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Yesterday, the Justice Department and 49 out of 50 state Attorneys General announced a settlement agreement with 5 of the nation’s largest banks in the Robo-signing and Mortgage Service Fraud scandal that first came to light in late 2010. The settlement, worth $25 billion dollars, was the largest government negotiated industry settlement since the Tobacco [...]
On Jan. 4, Federal Reserve Chairman Ben Bernanke sent a letter and white paper to Congress outlining his insights and recommendations on restoring the health of the U.S. housing market. Among the key findings on current market conditions: Housing prices remain 33% below their early 2006 peak Currently, 1 in 5 mortgage holders are underwater [...]
The FTC announced Friday that it would exempt real estate agents conducting short sales from most provisions of the Mortgage Assistance Relief Services (MARS) Rule.
SPECIAL REAL ESTATE INDUSTRY BROADCAST Exclusive Interview with the US Treasury’s Director of Policy for Homeownership Preservation Office, Laurie Maggiano! You and the Treasury Department Have the Same Goal … to Close More Short Sales in 2011! Join us for an exclusive interview with Laurie Maggiano, Director of Policy in the Office of Homeownership Preservation, [...]
SPECIAL REAL ESTATE INDUSTRY BROADCAST Exclusive Interview with Bank of America Short Sale Exec Kim Dawson Bank of America recently announced a major change in the way they work with agents – positioning themselves to approve short sales within two weeks of an offer. Join us for a LIVE BROADCAST as Distressed Property Institute CEO [...]
Agents working short sales with Wells Fargo or Wachovia should be aware of some new regulations. With much speculation on this subject in recent weeks, DSNews reported new rules regarding Wells Fargo short sales when foreclosure is within 30 days. The bank’s new policy will allow for only one foreclosure postponement given the following criteria: [...]
that [the foreclosure scandal] is going to lead to a substantial number of foreclosures being permanently forgotten,” Rep. Barney Frank said during Congressional hearings yesterday [reported by the Washington Post]. Strong words from the outgoing chairman of the Financial Services Committee, and even stronger when paired with the new mortgage delinquency numbers. Following are the [...]
Some of the nation’s largest banks will appear before the Senate Banking Committee today to explain their actions regarding the “robo-signing” scandal in which lenders allegedly filed thousands of inaccurate documents in foreclosure cases. This scandal initially led to the recent foreclosure freezes by major lenders. A 125-page report just released by the Congressional Oversight [...]
GMAC’s mortgage unit, Ally Financial, has followed Bank of America in reviewing its foreclosure proceedings on a nationwide level. Ally continues to halt evictions in only 23 states, but has hired a “specialized team” to review all their foreclosure holdings with special attention given to foreclosure sales. So far, they have found no evidence of [...]
In an effort to help homeowners who owe more on their homes than they’re currently worth, the government will initiate its “short refinance” program on Tuesday, September 7, 2010. According to an August 6 Mortgagee Letter released by HUD (click here to download the entire letter), the program will allow “borrowers who are current on [...]
Fannie Mae has put loan servicers on notice: take too long to complete foreclosures and you could face fines. Through a recent announcement, the government-sponsored enterprise has created timeframes for completing foreclosure proceedings (see their foreclosure timeframes for more information on a state-by-state basis). For servicers unable to provide a reasonable explanation for delaying proceedings, [...]
In support of the housing market and pending deals nationwide, the House and Senate have pushed through a three-month closing extension for the homebuyer tax credit. The bill now goes to President Obama to be signed. Here are some of the details as reported by Reuters late last night: Homebuyers with contracts signed by April [...]
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