As part of the continued effort to excise all deeply delinquent, non-performing single-family residential loans from its mortgage portfolio, Freddie Mac has announced its first-ever Extended Timeline Pool Offering (EXPO) auction.
Read More »Mortgage Industry and Default Servicing Law Firms Convene at Legal League Servicer Summit
As is true in several other sections of the industry, regulatory compliance was a hot button issue. Several discussions at the Servicer Summit were centered on the question of how to adapt to constant regulatory changes and avoid the adverse effects of non-compliance. The evolving business landscape was another major theme of discussion at the Servicer Summit. With foreclosures on the decline in the last two to three years, many default servicing firms have struggled to maintain their position in the industry.
Read More »White House Threatens to Veto Bill That Cuts CFPB Funding
The bill calls for the establishment of advisory boards or councils within the CFPB of 15 to 20 members each for small businesses, credit unions, and community banks. The stated purpose of each advisory board or council is to "advise and consult" with the CFPB on issues that impact their respective groups.
Read More »CFPB, FTC Penalize Green Tree For Alleged Servicing Violations
The Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) penalized national mortgage servicing company Green Tree Loan Servicing for allegedly mistreating borrowers attempting to avoid foreclosure on their homes, according to a joint announcement from the CFPB and FTC on Tuesday.
Read More »Strong Equity Sales and Investments Drive Solid Q1 for Morgan Stanley
The firm credited solid investment in institutional securities and equity sales as major factors in its Q1 performance. Net revenues from institutional securities (excluding debt value adjustment) were $5.3 billion. Equity sales and trading net revenues were $2.3 billion, up from $1.7 billion a year ago.
Read More »Composite Default Index Tumbles, Driven by Decline in Mortgage Default Rates
The composite index, which includes first and second mortgage defaults as well as those on bank cards and auto loans, fell from 1.12 percent in February down to 1.05 percent in March. The first mortgage default rate declined for the second straight month, falling eight basis points down to 0.92 percent.
Read More »Margolin Weinreb Law Group Names Nierer As Partner
Attorneys Lance Margolin and Alan Weinreb have announced that Cynthia Nierer has been named a partner with Syosset-based foreclosure and credit services law firm Margolin & Weinreb Law Group as of April 1. The addition of Nierer as a partner will be reflected in the firm's new name, Margolin, Weinreb & Nierer Law Group.
Read More »Safeguard Launches Resource Center to Assist Servicers With Fast Track Legislation
Cleveland, Ohio-based mortgage field services firm Safeguard Properties has launched a Fast Track Legislation Resource Center in order to consolidate various legislation and provide a resource for industry professionals to keep up with the latest fast track legislation, according to an announcement from Safeguard.
Read More »New York AG Officially Introduces Expanded Bill to Fight ‘Zombie’ Foreclosures
The expanded bill requires mortgagees to provide homeowners with early notice that they are legally entitled to remain in their homes until the foreclosure process is complete (until a court orders them to leave), since many homeowners are unaware that they do not have to leave the house immediately when the foreclosure process begins.
Read More »Gap Between Foreclosure Completions and Alternatives Widens Further
The industry provided 147,000 non-foreclosure solutions for distressed homeowners in February compared to 28,000 completed foreclosures for the month, a ratio of more than five to one, according to HOPE NOW.
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