News

Housing prices increased 2 percent over the second quarter of 2011, according to the IAS360 House Price Index compiled by Integrated Asset Services (IAS). In contrast to the previous quarter, prices rose in all four of the U.S. Census regions. The smallest increase was in the West - a region hard-hit by the housing crisis - which reported a 0.1 percent rise. IAS attributes the recent gains, at least in part, to delays in foreclosure processing due to legal battles.

The Law Offices of Marshall C. Watson, P.A., a Fort Lauderdale, Florida-based provider of legal services to mortgage lenders and servicers, recently announced that former Broward Chief Circuit Judge Victor Tobin has joined the firm as general counsel. Tobin will oversee the attorneys and ensure best practices are followed and foreclosure procedures are enhanced, according to the firm.

The Nevada legislature has set an October 1 effective date for a new law aimed at dissuading homeowners facing foreclosure from vandalizing the property. The law ""prohibits the destruction of real property that is subject to foreclosure with the intent to defraud."" A person who intentionally removes, conceals, or destroys any real property and causes the secured party or lender to suffer a financial loss as a result is guilty of a misdemeanor crime.

The Hopp Law Firm, a regional provider of commercial and creditor legal services, recently announced that C. Kent Jolliff has joined its legal team. Jolliff will be based out of the firm's Little Rock, Arkansas office, and will serve as general counsel to the firm and collections group chair, oversee the collection and transportation practices on a daily basis. With over 28 years' experience, his background covers a range of regulatory and compliance matters in creditor's rights, real estate, mortgage banking, mortgage servicing, foreclosures, and litigation.

Illinois Governor Pat Quinn recently announced the new Mortgage Resolution Fund (MRF) created to permanently modify loans to affordable amounts. The MRF is being funded with $100 million from the state of Illinois and $445.7 million from the Hardest Hit Fund a fund established by the Obama Administration in 2010 to help families in markets hardest hit by the housing and economic crisis. Under the MRF, delinquent loans will be purchased from lenders at present value and modified according to current home values.

Foreclosure activity has fallen to its lowest level in over three-and-a-half years, according to RealtyTrac. The company released its July foreclosure market report on Thursday, which showed a 4 percent decline in filings from the previous month and a drop of 35 percent when compared to July 2010. The company says while the string of declines was initially triggered by the robo-signing controversy back in October 2010, the downward trend in foreclosure activity ""has now taken on a life of its own.""

Quality Mortgage Services (QMS) provides mortgage quality assurance and mortgage compliance solutions nationwide, and the company says it's able to perform foreclosure audits for any servicers that need or what a retrospective review. In April, federal regulators directed 14 of the nation's largest mortgage servicers to hire third-party firms to conduct a 'look-back' audit of their foreclosure cases from 2009 and 2010. QMS says all servicers should be ensuring they are, and have been, fully compliant with proper foreclosure procedures.

The Obama administration is setting the stage for a public-private collaboration to tackle the growing inventory of REO homes. On Wednesday, federal officials called on private investors and industry stakeholders to share their recommendations on how best to dispose of foreclosed homes held by Fannie Mae, Freddie Mac, and FHA. Together, the three hold nearly 250,000 REO homes. Federal officials believe the most effective tactic is to sell off pools of properties to responsible investors who will employ an REO-to-rental strategy.

The National Credit Union Administration (NCUA) is suing Goldman Sachs in hopes of recovering losses it incurred as the result of two failed credit unions - U.S. Central and Western Corporate federal credit unions. The complaint filed in a California district court alleges Goldman Sachs misrepresented the risks associated with residential mortgage-backed securities bought by the two credit unions, ultimately leading to their demise. It's the fourth securities-related suit NCUA has filed, and the agency says there's more to come.

Sirote & Permutt, P.C. has expanded its mortgage litigation practice into the Florida market with the opening of a new office in Pensacola. This is the fourth location for the law firm, which also has offices in Birmingham, Huntsville, and Mobile, Alabama. Sirote & Permutt says in response to client feedback, it evaluated the legal market and opted for expansion.