure starts among loans that have been delinquent for six months or more have almost doubled in the past five months. Fitch says it's a sign that servicers are playing catch-up on actions that have been delayed over the past year.

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Homeownership Rate Rises After Two Years of Decline

After falling to a 13-year low during the second quarter, the U.S. homeownership rate posted a highly unexpected rise in the third quarter. Data released by the Census Bureau Wednesday puts the nation's homeownership rate at 66.3 percent. That's up from 65.9 percent at mid-year. With foreclosures forcing homeowners out of their homes and buyers waiting on the sidelines as home values declined, the rate has been heading south for quite some time. In fact, the third-quarter rise is the first in two years.

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After 3-Year Low, California Foreclosure Filings Rise Again

Having fallen to its lowest level in three years, California's rate of foreclosure filings rose up to come back in line with recent rates, according to the latest information from DataQuick. Filings increased by nearly 26 percent between the second and third quarters. At the same time, the share of properties purchased at foreclosure auctions by investors or other non-lender, non-government entities is growing. Homes that foreclosed in the third quarter took about 9.9 months from the notice of default to the final foreclosure.

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Lenders That Received TARP Money Increased Risk Level: Report

A recent report reveals banks that received federal funding from the Troubled Asset Relief Program (TARP) have since increased their risk level by about 10 percent. Professors from the Michigan Ross School of Business found that after receiving capital from taxpayers, banks that were bailed out shifted their credit origination toward riskier mortgages, as measured by the borrower's loan-to income ratio and high-risk indicators based on the loan rate. The study concludes that TARP recipients absorbed the riskier mortgages on the market.

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CMBS Delinquency Rate Stays Above 9% for 9 Months

The delinquency rate among commercial mortgage-backed securities (CMBS) in the U.S. have been above 9 percent for nine consecutive months, according to Moody's Investors Service's Delinquency Tracker. Moody's says the rate is now 9.36 percent, up from 9.01 percent reported last month. In addition to rising at a national level, CMBS delinquencies rose in all regions except the Midwest. All property types saw an increase in past-due loans, though multifamily continues to fare the worst.

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