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Foreclosure

Florida AG Sues Mortgage Mod Companies

Florida Attorney General Bill McCollum filed a lawsuit against four related South Florida mortgage companies this week. McCollum alleges that FHA All Day.Com and owner Jason Vitulano, as well as three other affiliated companies, charge up-front fees for loan modification services, purportedly collecting up to $1 million on a monthly basis.

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Mortgage Insurers Tackle Foreclosures

As unemployment and home foreclosures continue to rise and threaten the economic recovery, the mortgage insurance industry is stepping up its ongoing efforts to keep families in their homes. According to a statement from the Mortgage Insurance Companies of America (MICA) the industry has been at the forefront in developing systems and procedures to support the administration’s Home Affordable Refinance Program (HARP) and Home Affordable Modification Program (HAMP).

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Bernanke in the Hot Seat on Capitol Hill

During two days of congressional hearings this week, Federal Reserve Chairman Ben Bernanke told lawmakers he expects foreclosures to head higher still. He added that Fed officials anticipate an economic recovery to start off slowly, primarily because consumers are struggling with high debt and declining housing prices.

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LOGS Member Firms Recognized by LPS

The LOGS Network, a consortium headquartered in Northbrook, Illinois, that provides legal and outsourcing solutions for the residential mortgage and consumer credit industries, has announced that its member firms received a total of 13 awards at the recent LPS Default Solutions Attorney Summit hosted by Lender Processing Services in Minneapolis, Minnesota.

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Allison Testifies for More Foreclosure Aid

Herb Allison, the Treasury’s new assistant secretary for financial stability and former CEO of Fannie Mae, told lawmakers at a Senate Banking Committee hearing last week that the administration is considering another housing proposal that would require lenders to allow previous homeowners to stay in their foreclosed homes as renters.

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FHFA Reports Mod, Foreclosure Numbers

The Federal Housing Finance Agency (FHFA) released its latest Foreclosure Prevention Report on Wednesday, detailing actions taken by Fannie Mae and Freddie Mac to prevent foreclosures and keep people in their homes.

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Nearly 2M Foreclosure Filings at Mid-Year

Nearly two million foreclosure filings were recorded during the first half of the year, according to the market research company RealtyTrac. One in every 84 homes in the United States has received at least one foreclosure filing, the company says.

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California Law Impacting Foreclosures

ForeclosureRadar, a company based in Discovery Bay, California that tracks every foreclosure in the Golden State, says it expected the new California Foreclosure Prevention Act to have little impact. But the company reported Tuesday that in fact, the day the law went into effect, it saw a significant decline in filings of Notice of Trustee Sale, which set the date and time of a foreclosure auction sale.

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Florida Realtors Reveal Face of Foreclosure

Across Florida, people are struggling to deal with some of the aftershocks caused by the current economy, including the state’s alarming rise in foreclosed homes. To gain a better understanding of foreclosure, the people who are affected by it, and the impact it has on their lives, the Florida Association of Realtors (FAR) has initiated The Face of Foreclosure:http://www.

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