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Author Archives: Rachel Daniels

Cleveland Fed Examines Link Between Foreclosure and Unemployment

According to an article recently released by the Federal Reserve Bank of Cleveland, much can be gleamed by studying the historic link between foreclosure and unemployment rates--including the fact that according to past patterns, we can expect the current high foreclosure rate to persist for some time. This finding was based on the observation that states that experienced boom-bust housing cycles in the past (such as Texas, Oklahoma, Massachusetts, and California) had elevated foreclosure starts for years after the peak in foreclosure starts and inventory, and these previous boom-bust cycles were small in comparison to the current cycle.

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Wells Fargo Leaves Nonprime Space, Says Goodbye to 3,800 Employees

Wells Fargo is restructuring its financial division--a move which outlines for the closure of 638 Wells Fargo Financial stores, as well as for the company to stop originating nonprime portfolio mortgage loans. The bank said this move is the result of its 2008 acquisition of Wachovia Corp, which makes these units no longer necessary. Of the 14,000 employees at Wells Fargo Financial, approximately 2,800 positions will be eliminated within the next 60 days, with an additional 1,000 positions to be eliminated over the next 12 months.

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June CMBS Delinquency Rate Shows Mixed Results, Trepp Says

Despite a month-over-month increase in the commercial mortgage-backed securities (CMBS) default rate in June, Trepp LLC--a New York based company tracking commercial real estate--still sees hope in its latest report. The monthly delinquency rate for commercial real estate loans in CMBS showed a jump of 17 basis points in June, coming in at 8.59 percent for loans 30 or more days delinquent. However, Trepp said this marked the best reading since July 2009.

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HUD Announces Expanded NSP Program in Cuyahoga County

As part of outreach through the National Stabilization Program, HUD recently announced an agreement with foreclosure-rocked Cuyahoga County in Cleveland, Ohio. Under this new agreement, HUD will sell homes to the Cuyahoga County Land Reutilization Corporation (CCLRC) for deeply discounted prices, which the CCLRC can then repair and resell in an effort to prevent neighborhood blight through the county. HUD said this agreement is similar to another successful program run in Cleveland where HUD sold 441 properties to the city at reduced prices.

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ClearMarkets, Keller Williams Combine Forces in Online Auction Realm

As part of a new strategic alliance, ClearMarkets, LLC, announced Tuesday that it is partnering with the Keller Williams Global Property Solutions Group. Through this partnership, ClearMarkets will gain access to Keller Williams' network of certified residential and commercial agents and brokers. In return, these agents will be trained by Keller Williams on ClearMarkets' technology and expertise for transparent bid management, asset sales and marketing, as well as reporting.

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Foreclosure Mediation in the Forefront

Troubled homeowners seeking foreclosure assistance now have more resources available to them than ever before, according to the Center for American Progress. In a report released in late June titled ""Now We're Talking-A Look at Current State-Based Foreclosure Mediation Programs and How to Bring Them to Scale,"" the Washington, D.C.-based think tank reveals that the number of jurisdictions with foreclosure mediation programs is double what it was a year ago, rising from only 11 to 21.

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UTLS Welcomes Five New Employees

Orange County, California-based UnitedTech Lender Services (UTLS) announced this week the hiring of five new employees over the last three months. Joining UTLS's ranks are Shane Durham, as director of information security; Jeffrey Horrell, as SVP of national sales; Roderick Wilkins, as managing principle of UTLS Consulting Services; Mercedes Esposito-Bustos, as a principal at UTLS Consulting Services; and Sandra Farias, as principle of UTLS Consulting Services.

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Financial Reform Bill Passes House

In a 237 to 192 vote Wednesday night, the House declared themselves in favor of the Dodd-Frank Wall Street Reform and Consumer Protection Act--more commonly known as the Financial Reform Bill. Having passed the House, the bill must now be approved by the Senate, a vote which is not expected until later this month. If it succeeds in the Senate, this legislation aims to curb the practices that helped lead to a national mortgage crisis.

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Massachusetts Not Tackling Subprime Fallout

According to a report released in September by the New England Center for Investigative Reporting at Boston University (NECIR-BU), Massachusetts state regulators lag far behind other New England states in sanctioning mortgage professionals.

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