Tag Archives: Bankruptcy

Overall personal bankruptcy filings in Connecticut decreased in 2012 as consumers become more confident about their ability to handle debt, according to a report from the Warren Group. In Connecticut, personal bankruptcy filings numbered 7,242 in 2012, down from 8,518 in 2011, representing a 15 percent decrease.

Mortgage Daily released a list of the top 10 servicers based on portfolio size as of September 30. However, Mortgage Daily says spots 4-6 on the third quarter list could change due to recent acquisitions from Ocwen Financial Corporation, Nationstar Mortgage, and Walter Investment Management. For now, top servicers on the list were Wells Fargo, Bank of America, Chase, Citigroup, and U.S. Bank. Ocwen, which is not on the top 10 list, is expected to move into a top five position.

The mortgage market may be the largest market for consumer finance, but the sector lacks a comprehensive national database, according to the Federal Housing Finance Agency (FHFA) and Consumer Financial Protection Bureau (CFPB). This is why the federal agencies are coming together to create a national mortgage database. Borrower profiles, payment history, and the mortgage product and terms will be included in the database, which will be updated monthly.

LOGS Network, a consortium of default-related firms providing legal and outsourcing solutions for the residential mortgage and consumer credit industries, has added Janeway Law Firm, PC, to its network. Serving the entire state of Colorado, the newest member of LOGS is a full-service law firm and a member of the Fannie Mae retained attorney network.

Ally Bank announced it has launched a ""process to explore strategic alternatives for its agency mortgage servicing rights (MSR) portfolio and its business lending operations."" The announcement signals another step in Ally's shift away from the housing market.

Ocwen Loan Servicing, LLC and Walter Investment Management Corp. outbid Nationstar Mortgage Holdings and received preliminary approval for the purchase of Residential Capital's mortgage servicing and origination assets. Ocwen's $3 billion was the highest bid for the assets, which went to auction Tuesday. The final sale is contingent on approval in Bankruptcy Court November 19. After being outbid by Ocwen, Nationstar declined to submit a higher offer.

Residential Capital (ResCap) was denied approval from a federal bankruptcy judge to pay its executives bonuses, Reuters reported Wednesday. The key employee incentive plan (KEIP) plan was for bonuses between $4.1 million and $7 million to be distributed to 17 of the top 20 employees from ResCap.

Federal officials announced Monday that a federal fugitive of 12 years was charged with identity theft and fraud after operating an illegal foreclosure-rescue scheme. Glen Alan Ward of Canada was indicted Friday on two counts of bankruptcy fraud, one count of mail fraud, and two counts of aggravated identity theft.

In a shareholder class-action lawsuit, former executives of IndyMac Bankcorp agreed to settle for $6.5 million following the bank's 2008 collapse, the Associated Press reported Sunday.

Fewer mortgaged-related businesses had to shut down their doors during the first six months of this year compared to the same time period a year ago in 2011, according to the Mortgage Graveyard report released by Mortgage Daily.