Home / News (page 1570)

News

Willis Launches New Distressed Assets Practice

Willis North America recently announced that it has formed a distressed asset practice in order to advise clients on managing the risks associated with financially distressed, foreclosed, or abandoned commercial properties and to provide a range of insurance solutions. According to the company, this new unit will coordinate specialist capabilities from across Willis' practice areas to structure insurance programs that respond to a range of risk management and insurance issues related to distressed assets.

Read More »

New York AG Cracks Down on Fraudulent Mortgage Rescue Companies

More than 180 foreclosure rescue companies with customers in New York have been sent cease-and-desist letters from the office of state Attorney General Andrew M. Cuomo. These letters, which came as a result of Cuomo's ongoing investigation into the mortgage rescue industry, warn the companies to immediately end all misleading and illegal conduct. According to Cuomo, thousands of New Yorkers have been affected by foreclosure rescue scams.

Read More »

Mortgage Rates Fall to Record Lows Due to Disappointing Economic Data

Following a run of disappointing economic data - from housing, to jobs, to consumer spending - mortgage rates fell to record lows this week, Freddie Mac and Bankrate reported Thursday. The GSE says 30-year fixed-rate mortgages averaged 4.69 percent, while rates on 15-year mortgages have dropped to 4.13 percent. Bankrate says nervous investors around the globe are buying up Treasury securities, driving both bond yields and mortgage rates lower.

Read More »

Audit Shows Prison Inmates Received $9M in Homebuyer Tax Credits

A breakdown in fraud controls allowed prison inmates to apply for and receive $9.1 million in homebuyer tax credits from the federal government, according to an audit conducted by a Treasury inspector general. More than 1,200 prison inmates, including 241 serving life sentences, cashed in on the home purchase tax incentive. The audit also found that the IRS allowed multiple claims on the same home and laid out $17.6 million for homes purchased before the tax credit program began.

Read More »

Regulators Point to Improving Loan Performance Across-the-Board

Performance of home mortgages serviced by the largest national banks and thrifts improved earlier this year, for the first time in more than 24 months. According to a new report from the Office of the Comptroller of the Currency, home loan delinquency rates dropped during the first quarter of 2010, with improvements in prime, Alt-A, and subprime categories. Foreclosure statistics increased, though, with the largest institutions initiating more than 370,000 new foreclosures and 1.1 million already in process.

Read More »

Fannie Mae Intensifies Penalties for Strategic Defaulters

To sway homeowners from the growing trend of strategic default, Fannie Mae has announced several policy changes designed to encourage borrowers to work with their servicers and pursue alternatives to foreclosure. Under these changes, borrowers who strategically default will be ineligible for a new Fannie Mae-backed mortgage loan for a period of seven years from the day of foreclosure. In addition, Fannie Mae said it will take legal action to recoup the outstanding mortgage debt from strategic defaulters in jurisdictions that allow for deficiency judgments.

Read More »

UnitedTech to Open New Operations Center in Texas

UnitedTech Lender Services, Inc. (UTLS), holding company to the UTLS family of companies serving the mortgage default servicing industry, announced Wednesday that the company will formally open a new operations center in Irving, Texas on July 12, 2010. The new center will consolidate current operations under a single roof, including foreclosure processing, short sales, and title services. It will also house UTLS's Valuations Services and UTLS Consulting Services.

Read More »

Agencies Propose Change to CRA Regulations to Encourage NSP Support

In response to the pressing need to provide housing-related assistance to stabilize communities affected by high levels of foreclosures, the federal bank and thrift regulatory agencies recently announced a proposed change to the Community Reinvestment Act regulations. This change, the agencies said, would specifically encourage depository institutions to support the Neighborhood Stabilization Program administered by HUD.

Read More »

Mortgage App. Volume Slumps as Refinance and Purchase Activity Wane

Following a 17.7 percent surge the week prior, mortgage loan application volume fell 5.9 percent for the week ending June 18, 2010, due to a drop-off in both refinance and purchase applications, the Mortgage Bankers Association (MBA) reported Wednesday. According to MBA's Weekly Mortgage Applications Survey, the refinance index tumbled 7.3 percent from the week prior, and the purchase index inched down 1.2 percent.

Read More »

New Study Shows Mortgage Litigation Has Risen to All-Time High

Legal actions tied to foreclosures and investor-related cases have surged. An industry study released this week shows that the Mortgage Litigation Index prepared by the Washington, D.C.-based firm Patton Boggs LLP hit an all-time high during the first quarter of this year. Active cases during the three-month period totaled 155, according to the report. It was the highest reading since the index was launched in 2007. Criminal cases more than doubled and mortgage insurance emerged as an area of growing litigation.

Read More »

GET YOUR DAILY DOSE OF DS NEWS

Featuring daily updates on foreclosure, REO, and the secondary market, DS News has the timely and relevant content you need to stay at the top of your game. Get each day’s most important default servicing news and market information delivered directly to your inbox, complimentary, when you subscribe.