News

U.S. Reps. John Lewis, David Scott, and Hank Johnson have joined forces with HUD, the U.S. Department of Treasury, the HOPE NOW Alliance, and NeighborWorks America for an upcoming event aimed at helping financially troubled homeowners in the Atlanta area. The event, dubbed the ""Help for Homeowners"" project, is scheduled for July 30 and July 31. Nearly 20 of the area's top lenders will be available at the event to meet one-on-one with area residents who are struggling to pay their mortgages. The event, dubbed the Help for Homeowners project, is scheduled for July 30 and July 31.

As part of an ongoing effort against scams that target financially distressed consumers, the Federal Trade Commission (FTC) has banned several marketers from selling mortgage modification or foreclosure relief services. According to the FTC, the marketers allegedly charged homeowners up-front fees and falsely claimed they could get their mortgage modified or prevent foreclosure on their homes. Settlements regarding these allegations have been met through three separate actions.

The real estate downturn has sent home prices tumbling, inflated housing inventories, and prompted stimulus programs that have pushed mortgage rates to record lows and given homebuyers tax breaks and cash incentives. Undoubtedly, it's a buyers' market. A new study released by J.D. Power and Associates Wednesday confirms that with today's bargain-basement market conditions, homebuyers are giving their real estate experiences a thumbs-up. Sellers, on the other hand, aren't nearly as pleased once the deal is done.

Despite a continued increase in purchase applications, mortgage loan application volume fell 4.4 percent for the week ending July 23, 2010, the Mortgage Bankers Association (MBA) reported Wednesday. According to MBA's Weekly Mortgage Applications Survey, the purchase index inched up 2 percent from one week earlier. But this uptick wasn't enough to keep overall mortgage application volume on the rise. The week-to-week dip came as the refinance index tumbled 5.6 percent.

Faced with growing criticism of its Making Home Affordable foreclosure prevention program, the Obama administration is turning to the tried and true method of advertising to raise public awareness of the program and encourage homeowners who are struggling with their mortgage payments to seek assistance from the federal government. The Advertising Council, in partnership with the U.S. Treasury and HUD, announced plans Wednesday to launch a national public service announcement (PSA) campaign about the Making Home Affordable program.

Fannie Mae and Freddie Mac are beginning to initiate foreclosures at a faster pace. According to a new study from Lender Processing Services (LPS), GSE foreclosure starts have been accelerating and are currently at all-time highs. From May to June, foreclosures initiated by Fannie and Freddie jumped 21 percent. LPS says the recent momentum coincides with Home Affordable Modification Program (HAMP) cancellations, with most of the increase and volume concentrated in the very late stages of delinquency.

Freddie Mac recently named Deborah Jenkins as VP and national head of multifamily underwriting and credit. In her new role, Jenkins is responsible for managing the underwriting and credit approvals of all multifamily debt investment for Freddie Mac.

The nation's foreclosure crisis and economic pressures, such as rising unemployment, continue to batter the U.S. housing market, as evidenced by the latest figures from the Census Bureau on homeownership rates. Data released by the federal agency Tuesday shows that the U.S. homeownership rate dropped to 66.9 percent during the second quarter of this year, hitting its lowest mark in more than 10 years.

The National Association of Real Estate Brokers (NAREB), a Washington, D.C.-based trade association composed of minority professionals in the real estate industry, has formed strategic partnerships with PartnerFirst, LLC, and Integrated Mortgage Solutions (IMS). NAREB teamed up with PartnerFirst to create a certified, nationwide, and multicultural short sale agent network that it says will help minority communities across America avoid foreclosure. And the association joined forces with IMS to engage minority business as subcontractors.

The Federal Housing Administration's Mortgagee Review Board (MRB) is ruling with an iron fist. So far this year, the MRB has taken action against almost 1,500 FHA-approved lenders who failed to meet its requirements, according to a notice published Monday in the Federal Register. Of the lenders facing penalties from the MRB, 905 have lost FHA approval for a period of one year. The federal agency reached a $700,000 settlement agreement with CitiMortgage over allegations that the lender failed to accurately report loan delinquencies.