Foreclosure Moratoria Could Create a Price Avalanche
As more states come to the conclusion that they need to place at least partial moratoria on foreclosures, preforeclosures and sales of foreclosed properties (REO) in an effort to prevent the...
View ArticleMajor Lenders Protest New Jersey’s Threatened Foreclosure Freeze
Six major lenders are disputing a New Jersey chief justice’s proposition that their foreclosures be suspended indefinitely in his state, saying that they have addressed “questionable legal practices”...
View ArticleNew Jersey Gets a New Foreclosure Overseer
Yesterday a New Jersey judge created a special position for an individual to oversee foreclosure proceedings. Superior Court Judge Richard Williams has been appointed “Foreclosure Overseer,” meaning...
View ArticleSmall Lenders Wary of FHA Loans in Face of Looming Government Shut-Down
Not all lenders say they are worried about the impact of the government shutdown on FHA loans. In fact, several large lenders, including Bank of America, Citibank and Wells Fargo, have said that they...
View ArticleAlmost 5,000 HAMP Mods Carry Principal Reductions
HAMP’s principal reduction alternative (PRA) is working for nearly 5,000 homeowners, with only 27 of the 4,938 participants in the program falling out and 4,911 principal-modified loans listed by HAMP...
View ArticleState Attorneys General Working on Immunity for Major Banks
The latest in the state attorneys general negotiations with major lenders is an attempt to get immunity for major banks over irregularities in handling foreclosures in light of evidence emerging that...
View ArticleMortgage Production Sinks
According to recently released Mortgage Lender Rankings (MLR) reports, residential loan originations by U.S. lenders fell 19 percent in the second quarter of this year and 20 percent over the same time...
View ArticleNCUA Seeks Millions in Damages from Goldman Sachs
The National Credit Union Administration (NCUA) believes that Goldman Sachs has not yet fully made up for mistakes made in the sales of mortgage-backed securities (MBS), and it has filed another $491...
View ArticleBEREL Sunday International Investing Edition: Wells Fargo Turns to Ireland...
In a $1.4 billion deal, Wells Fargo has won the Bank of Ireland’s U.S. commercial-real-estate loan portfolio as the Irish bank attempts to deleverage its assets. The portfolio consists of 25 loans sold...
View ArticleFHFA Sues 17 Lenders
The Federal Housing Finance Agency has filed suits against 17 financial institutions for selling government-controlled GSEs Fannie Mae and Freddie Mac around $200 billion in mortgage-backed securities...
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