Home / Author Archives: Krista Franks Brock (page 41)

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.

Justice Department Joins Investigation of S&P

Investigators are looking to determine whether Standard and Poor's (S&P) over-rated dozens of mortgage-backed securities prior to the financial crisis. The Securities and Exchange Commission has been investigating the matter for several months, and the Justice Department recently joined the investigation, according to media reports. The federal probe began before S&P downgraded the U.S. credit rating from triple-A status to double-A status. The SEC has reportedly also been investigating Moody's in regards to two mortgage-bond deals.

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Obama Says Housing Market Needs More Than Federal Support

At a town hall meeting this week in Atkinson, Illinois, President Obama said it will take more than federal action to address the still-suffering housing market. The president said his administration has made helping families stay in their homes a priority over the past two-and-a-half years. Obama conceded that the market appeared to be bottoming out until the recent conflict over the debt ceiling. He predicts it will take the next two years for the market to start slowly appreciating.

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ProVest Unveils New Quality Right Party Contact Solution

ProVest LLC has announced the launch of a new service -- ProVest Information Services -- a solution to establishing a quality right party contact through the use of a best in class, data-driven, skip tracing waterfall. The newly released product is already receiving positive reviews from ProVest clients. In addition to skip tracing solutions, the new ProVest Information Services verifies phone numbers and addresses, monitors portfolios, and aids in loss mitigation.

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New York Congressman to Propose Down Payment Subsidy

Rep. Gary Ackerman of New York plans to propose a bill he says will reduce the housing glut, create jobs, and stimulate the economy. Deriving inspiration from the success of the Homestead Act of 1862 -- which offered 160 acres to Americans in order to promote Western settlement -- Ackerman's Homestead: Act 2 aims to get 3 million properties off an already depressed market by providing a subsidy of up to $20,000 for down payments on foreclosed homes and a tax break for investors who purchase foreclosures for rental properties.

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HUD Offers Discounted REOs to Storm Victims

HUD has announced it will sell almost 90 REO properties to public housing authorities in central Alabama and Joplin, Missouri -- areas suffering the impact of this spring's tornadoes. In a pilot program, HUD will sell move-in ready properties to public housing authorities at a discount, and the housing authorities will lease or sell the homes to families impacted by the storms. The houses will be ready for sale or lease within two months of the purchase from HUD.

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Obama Administration Continues to Review Housing Policy Proposals

While the Obama administration continues to consider options for the future of housing finance, two mainstream media outlets reported Tuesday that officials are looking into a plan that would retain major government involvement in the housing market, namely by preserving federal loan subsidies through the GSEs. The administration has issued a statement negating these reports, stressing that any government support for housing finance will be ""targeted and limited.""

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Fitch Reports Recovery in Subprime Credit-Default Swap Prices

After losses last month, Fitch Solutions reports a recovery among subprime credit-default swaps (CDS) in July. Subprime CDS prices increased 1 percent overall for the month. The largest increases in prices were among 2006 and 2007 vintages, which rose 6.1 percent and 10 percent, respectively. The rate of 90-day plus delinquencies reached a new low for the year - declining 1.4 percent to 10.8 percent. The share of subprime loans with balance modifications has increased by 120 percent over the last year.

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Fed Reports Slight Decline in Mortgage and Other Debt

The Federal Reserve found a small increase in consumers' willingness to borrow and banks' willingness to lend, but a decline in loan balances, according to the second-quarter household debt report issued Monday by the central bank's New York arm. Mortgage debt and home equity lines of credit each decreased by about $20 billion during the second quarter of 2011. This represents a 0.2 percent drop for mortgage balances and a 3 percent drop for home equity loans.

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Delinquencies Register Greatest Drop Since Recession End: TransUnion

TransUnion's mortgage performance barometer has recorded its largest drop in delinquencies since the end of the recession two years ago. The credit bureau says mortgage delinquencies improved 5.98 percent during the second quarter, with the rate of homeowners 60 or more days past due declining to 5.82 percent. TransUnion predicts delinquencies will continue to decline throughout the year, thanks to conservative lending policies that cater to consumers with higher credit scores.

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Ocwen Spin-Off Prepares IPO

Home Loan Servicing Solutions, Ltd. (HLSS) is preparing an initial public offering (IPO) of 18.3 million shares. HLSS is a spin-off of Georgia-based Ocwen Financial Corporation. Simultaneously with the offering, HLSS founder and chairman of the board of directors, William C. Erbey, will purchase $10 million of HLSS's ordinary shares at the same price as the IPO. HLSS plans to distribute at least 90 percent of its net income to shareholders through monthly cash dividends.

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