According to the New York Fed, foreclosures hit their lowest point in the 16-year history of the bank's Consumer Credit Panel, which uses anonymized Equifax credit data to generate a nationally representative sample.
Read More »Foreclosure Numbers Still Elevated in Florida Despite Substantial Declines
Two of the top three metro areas in the category of 12-month sum of completed foreclosures were located in Florida: Tampa-St. Petersburg-Clearwater was first with 16,750 and Orlando-Kissimmiee-Sanford was third with 12,970.
Read More »Monitor Finds Ocwen’s IRG Issues Have Been ‘Sufficiently Addressed’
Smith announced Tuesday he had filed his final report with the U.S. District Court for the District of Columbia on the investigation of Ocwen's IRG and of Ocwen's compliance with the NMS for the first and second quarters of 2014.
Read More »Foreclosure Inventory Rate Drops to Below Pre-Recession Levels
The foreclosure inventory rate has now declined year-over-year for 44 consecutive months, including June. The 1.2 percent foreclosure inventory rate represented about 472,000 homes, down from 664,000 in June 2014. Although the national foreclosure inventory rate is back to pre-recession levels, the rate remains high in select areas hit hardest by the crisis, such as Florida and New Jersey.
Read More »New York AG Highlights Success of Home Retention Programs
New York Attorney General Eric Schneiderman, along with housing advocates and local lawmakers, on Thursday highlighted the success of three programs his office has created in the last three years in order to help families avoid foreclosure and keep their homes.
Read More »How Nevada SB 306 and Court Rulings Have Changed the Foreclosure Landscape
Counsel's Corner is an ongoing series in which DS News talks with default servicing attorneys around the country about the most pressing issues facing the default servicing industry. This installment features Jon Patterson, a member of Bradley Arant Boult Cummings LLP's Financial Services Litigation & Compliance team.
Read More »CFPB’s Loss Mitigation Procedures Effectively Delay Foreclosure For Five Months
Counsel's Corner is an ongoing series in which DS News talks with default servicing attorneys around the country about the most pressing issues facing the default servicing industry. This installment features Daniel Callahan, a shareholder with Dallas-based firm Kessler Collins.
Read More »Foreclosure Inventory Below Pre-Crisis Levels, But Still Three Times the ‘Normal’ Rate
Foreclosure starts totaled 79,000 in June, which was the second-lowest lowest post-crisis monthly total, according to Black Knight. The lowest post-crisis monthly foreclosure start volume of 73,500 occurred in April 2015. Foreclosure starts have totaled less than 100,000 every month since January 2014.
Read More »FHFA Demonstrates Progress Toward Goal of Keeping At-Risk Families in Homes
More than half of the nearly 3.5 million foreclosure prevention actions completed by Fannie Mae and Freddie Mac since the start of the conservatorships in September 2008 were permanent loan modifications, according to FHFA.
Read More »Foreclosure Metrics Experience More Double-Digit Declines
On a year-over-year basis, foreclosure inventory—residential homes in some state of foreclosure—declined by 27 percent nationwide, down to about 491,000 homes, according to CoreLogic. This number represents about 1.3 percent of all residential homes with a mortgage nationwide. In May 2014, about 676,000 homes were in foreclosure, comprising 1.7 percent of all mortgages nationwide.
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