A New York court has dismissed a lawsuit filed by the state's attorney general against HSBC Mortgage Corporation nearly two years ago which alleged that HSBC failed to follow the state law related to foreclosure actions.
Read More »Legal Technicalities May Let Defaulting Borrowers Keep Their Homes Without Paying
The issue has been particularly hot in judicial foreclosure states such as Florida and New Jersey, where the foreclosure process must pass through the courts and signed by a judge to be completed.
Read More »OCC: Delinquencies Down, Mortgage Performance Up for Eight National Banks
The percentage of seriously delinquent mortgage loans, which are those 60 days or more past due or held by borrowers in bankruptcy whose payments are 30 days or more past due, was 3.1 percent in Q4 – a decline of 0.9 percent from the previous quarter and 12.2 percent year-over-year, according to the OCC.
Read More »Bank of America Loses Bid to Have Chicago Predatory Lending Lawsuit Dismissed
Cook County says that the bank's alleged predatory lending practices resulted in a higher number of foreclosures, increased blight, and lower property taxes in urban Chicago. Bank of America was seeking to have the suit dismissed, claiming that the county lacked standing to sue and waited too long to initiate litigation. The bank also says the county did not prove that the bank violated the Fair Housing Act, according to reports.
Read More »Free Web-Based Foreclosure Education Course Offered to General Public
A new Web-based course that will provide city leaders with strategies to successfully address foreclosures in their cities will be offered for free to the general public, according to an announcement from National League of Cities (NLC) and Wells Fargo on Wednesday.
Read More »Florida, Michigan Lead in Completed Foreclosures, But Other Numbers Do Not Correlate
Despite both states having high numbers of completed foreclosures for the previous 12 months, other foreclosure-related statistics between the two states do not correlate. Florida's foreclosure inventory rate of 3.5 percent for January (third among states behind New Jersey and New York) was more than double the national average for the month (1.4 percent), whereas Michigan's foreclosure inventor was less than half that number (0.6 percent).
Read More »Foreclosure Starts Reach 12-Month High; Completions Falling
Foreclosure starts reached their highest level in a year in January, but foreclosure completions are falling faster than the seriously delinquent loan rate – resulting in an across the board increase in foreclosure pipeline ratios, according to Black Knight Financial Services' January 2015 Mortgage Monitor released Monday.
Read More »Report: Citigroup Preparing to Pay $20 Million to Overlooked Victims of Foreclosure Violations
Citigroup is preparing to pay approximately $20 million to thousands of homeowners who were eligible to receive compensation as part of the Independent Foreclosure Settlement reached between the government and 10 mortgage servicers two years ago over loan servicing and foreclosure procedure violations, according to media reports.
Read More »Survey: Delinquency, Foreclosure Inventory Rates Fall to Lowest Levels Since 2007
Both the delinquency rate and the foreclosure inventory rate in Q4 2014 for residential mortgage loans fell to their lowest levels since 2007, according to the Mortgage Bankers Association's National Delinquency Survey released Wednesday. The delinquency rate, which includes loans that are at least one payment past due but not loans in foreclosure, fell to a seasonally-adjusted rate of 5.68 percent in Q4 for all mortgage loans outstanding at the end of the quarter, the lowest level since the third quarter of 2007.
Read More »Foreclosure Inventory Down Despite Rise in Starts
Foreclosure inventory was way down nationwide year-over-year in January despite a 5.5 percent month-over-month increase in foreclosure starts, according to Black Knight Financial Services' First Look at January Mortgage Data. Foreclosure starts totaled 94,300 for January, which was the highest number since December 2013. January's total was a 5.5 percent increase from December and a slight increase of 0.2 percent from January 2014.
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