Robert Klein, CEO of Safeguard Properties, a privately held field services company, was among 27 other Northeast Ohio entrepreneurs honored as finalists for the 2008 Ernst & Young Entrepreneur of the Year Award.
Read More »Wells Fargo Announces $1.8 billion Profit During Second Quarter, Increases Stock
Although confidence in bank stocks was shaken recently as a result of the closing, then federal takeover of IndyMac, Wells Fargo & Co.,);/*1217826641898*/ announced yesterday that they earned $1.8 billion during the second quarter of 2008 and increased their dividend by 10 percent.
Read More »Mortgage Rate Decreased Last Week, Says Freddie Mac Survey
Freddie Mac);/*1217862980890*/ released the results of their Primary Mortgage Market Survey (PMMS) late last week. The survey found that the 30-year fixed-rate mortgage (FRM) averaged 6.52 percent with an average 0.
Read More »Default Resources Hires Three Default Servicing Professionals
Default Resource);/*1217886810724*/, a company which provides third-party valuation services as well as internal and loss mitigation training, announced the hiring of Don Davis and Mark Hiatt as VP’s of business development and Frank Marshall as head of business development.
Read More »National Default Servicing Hires Lewellen as VP
National Default Servicing, LLC (NDS);/*1217887103835*/), a company which performs outsourcing of REO and default services, announced that Rick Lewellen has joined the company as VP of client management.
Read More »Hudson & Marshall Announce Housing Auctions in Chicago and Indianapolis
As the foreclosure rate across the nation continues to rise, some savvy shoppers are finding an alternative way to become homeowners, the auction market. Home auctions, once only the realm of investors, are becoming more popular among the average home buyer as more banks are turning to auction companies as a way to unload their numerous foreclosed properties, finding that the discounted price that the homes will go for at auction is a better alternative them having them sit on the market for months, depreciating in value and being left open to vandalism.
Read More »Merill Lynch Reports Second Quarter Net Loss of $4.7 Billion
Merill Lynch);/*1217824544846*/ reported a net loss from continuing operations of $4.6 billion, or $4.95 per diluted share, yesterday, for the second quarter of 2008. This loss is in stark contrast to their second quarter of 2007, in which the company received $2.
Read More »National Association of Mortgage Brokers Expresses Support for GSE Aid and New H
The National Association of Mortgage Brokers);/*1217823716608*/ released a statement this week supporting the Federal Reserve Board’s plan to provide assistance, if necessary, to government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac);/*1217824098321*/ and for the board’s inclusion of the final HOEPA rule);/*1217823926821*/.
Read More »Fannie Mae to Increase Cash Incentives to Servicers
Fannie Mae);/*1217622714470*/ announced yesterday that, similar to the changes Freddie Mac has decided to make, they will be increasing the cash incentives they pay to servicers who help homeowners avoid foreclosure.
Read More »Freddie Mac Adds Financial Incentive to Help Borrowers Avoid Foreclosure
Freddie Mac announced today that it is doubling financial incentives to servicers who help borrowers avoid foreclosure. The additional financial incentives will start August 1, 2008 and will include raising the compensation for negotiating repayment plans from $250 to $500, increasing the compensation for loan modifications from $400 to $800, and increasing the compensation for short sales or other preforeclosure sales, that are for less than the full amount owed, from $1,100 to $2,200.
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