FHA serious delinquency rate inches up while originations decline

January 30, 2012

The serious delinquency rate for Federal Housing Administration mortgages reached 9.6% in December, the highest level in more than two years, the Department of Housing and Urban Development said. More than 711,000 FHA-insured loans were seriously delinquent, up 18.9% from one year earlier, according to the HUD report. It’s also a 3.2% increase from the month before. The delinquency [...]

Read the full article →

O.J. Simpson faces foreclosure on Miami house

January 18, 2012

Court records indicate that O. J. Simpson is facing foreclosure on his Miami home while he is in prison in Nevada. JPMorgan Chase filed for foreclosure on the four-bedroom, four-bath house in Kendall in September, the Associated Press reports. Simpson’s attorneys have since filed a motion to dismiss the case. Simpson bought the house in 2000 for [...]

Read the full article →

Vacant Foreclosures Saddle Local Communities With High Costs

January 17, 2012

A recent study from the Government Accountability Office (GAO) found that non-seasonal vacant properties across the United States rose 51 percent over the span of a decade, from nearly 7 million in 2000 to 10 million in April 2010. Ten states saw vacancies go up by 70 percent or more as a result of high foreclosure rates. [...]

Read the full article →

Wells Fargo earns record $4.1 billion in 4Q

January 17, 2012

Wells Fargo , the largest mortgage lender in the U.S., reported record income of $4.1 billion, or 73 cents a share, for the fourth quarter, up 20% from one year ago. For the full year, Wells earned $15.9 billion, up 28% from 2010. Revenue at the San Francisco-based bank dipped to $20.6 billion in the fourth [...]

Read the full article →

Freddie Mac extends forbearance to unemployed borrowers

January 11, 2012

Freddie Mac announced it is giving mortgage servicers expanded authority to provide six months of forbearance to unemployed borrowers without Freddie Mac’s prior approval and up to an additional six months with prior approval.   This means unemployed borrowers may be eligible for up to 12 months of forbearance.  Freddie Mac’s forbearance options are being expanded [...]

Read the full article →

Home value declines slowing down

January 11, 2012

LPS index shows home value declines slowing down The latest home price index from Lender Processing Services  shows a slight 0.8% decline in home prices in October. Early data also suggest home price declines stabilized even more in November with a slight dip of 0.5% nationally. The optimism should be taken with a note of caution. After [...]

Read the full article →

Urban Institute: Foreclosure backlog to ‘take decades to complete’

January 2, 2012

The number of seriously delinquent mortgages in the nation’s largest metropolitan areas slowed this year, according to a new study from the Urban Institute. But foreclosures remain a burden on the housing market, prompting the policy research group to call for a resolution to the housing crisis to ensure the foreclosure backlog is cleared out in [...]

Read the full article →

Equator saw 1.17 million short sales initiated

January 2, 2012

Default servicing technology company Equator says nearly 1.2 million short sales were initiated through its module over the past two years. The company tracks this data through its default servicing platform, which helps mortgage industry clients deal with loan modifications, short sales, deeds-in-lieu, foreclosure processing and REOs. Los Angeles-based Equator said Wednesday that more than $150 billion [...]

Read the full article →

Foreign homebuyers jumping on depressed US housing markets

December 15, 2011

Foreigners looking to purchase homes in the U.S. are increasing their online search activity for bargains, as sliding home prices continue to attract investors from around the globe — especially Canada. Florida properties remained the lead attraction for foreign investment in the third quarter, followed by Arizona, Nevada and California, according to traffic on the [...]

Read the full article →

California ranks No. 1 for mortgage fraud

December 15, 2011

California ranks first in home loan fraud, with the state seeing as much as $204.2 million in losses on deceptive mortgage activity. That’s according to a new report from MortgageDaily, which found that lenders victimized by fraud faced inflated appraisals and fraudulent documentation. California was followed by New York, which experienced $199.6 million in losses [...]

Read the full article →

← Previous Entries

Next Entries →