Three suspects were arrested in California over mortgage fraud charges involving a scheme that claimed to ""kill"" mortgage debt for struggling homeowners, California Attorney General Kamala D. Harris announced Monday. Ronald Vernon Cupp allegedly used six websites to deceive homeowners by falsely claiming to free homeowners from mortgage debt. Randall Gilbert Heyden is accused of assisting Cupp, while Angelle Wertz, a public notary, is alleged to have certified phony legal documents.
Read More »LPS: November Prices Up from Prior Month and Year
Home prices continued to inch up in November, according to Lender Processing Services' (LPS) Home Price Index (HPI) for the month. LPS' data showed home prices increased to an average $207,000 in November, an increase of 0.5 percent from $206,000 in October. On a year-over-year basis, prices were up 5.1 percent from November 2011's $197,000. Florida topped the list of states to see the largest price gains in November, posting a 1.5 percent month-over-month improvement.
Read More »Massachusetts Completed Foreclosures Shrink in 2012, Starts Increase
From 2011 to 2012, the number of completed foreclosures fell in Massachusetts, while foreclosure starts experienced a significant increase, according to a report from the Warren Group. For the most part, however, a declining trend was seen when assessing foreclosure trends in December and in the fourth quarter of 2012.
Read More »San Bernardino County Rejects Eminent Domain Proposal
After much debate and consideration, an idea that had been brewing in San Bernardino County to address negative equity through the use of eminent domain was rejected Thursday by the Joint Powers Authority (JPA) board. According to a release from San Bernardino County, the board decided against proposals that would consider the use of eminent domain.
Read More »NAR: Pending Home Sales Index Records Sharp Drop as Inventory Falls
The Pending Home Sales Index (PHSI) fell 4.3 percent to 101.7 in December, the sharpest month-month drop since April the National Association of Realtors (NAR) reported Monday. Economists had expected a smaller 0.3 percent decrease to 106.1 from November's originally reported 106.4. The November index was revised down to 106.3. NAR economist Lawrence Yun blamed a tight inventory for the weakening index. Yun also noted the lack of homes costing less than $100,000, especially in the West.
Read More »Cordray’s Appointment Questioned Following Appeals Court Ruling
A federal appeals court in Washington, D.C., ruled Friday that the controversial recess appointments made by President Obama in January 2012--which includes the appointment of Richard Cordray as director of the Consumer Financial Protection Bureau (CFPB)--are ""invalid from their inception."" In Noel Canning v. National Labor Relations Board, the court examines the recess appointments of three members of the board--Sharon Block, Terence Flynn, and Richard Griffin, all of whom were appointed January 4, during a three-day Senate break. While he is not specifically named in the court's opinion, Cordray was also appointed to his CFPB post that day.
Read More »GAO: Dodd-Frank Provisions Coming Along Slowly
The last few weeks have seen a deluge of new rules from the Consumer Financial Protection Bureau (CFPB) and other regulatory agencies, but a new report from the U.S. Government Accountability Office (GAO) says the reform process is still coming along slowly. As of the end of 2012, GAO estimates regulators have issued rules for approximately 48 percent of the Dodd-Frank provisions that call for them. Most of the effective deadlines for those rules have not yet been reached, the agency says.
Read More »Commentary: Don’t Raise the Bridge, Lower the Water
Two housing reports in the week just demonstrated, yet again, economists are not infallible. On Tuesday, the National Association of Realtors (NAR) reported existing home sales for December: 4.94 million against a consensus forecast of 5.1 million. Then on Friday, the Census Bureau and HUD reported jointly 369,000 new homes were sold in December compared with a consensus forecast of 388,000. There are several important housing related reports due out next week, but they will take a backseat to the report on fourth quarter GDP and Friday's report on the employment situation.
Read More »CoreLogic Offers New RMBS Bond Assessment Service
CoreLogic announced the CoreLogic Bond Tracker is now available. The bond tracker is a bond assessment service for non-agency residential mortgage-backed securities (RMBS).
Read More »BankersLab Releases Quiz App on Credit Scoring
San Diego-based BankersLab, the first company to deliver gamified training products for the retail banking industry, announced the launch of a new Android quiz app designed to reinforce technical scoring concepts and terminology.
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