Home / News (page 1572)


United Western Bank Sues Countrywide for MBS Losses

The legal wranglings continue for what was once the nation's premier subprime mortgage lender, Countrywide Financial Corp. The company was hit with another lawsuit Wednesday, this time from United Western Bank. The bank is suing Countrywide for losses it incurred on six private-label mortgage-backed securities (MBS) purchased from the subprime lender. Bank of America, UBS Securities, and certain officers of Countrywide are also named as defendants.

Read More »

Safeguard Properties Launches New Web Site

Safeguard Properties has announced the launch of its new marketing Web site SafeguardProperties.com. The new site was developed based on feedback and input from Safeguard's key audiences - clients, vendors, employees, and industry partners. New feature highlights include an ""Ask the CEO"" section and expanded information about Safeguard's services.

Read More »

eMASON Announces Loan Mod Upgrades to Clarifire Software

Software provider eMason, Inc. has made key enhancements to its Clarifire application that the company says will allow servicers to respond more rapidly to federal loan modification guidelines. Specifically, eMason says the upgrades provide automatic decision-making and processing for borrowers who ""fall out"" of the Home Affordable Modification Program (HAMP), including consideration for Fannie Mae's recently announced Alternative Modification (Alt Mod).

Read More »

Five Brothers Launches Two New Service Offerings

Warren, Michigan-based Five Brothers, a nationwide provider of commercial and residential mortgage default management solutions, recently announced the release of two new service offerings, including a data input service and a document storage system. The QuickData HUD P260 bid data input service provides efficient data entry, including photo transfers, into the new HUD P260 Portal. And the IntelliStorageTM Web-based document storage system provides secure electronic storage of business-critical documents.

Read More »

Twin Cities Housing Market Shows Signs of Stabilization

March was a positive month for the Twin Cities housing market, according to a report released Wednesday by the Minneapolis Area Association of Realtors (MAAR). Using data from the regional multiple listing service of Minnesota, MAAR found that the number of new listings, active listings, pending sales, and closed sales in the Twin Cities all experienced positive gains from February to March.

Read More »

Arizona Plans to Assist 4,000 Households With Hardest Hit Funding

The Arizona Department of Housing (ADOH), one of five state housing finance agencies slated to receive federal funding through the administration's Hardest Hit Fund, has submitted a proposal to the U.S. Treasury Department detailing how it plans to use this financial aid. According to the proposal, the funding has the potential to assist approximately 4,000 households across Arizona and will be used for permanent mortgage modifications, second mortgage settlement, temporary mortgage assistance, and homeowner advocacy through HUD counselors.

Read More »

Fed Keeps Benchmark Interest Rate Near Zero

The Federal Reserve voted Wednesday to keep its federal funds rate at 0 to 0.25 percent ""for an extended period."" The central bank has said since December 2008 that economic conditions call for the benchmark rate to be held exceptionally low, and its board continues to hold true to that stance despite concerns that if the rate doesn't rise, the near-zero level will give rise to inflation. One area that the Fed did not address is what it plans to do with the $1.25 trillion in mortgage-backed securities purchased from the GSEs, but there are plenty of others with their own ideas of how to dispose of these assets.

Read More »

Tax Credit Expiration Unlikely to Deter Homebuyers: Study

Only time will tell how the residential real estate market will be affected by the expiration of the homebuyer tax credits, but a survey released Wednesday by Prudential Real Estate and Relocation Services, Inc., found that the sunset of these incentives is unlikely to deter future purchase activity. Among those who had recently bought a home, 61 percent cited low mortgage interest rates as ""very important"" to their decisions - an amount greater than either the tax credit or low prices.

Read More »

Freddie Mac Sells 207 REO Homes in Vegas, SoCal Auctions

Freddie Mac reported Wednesday that it had sold 207 HomeSteps REO homes to first-time buyers and other owner-occupants at auctions in Las Vegas and Riverside-San Bernardino, California on April 24 and 25. The auctions, managed by New Vista and Real Estate Disposition Corporation (REDC), drew thousands of bidders. Freddie Mac sold 90 percent of the REO properties set aside for the auctions. Altogether HomeSteps found buyers for 107 repossessed homes in Las Vegas and 100 homes in Riverside/San Bernardino.

Read More »

Mortgage Application Volume Slumps as Refinance Activity Plummets

What a difference a week can make. According to the Weekly Mortgage Applications Survey released Wednesday by the Mortgage Bankers Association (MBA), mortgage application volume fell 2.9 percent for the week ending April 23, 2010, after surging 13.6 percent just one week earlier. A major drop in refinance applications was the culprit of this significant week-to-week change.

Read More »


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.