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Author Archives: Tory Barringer

Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington's student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News' sister publication, MReport, which focuses on mortgage banking news.

Demand for Foreclosures Triples for Homebuyers: Realtor.com

The stigma associated with foreclosure purchases has apparently faded with interest in foreclosures nearly tripling in the past two years, according to a survey released Wednesday by Realtor.com. The survey, conducted over 1,004 phone interviews at the beginning of May, suggested that homebuyer interest in foreclosures has jumped 159 percent since October 2009, when foreclosures made up 29 percent of all home sales. The vast majority of buyers said they would want to live in their foreclosure purchase, with 92.1 percent looking for a home to live in and only 6.9 percent looking for foreclosure investments.

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MAA Issues ‘Call to Action’ Against California Legislation

The MAA, an advocacy branch of the Mortgage Bankers Association (MBA), issued a call in support of the California MBA's efforts to stop legislation it said would cause serious damage to lenders, servicers, and California's economy. The bill in question would amend California's foreclosure laws to implement and permanently set servicing standards and other provisions of the settlement between the country's attorneys general and the five largest mortgage servicers. It is currently under review by the six-member Legislative Conference Committee on the California Foreclosure Crisis.

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CFPB Proposes Rules to Supervise Nonbanks

The CFPB, created by the Dodd-Frank Act in 2010, is seeking to clarify procedures that would be used when examining nonbank activity. The bureau launched its nonbank supervision program in January this year as an extension of its bank supervision authority. The proposed rule defines procedures involved in notifying a nonbank that it is being considered for supervision by the CFPB based on reasonable cause.

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National Servicing Settlement Funds Expand Connecticut Programs

Connecticut attorney general George Jepsen announced Friday that programs of benefits resulting from a $25 billion mortgage foreclosure servicing settlement are moving forward in the state. Out of Connecticut's $190 million share of the settlement funds, an estimated $119 million is going into loan modifications. The banks have also agreed to provide $36 million in refinancing to Connecticut borrowers whose homes are worth less than their mortgages. Furthermore, they agreed to provide cash payments of about $1,500 to an estimated 7,500 borrowers in the state who experienced loan servicing abuses and lost their homes to foreclosure between the start of 2008 and the end of 2011.

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Safeguard Promotes Five to Assistant VP, Director Positions

Safeguard Properties announced Thursday that five of its employees have been promoted within its executive and management teams. Three of the five workers-Kellie Chambers, Russ Klein, and Steve Meyer-are moving to assistant VP positions of Safeguard's various areas of service.

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Job Expectations Raise Consumer Confidence in May

Consumer confidence is at a level that hasn't been seen for years, according to the results of Thomson Reuters and the University of Michigan's Survey of Consumers for May. Thomson Reuters and UM released the findings of the consumer survey, revealing that the consumer sentiment index improved to 79.3 percent in the month of May, an increase of 3.8 percent from April and 6.7 percent from May 2011. Consumer confidence has improved in each survey for the past nine months, but May's level is the highest since October 2007.

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Organization for Military Veteran Real Estate Professionals Founded

According to a press release, Military Veterans Association of Real Estate Professionals (MVAREP) was formed to ""level the playing field"" for military veterans trying to buy homes with a Department of Veterans Affairs (VA) loan. In many cases, VA appraisers are brought in to insure the loan and make sure the purchase is a good investment for the buyer. This process sometimes throws off listing agents and sellers who want to take an easier route.

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Zillow: Home Values See Highest Monthly Increase Since 2006

Zillow issued a released Friday reporting that both national home values and rents rose in the month of April. According to the April Zillow Real Estate Market Reports, national home values rose 0.7 percent in April to a Zillow Home Value Index of $147,300. This is the largest monthly increase in home values since January 2006, and it makes April the second month in a row in which home values climbed up. Zillow also reported that rents rose from March to April, increasing by 1.6 percent, according to the Zillow Rent Index.

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