Local media in Las Vegas are reporting that unsuspecting renters are falling victim to an elaborate fraud scheme involving vacant foreclosures. Con artists are combing the Las Vegas Valley for homes that have been sitting empty for an extended period of time - such properties aren't hard to come by in the foreclosure-ridden area. They then advertise the home as ""for rent"" and bilk victims out of thousands of dollars before they realize the fraud has taken place.

The Hopp Law Firm, a national provider of commercial and creditor legal services, announced this week that Jason Bowes has been promoted to supervising attorney. Bowes will have the primary responsibility of overseeing the firm's Texas office. He has been representing clients in commercial real estate matters since 2006 and has extensive experience in escrow, claims, and curative in all 50 states.

Sabal Financial Group, L.P., the financial services management firm formerly known as Milestone Asset Resolution Company, said this week that it recently acquired a $153 million portfolio from a major Midwest retail bank. The portfolio includes more than 100 loans, both performing and nonperforming, and is primarily secured by retail, office, and industrial properties, and land. Sabal will provide loan servicing and asset management for the portfolio.

FICO announced this week that it has inked deals with four of the country's top 10 mortgage servicers to provide them with its predictive analytics technology to identify borrowers who pose the greatest risk of strategic default. Studies conducted by the University of Chicago Booth School of Business indicate that roughly 35 percent of mortgage defaults are strategic, and FICO estimates this makes strategic defaults more than a $20 billion problem annually.

JPMorgan Chase used its third-quarter earnings call with investors Thursday to rein in expectations about when a mortgage servicing settlement might be reached with state officials. CEO Jamie Dimon described the settlement talks as ""getting bogged down"" because of the many varying demands of each of the state attorneys general. Dimon said he thinks it'd be good for everyone involved to come to an agreement and move on, but he was quick to add, only if the settlement is ""reasonable.""

After admitting to an extensive mortgage fraud scheme, the former president of Lend America was suspended from doing any future business with HUD. Michael Primeau pled guilty to charges that he ordered employees to pay company operating expenses with funds intended to cover borrowers' first mortgages at refinance closings. Previously an FHA-approved lender, Lend America also allegedly violated FHA's origination and underwriting standards on several occasions, according to HUD.

In preparation for policing the nation's largest lenders, the Consumer Financial Protection Bureau (CFPB) Thursday released its examination procedures for mortgage servicers. The bureau will begin its review of more than 100 large banks, thrifts, and credit unions with extensive examinations of their mortgage servicing practices, including complaint resolution, loss mitigation procedures, and foreclosures. The agency stressed that mortgage servicing has a huge impact on consumers and therefore is a top priority for the CFPB.

The run for below-four-percent 30-year mortgage rates was short-lived. After a history-making drop to 3.94 percent last week, Freddie Mac has recorded an 18 basis point jump in the average interest rate on a conventional fixed-rate mortgage with a 30-year term. Mortgage rates across the board rose sharply this week. Freddie Mac attributes the sudden upward movement to last Friday's better-than-expected employment report, but the GSE stressed that even with the increases, mortgage rates remain near their 60-year lows.

Keystone Asset Management Inc., a national provider of REO, default management, and property valuation services, announced last week the retirement of co-founder Nick Salamone. The announcement comes as part of a requested transition for Salamone as he begins to focus on new consulting developments and business ventures. Co-founder Jane Hennessy assumed the role of CEO and president earlier this year so that plans for a smooth transition could be made, the company explained.

RealtyTrac says foreclosure filings were reported on 610,337 properties in the third quarter of this year. That translates to one in every 213 homes with a filing during the three-month period. The third-quarter tally represents an increase of less than 1 percent from the previous quarter, but it breaks a trend of three consecutive quarterly declines that started late last year. RealtyTrac says it looks as though foreclosure activity is about to do an about-face from the falloff that set in after the robo-signing controversy.