CoreLogic reported that residential repossessions and properties nearing repossession decreased in January 2011 from 2 million to 1.8 million units. Because home sales have slowed in recent months the drop in units will still take about the same amount of time to clear, estimated by CoreLogic at 9 months.
The Federal Housing Finance Agency has announced a one year extension on the Home Affordable Refinance Program (HARP) until June 30, 2012. The program which was begun in March 2009 allows homeowners to refinance out of negative equity into lower fixed interest rates. Fannie Mae and Freddie Mac will allow HARP refinancing to be exempt from recently announced price adjustments.
The Securities and Exchange Commission has sided with five New York City pension funds in calling for independent audit of bank foreclosure procedures. In November the pension funds filed shareholder petitions with several of the largest banks including Bank of America, Wells Fargo, JP Morgan Chase and Citigroup calling for independent audit.
The Attorneys General of several states have sent a letter to Iowa AG, Tom Miller, who is spearheading the effort to review wrong-doing in the robo-signing controversy protesting that forced loan assistance is “largely unrelated to the foreclosure document issue.” The AGs concerned about the linking of assistance remedies with those having to do with documentation procedures are all Republicans from the states of Virginia, Texas, Florida and South Carolina.
Mortgage Daily noted in its latest quarterly report that mortgage litigation is up around 42% in the 4th quarter of 2010 compared to the previous quarter. Lawsuits over loan modifications tripled in Q4. Investor lawsuits doubled. Given the lack of agreement on whether the mortgage industry has really resolved the foreclosure documentation crisis the wave [...]
The Treasury Department is expected to introduce regulations for the mortgage industry that will make it even more difficult to qualify for a mortgage. It is anticipated that all qualifying residential mortgages (QRMs) or the kind that don’t require government backing, will require a 20% down payment in the future. Some regulators have even argued for a need to make QRMs conform to a 30% down payment.
Since its inception, HAMP has helped only half a million homeowners. That is only 1/6 of the three to four million distressed homeowners that the program promised to keep out of foreclosure when it was being created. Despite its under-performance, Administration officials have advised President Obama that HAMP should be retained. Obama for his part [...]
Bank of America researchers recently completed a survey of homeowners who are 60 days or more delinquent in paying their mortgages and concluded that only 14% of these homeowners would be eligible for a HAMP loan modification under the current rules.
Heavy fines and the notion of requiring massive numbers of principal reductions are causing lenders to push back against the proposed foreclosure documentation error punishments.
CoreLogic has estimated that there slightly over 11 million home mortgages that are under water as of the fourth quarter of 2010. The under water mortgage number is 3% ahead of the 3rd quarter of 2010 and represents about 23.1% of all U.S. homes.
"Bob by far provides the best value and comprehensive, timely information." -Alex Bailey, Irmo, SC
"Emails I received from Bob contained very useful and up-to-date information regarding the ever changing landscape of real estate and NOT just sales pitches for other 'RE gurus' programs." - Dennis Uyeda, HI
Find us on: The Investment Machine | RealtyFeedSearch.com | Blogging Fusion Blog Directory | Investment Directory | DR.5z5 Feed Directory | OnTopList | BLOGbal | 
| blogville.us | Best Directory | 
| Thumbnails powered by Thumbshots
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
![[Valid RSS]](/images/valid-rss-rogers.png "Validate my RSS feed")
© Copyright REWealthCoach.com 2009. All rights reserved.
