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DS News Webcast: Monday 11/24/2014

The nationwide mortgage delinquency rate in October fell to its lowest level in seven years, according to Black Knight Financial Services' First Look at October 2014 Mortgage Data released on Friday. October's delinquency rate, or the rate of loans that are more than 30 days past due but not in foreclosure, was reported at 5.44 percent, its lowest level since November 2007. The delinquency rate in October represented a 4.1 percent decrease from September and a 13.4 percent decline from October 2013.

Both foreclosure pre-sale inventory, the number of residential homes in some state of the foreclosure process, and foreclosure starts took big year-over-year tumbles in October. Foreclosure pre-sale inventory totaled 1.7 percent, a decline of 33.5 percent from the same month a year ago and its lowest level since February 2008. Foreclosure starts in the U.S. totaled 81,400 for October 2014, a decline of 31.5 percent from October 2013.

The U.S. Securities and Exchange Commission agreed to partially waive the additional sanctions that could have been imposed on Bank of America following a nearly $17 billion settlement in August over the sale of toxic residential mortgage-backed securities, according to sources familiar with the case in a report from Bloomberg News. The SEC granted Bank of America a full waiver on what would have been the harshest penalty, which would have banned the bank from continuing to manage mutual funds.

About Author: Jordan Funderburk


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