Foreclosure

Reflecting continued weakness in the housing sector, delinquencies in the home equity category reached record-high levels during the first three months of the year, according to the quarterly Consumer Credit Delinquency Bulletin issued by the American Bankers Association (ABA) this week.

The city of Baltimore launched a relentless campaign back in January of last year against one of the nation’s largest banks, Wells Fargo. Baltimore is suing Wells Fargo under the Fair Housing Act for reverse redlining, meaning the bank allegedly targeted black neighborhoods in Baltimore for predatory residential mortgage loans.

The National Association of Realtors (NAR) has awarded more than $682,000 to 25 local and state Realtor associations across the country through its Foreclosure Prevention and Response grant program. The grants help Realtor boards develop and fund local foreclosure deterrence initiatives.

BA Urban Solutions LLC, a nationwide minority-owned REO asset management company headquartered in Sugar Land, Texas, recently unveiled an initiative that aims to bring homeownership back to urban communities through a network of industry alliances.

The Atlanta-based real estate default law firm of Rubin Lublin, LLC has announced the hiring of Erica Malcom. Malcom will join the firm as an associate attorney working within the title department. Managing Partner Glen Rubin, commented, Erica makes a strong addition to Rubin Lublin.

New research released last week by the University of Chicago Booth School of Business and the Kellogg School of Management at Northwestern University in Evanston, Illinois, suggests that a novel phenomenon is at hand in the fallout of today’s housing crisis – strategic default on mortgage loans.

Appraisal practices have taken center stage lately with the roll out of the new Home Valuation Code of Conduct (HVCC) by the GSEs. And now, the National Association of Home Builders (NAHB) has raised its own concerns over valuations of foreclosures, REOs, and short sales.

Loan modifications made by mortgage lenders and servicers spiked during the first quarter of the year, according to a report issued Tuesday by the Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS).

US Real Estate Services Inc. (USRES), a national provider of REO management services headquartered in Lake Forest, California, has announced the launch and immediate availability of a new service – USRES Property Management.

Government officials joined forces with local leaders in Miami on Friday to kick off a nationwide campaign to promote the federal Making Home Affordable program and the options available to struggling homeowners.