News

Two mortgage industry veterans partnered to form DC Solutions Group LLC, an advocacy firm to represent the viewpoints of those in the real estate industry to policymakers who are considering mortgage-related issues.

In Hargrow v. Wells Fargo Bank N.A., a three-judge panel of the United States Court of Appeals for the Sixth Circuit rejected the plaintiffs' claims that Wells Fargo-an assignee of Mortgage Electronic Registration Systems, Inc. (MERS)-was not entitled to foreclose because it did not own an interest in the indebtedness.

Court of Appeals Upholds Dismissal in MERS Case MERSCORP Holdings, Inc., announced that a three-judge panel of the United States Court of Appeals for the Ninth Circuit affirmed the dismissal of a complaint against Mortgage Electronic Registration Systems, Inc., (MERS) and two other defendants.

Governor Deval Patrick of Massachusetts signed into law a bill Friday that will require lenders to first determine the value of modifying a loan before foreclosing on a home. If a modification will bring in a greater financial advantage, then lenders must opt for a modification over a foreclosure.

The U.S. Department of the Treasury announced Friday that it expects proceeds from the the sale of its American International Group, Inc. (AIG) common stock to be about $5 billion.

HUD and Treasury Department released the latest scorecard Friday, providing a look at a market in recovery but threatened by an expected increase in foreclosure activity. According to the report, foreclosure starts and completions both declined in June, painting a picture of continued recovery. However, officials expect foreclosure activity to pick up in coming months as firms lift delays in foreclosure processing.

Lender Processing Services (LPS) released Friday its latest Home Price Index (HPI) report, showing that prices increased both month-over-month and year-over-year. The report, based on residential real estate transaction data as of the end of May, revealed that the home price index for the month was $202,000, a 0.9 percent month-over-month increase and a 3.2 percent increase from the start of the year.

National Association of Real Estate Brokers (NAREB) is hosting a State of Housing in Black America (SHIBA) forum in Cleveland to discuss how the foreclosure crises, neighborhood blight, and natural disasters have continued to disproportionately impact minorities.

In a study to examine what factors would drive a person to rent or own in their next move, Fannie Mae found that a mix of demographics and attitudinal drivers were key, while negative housing events appears to do little to thwart would-be buyers. The study categorized respondents into three groups: renters, those with a mortgage, and outright homeowners. The study found that renters tended to be younger and fall into the low income category.

LPS Settles Criminal Charges in Missouri Lender Processing Services, Inc., announced Thursday that an agreement was reached between subsidiary DocX, LLC, and the Attorney General Chris Koster. The agreement between the parties resulted in a dismissal of criminal charges pending against DocX. The Attorney General's Office alleged that DocX directed employees to falsely sign mortgage documents in the names of bank VPs without proper authorization.