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Tag Archives: Attorneys & Title Companies

Colorado Service Provider Uncovers Savings in Code Violation Detection

As a one-stop shop for code violation reports and vacant property registrations, Code Violation Services, Inc. says it can typically verify the status of any violations within three to 10 days of order. During a three month period, the company analyzed 1,209 properties for one client. Forty-four were found to have code violations without fees yet assessed. The early detection saved the client $802,582 in penalties.

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Auction Businesses Merge to Form New Holding Company

The real estate auction house of Williams & Williams and Auction Network, an Internet television network for live auctions, issued a joint statement Wednesday announcing a merger of the two companies. The newly created parent company, WWM (Williams, Williams & McKissick) Holdings, LLC, is based in Tulsa, Oklahoma, and will remain under private ownership.

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Loan Delinquencies Slow for Housing Finance Agencies: S&P

In the first quarter of 2010, state housing finance agencies' (HFAs) delinquencies declined for the first time since overall performance of loans began to deteriorate in the second quarter of 2008, according to Standard & Poor's. But the agency's analysts say the slowdown could be only temporary. S&P's study shows delinquency rates for HFA loans remain high relative to a year ago. However, the percentage of HFA loans at least 60 days past due or in foreclosure decreased to 6.05 percent in Q1, down from 6.57 percent in the fourth quarter of 2009.

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FDIC Adds 54 “Problem” Banks to Its Watch List

The FDIC said Tuesday that the number of banks on the agency's so-called "Problem List" has risen to 829, up from 775 at the end of the first quarter of 2010. The number of troubled institutions now under the FDIC's watchful eye is the highest it's been since March 1993, when the savings and loan crisis was in full swing. The 2010 failed-bank tally stands at 118. More banks may be deemed as "problem," but the FDIC says the banking sector overall enjoyed its most profitable quarter since the start of the recession.

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TARP Inspector’s Take on HAMP: “Anemic”

Neil Barofsky, Special Inspector General for the Troubled Asset Relief Program (SIGTARP), is tasked with dissecting and scrutinizing the government's monumental efforts to stabilize the nation's banking system and still-shaky housing market. Barofsky's been one of the Treasury's most candid and uncompromising critics when it comes to the Department's response to the financial crisis. He says efforts to prop up banks have proven effective, but his assessment is far different on housing. He says HAMP has been ineffective at stemming the foreclosure crisis and the program's results are "anemic" at best.

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Survey Finds 76% of Consumers Favor Renting to Homeownership

As the real estate market continues to fight an uphill battle towards recovery, the dream of homeownership seems to be dying out for some consumers, at least for the time being. According to a new online survey conducted in May, 76 percent of consumers deemed renting to be the more favorable option to owning a home in the current real estate market, a 5 percent jump from the 2008 survey results.

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Foreclosure Activity Drops 9% in April: RealtyTrac

One in every 387 homes in the United States was in some stage of foreclosure last month, RealtyTrac reported Thursday. The company's data shows that foreclosure filings were issued on 333,837 properties in April. While still elevated, that figure represents a 9 percent drop from the previous month and a 2 percent decline compared to a year ago. It's the only month in the history of RealtyTrac's report where foreclosure activity fell on an annual basis.

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Regulators Seize Seven Community Banks

Soured loans continue to bring down financial institutions in mass. Seven more community banks were shuttered by regulators over the weekend, bringing the total number of FDIC-insured failures to 64 for the year. The latest round of closures targeted banks in Puerto Rico, Michigan, Missouri, and Washington, and will cost the FDIC more than $7 billion.

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The Upward Climb Comes to a Halt: Mortgage Rates Ease

The conclusion of the Federal Reserve's mortgage purchase program had many worried that mortgage rates would jump to sky-high levels. And the uninterrupted increase in rates during the weeks following the sunset of the program just added fuel to that fire. However, in a turn of events, mortgage rates retreated for the week ending April 15, 2010, Freddie Mac and Bankrate reported Thursday.

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Early Reaction to HAFA Program

The administration's Home Affordable Foreclosure Alternatives (HAFA) program hasn't even been in effect for a full week, and positive feedback is already coming in. Loan Resolution Corporation, a Scottsdale, Arizona-based pre-foreclosure asset manager that acts as a vendor for banks implementing HAFA, said it expects a tremendous surge in short sales to accompany the recent implementation of this new program.

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