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REO

C.A.R. Calls for Transparency in FHFA Bulk Sales Pilot

In a release Wednesday, the association accused FHFA of ""moving ahead with its REO bulk sales pilot initiative in a highly secretive manner, despite vehement opposition from California congressional members, the negative economic impact to the state's housing market, and cost to taxpayers."" In response to what the C.A.R. calls ""FHFA's failure to implement the REO initiative in an open and transparent manner,"" the organization has filed a request for details through the Freedom of Information Act.

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Existing Home Sales Improve in July, Shy of Expectations

Existing homes sale rose to an annual rate 4.47 million in July, the National Association of Realtors reported Wednesday. Economists had expected the sale pace to be 4.51 million. The increase 100,000 was less than half of the 250,000 drop in the sales pace registered for June.

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Eight Companies Sued for Alleged ‘Abusive Foreclosure Practices’ in Ohio

A lawsuit against eight companies in the mortgage industry alleges the defendants used fraudulent mortgage documents to process foreclosures on Ohio homeowners and charged the foreclosed homeowners inflated, unfair fees. According to the lawsuit, the companies were involved in ""abusive foreclosure practices"" that involved preparing, executing, and notarizing fraudulent court documents and assignments of mortgages used to initiate and prosecute foreclosures.

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Colorado Foreclosure Filings Up, Sales Down in July

In Colorado, foreclosure filings were on the rise year-over-year in July, while foreclosure sales were down, according to a report from the Colorado Division of Housing. Foreclosure filings, which represent the beginning of the foreclosure process, spiked up 14 percent to 1,976 in July from 1,733 a year ago the same month. Foreclosure sales, which represent the time when the foreclosure process is completed, fell 23.7 percent to 865.

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Foreclosure Activity Down with Fewer Bank Repossessions: RealtyTrac

Overall, foreclosure activity declined year-over-year and month-over-month, but foreclosure starts told a different story in July, according to RealtyTrac's foreclosure market report. Foreclosure filings, which include default notices, scheduled auctions, and bank repossessions, fell 3 percent month-over-month and decreased 10 percent from July 2011. Fewer homes were lost to the foreclosure process as well, with lenders completing the foreclosure process on 53,654 U.S. properties. The figure is a 1 percent decrease from June and a 21 percent decrease from a year ago.

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Initial Jobless Claims Lower Than Expected

First-time claims for unemployment insurance fell 6,000 for the week ended August 4 to 361,000, the Labor Department reported Thursday. Economists surveyed by Bloomberg had expected 367,000 initial claims. The prior week's total was revised up to 367,000 from the originally reported 365,000.

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CitiMortgage to Launch Home Rental Program as Foreclosure Alternative

CitiMortgage announced the launch of the Home Rental Program, a program designed to provide an alternative to foreclosure and allow eligible borrowers to stay in their homes. Under the program, the eligible borrower transfers ownership of the property to a vehicle established by Carrington Capital and its joint venture partner, Oaktree Capital Management, L.P. A lease will then be established for the property at a manageable monthly payment.

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NeighborWorks Program Rebrands Image of Hard-Hit Communities

To learn more about the NeighborWorks America Neighborhood Marketing Program, DS News asked Ascala Sisk, Senior Manager for Community Stabilization at NeighborWorks, a few questions about the effort. The new program is one of many initiatives from the nonprofit to rebuild communities.

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