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Report: Subprime Litigation Doubles in 2008

In a new report issued this week, Navigant Consulting, Inc. found that beyond the billions in writedowns, the credit crisis produced an alarming 576 new litigation matters filed in U.S. federal courts in 2008.

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Ellie Mae Offers New HVCC-Compliant Appraisal Services

Pleasanton, California-based Ellie Mae announced on Friday the launch of the company’s HVCC-compliant appraisal services, a new program designed to help banker, lender, and broker clients comply with the GSEs’ Home Valuation Code of Conduct (HVCC) that goes into effect on May 1, 2009.

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Golden State Foreclosures Still Rising

ForeclosureRadar, which tracks every California foreclosure and provides daily auction updates, issued its monthly California Foreclosure Report for February 2009 on Thursday. The company said that Notices of Default have increased 21.

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MCS Awarded Government Contract

Mortgage Contracting Services (MCS), a property preservation and inspection services provider based in Tampa, Florida, announced on Thursday that it has been awarded a contract with U.S. General Services Administration (GSA) to perform property preservation work for the government.

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Mortgage Rates Drop

Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS) today, showing that mortgage rates eased this week, following news of a weaker jobs market which may slow consumer spending and keep inflation at bay.

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Foreclosures Up Six Percent in February

Foreclosure activity in February increased nearly six percent from the month before, according to RealtyTrac’s U.S. Foreclosure Market Report released on Thursday. The gain comes despite widespread foreclosure moratoria instituted by the GSEs and some of the nation’s largest lenders during the first part of the year.

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MBA's Kittle Testifies on Mortgage Reform

David G. Kittle, chairman of the Mortgage Bankers Association (MBA) and EVP at Vision Mortgage Capital, LLC, testified before the House Financial Services Subcommittee on Financial Institutions and Consumer Credit on Wednesday.

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Fed Purchases $27B in Agency MBS

The Federal Reserve Bank of New York purchased $27.1 billion in agency mortgage-backed securities (MBS) this week. Total MBS purchases since the government program began in early January now stands at $217 billion.

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BB&T Signs On To Use Fiserv's E-Lending Platform

Fiserv, Inc., a Brookfield, Wisconsin-based provider of financial services technology solutions, announced on Thursday that BB&T Corporation, has chosen the company’s Secure Lending solution to electronically deliver disclosures and other pre-closing documents, with an electronic signature option, to borrowers.

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