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Foreclosure

Delinquencies, New Foreclosures Fall: Is this the Beginning of the End?

The national residential delinquency rate and new foreclosures initiated both dropped in the fourth quarter. Is it a sign that the industry has finally turned the corner on the housing crisis? The Mortgage Bankers Association (MBA) says yes. ""We are likely seeing the beginning of the end,"" Jay Brinkmann, MBA's chief economist, said. According to MBA, the delinquency rate has fallen to 9.47 percent, down 17 basis points from the third quarter of 2009. Foreclosure starts are down 22 basis points.

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Study Examines Effects of Foreclosure on Latino Families

The National Council of La Raza (NCLR), the largest national Hispanic civil rights and advocacy organization, and the University of North Carolina at Chapel Hill's Center for Community Capital have released a study which uses interviews with Latino families who have suffered a foreclosure to shed light on the damage inflicted by the loss of their home.

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Wells Fargo Doubles Permanent HAMP Modifications

Wells Fargo & Co. announced Wednesday that as of January 31, 2010, it had 137,128 active trial and completed modifications in place under the Home Affordable Modification Program (HAMP). Of these, 17,652 were permanent modifications--double the number of permanent modifications reported as of the end of December, and 7,554 were permanent modifications pending completion.

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Foreclosure Activity in California is Up Again as Stalemate Continues

With hundreds of thousands of California homeowners in foreclosure, a stalemate continues as only a small percentage reach the end of the process and the time to foreclose stretches. New data from locally-based ForecloureRadar shows that the time from notice of default to trustee sale in California has increased from 146 days in August 2008, to 229 days in January 2010, because lenders are increasingly delaying foreclosures to work through loan modifications and other foreclosure alternatives.

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Foreclosure.com Awards Scholarships for Solutions to Foreclosure Crisis

More than 1,000 current and college-bound students nationwide answered the call during the 2009 Foreclosure.com scholarship program, submitting essays on ""How to Solve the Foreclosure Crisis."" The Florida-based company awarded a total of $9,000 in scholarships to five students for their innovative ideas on how to curb the distress in the housing market.

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Hope for Homeowners Has New Life

Following multiple revisions and dismal closings, the Hope for Homeowners (H4H) program may experience revitalization. Irvine, California-based Banker's Portfolio, LLC, an innovative solution provider for the resolution of distressed assets, has secured a forward commitment for the purchase of the H4H securities and is rolling out the H4H product to existing mortgage investors, loan servicers, and asset managers as an alternative to foreclosure.

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Servicers Nearly Double Permanent HAMP Modifications

Mortgage servicers have significantly stepped up efforts to convert trial modifications to permanent status under the Home Affordable Modification Program (HAMP), nearly doubling the number in just one month's time. The U.S. Treasury released its January report card Wednesday and it showed that 116,297 homeowners are now in permanent modifications. Another 76,482 have been extended offers for a permanent restructuring, needing only the borrower's signature to complete the conversion. The Treasury said the data ""marked record progress.""

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Property Listing Company Expects Foreclosures to Double in 2010

Foreclosure experts at Heavy Hammer Inc. and its foreclosure listing site USHUD.com see a confluence of factors exacerbating an already devastated housing market in 2010, driven primarily by financial industry practices and changing government policies. They predict that the consequence will be a doubling of foreclosure rates this year.

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S&P Estimates a Three-Year Overhang of Shadow Inventory

That looming shadow of housing inventory that's graced so many headlines lately has put the entire industry on edge. And that uneasiness was validated in a report published by Standard & Poor's Tuesday. The ratings agency said this hidden supply of REOs and pending foreclosures will likely take 33 months - or nearly three years - to clear if liquidation rates hold steady. What's even more unsettling is that S&P called its estimate ""conservative.""

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Countrywide Sending $16.9M to Florida Homeowners

Sixteen months after Countrywide Financial settled one of the biggest predatory lending lawsuits in the nation's history, restitution is coming for distressed homeowners in Florida. More than 2,700 Countrywide borrowers in the Sunshine State are being sent foreclosure relief payments from the lender this week, totaling $16.9 million. Florida's Attorney General said the checks will make a ""significant difference"" for struggling families who are trying to save their homes.

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