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Massachusetts Foreclosure Petitions Drop but Foreclosure Deeds Climb

Foreclosures started by lenders in Massachusetts during September declined from August by 23 percent and dropped 6.7 percent from a year earlier, according to a new report by the Boston-based research firm the Warren Group. Lenders filed 2,358 petitions to foreclose in September, the first step in the foreclosure process. Meanwhile, the number of completed foreclosures increased for the ninth straight month in Massachusetts.

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Nation’s Biggest Banks Each Hold over $20B in Foreclosures: Report

New data released this week shows that the nation's largest banks are holding monstrous volumes of soured home loans. According to an analysis by Weiss Ratings, JPMorgan Chase, Bank of America, and Wells Fargo each reported more than $20 billion in single-family mortgages currently foreclosed or in the process of foreclosure as of midyear. In addition, for each dollar these banks held of mortgages in foreclosure, there were another $2 in loans in the pipeline that were 30 days or more past due.

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MountainView Forms Mortgage Loan and REO Valuation Unit

MountainView Capital Holdings, a provider of financial services for institutions participating in the mortgage and fixed income capital markets, has announced the formation of MountainView Portfolio Analytics, a business unit specializing in valuation of residential whole loans, securitized loans, and REO. The company has been providing valuation services for over 20 years but says it decided to create a separate business unit due to increased market demand.

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GMAC Mortgage to Move Forward with Foreclosures

GMAC Mortgage was the first company to halt foreclosures in 23 states because of concerns that the legal paperwork was not validated and processed correctly. After two months of reviewing individual case files, the company says it will restart foreclosure proceedings. Bank of America has also lifted its foreclosure suspension in 23 states. While both companies say they have found no instances in which a homeowner was wrongly foreclosed upon, at least one county sheriff in the judicial state of Illinois says he's not going to carry out their evictions until they provide further proof.

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Asset Management Firms Team Up in Minority Business Joint Venture

UrbanAmerica Advisors and Green River Capital have created a joint venture minority business enterprise (MBE) called UrbanAmerica Res Services. Headquartered in Dallas with offices in Salt Lake City, Atlanta, and New York City, UrbanAmerica Res Services is a network of 7,000 deal sourcing, loss mitigation, asset management, and valuation professionals. The new company combines UrbanAmerica Advisors' national infrastructure and local community development relationships with Green River Capital's REO management and short sale services.

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MLSListings Makes Realtors Property Resource Available to Members

According to MLSListings, Inc., headquartered in Sunnyvale, California, it is one of the first multiple listing service (MLS) organizations in the country to make Realtors Property Resource (RPR) available exclusively for its members. RPR is the National Association of Realtors' online real estate database, providing Realtors with data on every parcel of property in the United States, according to the trade group.

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Foreclosures Sales, REO Inventories Increase Along West Coast: Report

ForeclosureRadar has released its September market report, and the company's data shows that both foreclosure sales and inventories of bank-owned properties are on the rise throughout the West Coast states of Arizona, California, Nevada, Oregon, and Washington. In Nevada, for example, foreclosure sales increased by nearly 40 percent from August to September, with the majority going back to the bank and swelling the REO supply even further.

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Bank of America and Fidelity National Reach Agreement for REOs

Bank of America and Fidelity National Financial have come to an agreement regarding the foreclosure paperwork issues that have plagued several of the largest lenders in the past weeks. Fidelity will continue to provide title insurance for BofA's foreclosed properties and defend new homeowners in court if title issues arise. The bank has agreed to cover all court related costs and settlements resulting from lawsuits surrounding title issues. The news comes just as Bank of America has announced that it will resume foreclosures in 23 judicial states beginning October 25th.

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Terranova Expands Executive Team with Seasoned Real Estate Developer

The Terranova Group, a third-party provider of specialized asset management and disposition services, recently hired Richard Parvey to join its executive team as director of land development. A 20-year industry veteran, Parvey brings a wealth of land acquisition and development experience to his new role, where he will be responsible for helping financial institutions move bank-owned and non-performing developments off their books.

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FHFA Orders Paperwork Fixes but Insists Foreclosures Should Proceed

The Federal Housing Finance Agency has issued a new policy that outlines specific steps Fannie Mae and Freddie Mac servicers should take to identify and correct deficiencies in foreclosure paperwork. Evidence of servicing staff cutting corners to process foreclosures quickly has lawmakers, consumer advocates, and the entire general public calling for an immediate moratorium on foreclosures. But FHFA says bringing the process to a complete halt is not the answer.

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