US Fin. Associations
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With the number of short sales increasing and even outnumbering REO sales in certain states, experts are speculating short sales might become key to preventing an even greater swelling of foreclosed properties on the market. Compared to a year ago in January 2012, pre-foreclosure sales, which are typically short sales, increased 33 percent, according to a RealtyTrac report released Thursday. Short sales even outpaced bank-owned REO sales in 12 states, including Utah, California, Arizona, Florida, Indiana, Colorado, New York and New Jersey. Pursuing a short sale is often thought of as a painstaking process, and it’s not uncommon to hear of complaints about slow responses from banks and last minute rejections on offers. Fortunately, not all lenders/servicers are the same when it comes to dealing with short sales, and RealtyTrac compiled a list of data revealing which institutions seem to move through the process quicker and for less.
DSNews - Default Servicing In Print and Online
WASHINGTON - A mortgage lender accused of discriminatory lending practices is planning to fight back against a Justice Department lawsuit - a move that may embolden other banks to follow suit. At the urging of several trade groups, the Consumer Financial Protection Bureau has decided not to prohibit mortgage companies from using profits to make contributions to their loan officers' 401(k) plans. Ocwen Financial Corp., which relies heavily on its overseas workforce, has decided to shutter a pair of North Texas servicing offices, laying off almost 680 mortgage workers in the process, according to a recent filing with the Texas Workforce Commission. Bank of America this month will try to unload roughly $42 billion of mortgage servicing rights through two different offerings, one involving private label product, according to investors and investment bankers familiar with the bank's auction plans.
National Mortgage News
BANKRUPTCY UPDATE: HAMP Mod-in-a-Box Meets BK
In February 2009, the Obama Administration introduced a comprehensive Financial Stability Plan, which, in part, included a section intended to stabilize the housing market and help struggling homeowners get relief and avoid foreclosure. The section is known as the Home Affordable Modification Program, commonly referred to by its acronym “HAMP.” At its core, HAMP provides eligible homeowners with the opportunity to modify their mortgages; to make them more affordable by temporarily lowering monthly payments to 31 percent or less of the borrower’s pre-tax income, if the borrower can timely make three reduced payments before the modification (the “trial payments”), and if the modification would result in a greater return than a foreclosure (the net present value analysis, NPV). The program provides taxpayer-funded incentives, earmarked at $75 billion, to pay mortgage servicers and lenders who voluntarily modify mortgages, and to pay borrowers who complete the plan.
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U.S. Senate
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US Credit Conditions - Federal Reserve Bank of New York 1
All calculations use individual nonprime mortgage loan information obtained from First American CoreLogic's Loan Performance (LP) data set 1 . The data set provides origination characteristics and monthly loan-level information on securitized subprime and alt-A first-lien loans as well as on nonprime second-lien loans. LP includes variables such as date of origination, Zip code in which the property is located, details of the mortgage contract, underwriting information, current interest rate, balance, and payment record. National-level charts are constructed using a 1 percent random sample from LP; district- and state-level charts are constructed using a 2 percent random sample.
The American Securitization Forum, Inc. (ASF) is a broadly-based professional forum through which participants in the U.S. securitization market can advocate their common interests on important legal, regulatory and market practice issues.
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ABA Banking Journal
ABABankingJourn Don't miss ABA Regulatory Compliance Conference, industry's major compliance event, featuring CFPB's #2, Raj Date bit.ly/HMMfOV 12 hours ago · reply · retweet · favoriteOCC.gov Home Page
04/27/2012 NR 2012-70, OCC Appoints Receiver for Palm Desert National Bank, Palm Desert, CA The Office of the Comptroller of the Currency (OCC) today appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for Palm Desert National Bank, Palm Desert, California. 04/27/2012 NR 2012-69, OCC Appoints Receiver for Inter Savings Bank, FSB The Office of the Comptroller of the Currency (OCC) today appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for Inter Savings Bank, FSB, Maple Grove, Minnesota. 04/27/2012 NR 2012-68, OCC Appoints Receiver for Plantation Federal Bank, Pawleys Island, SC The Office of the Comptroller of the Currency (OCC) today appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for Plantation Federal Bank, Pawleys Island, SC, a federal savings association.
Board of Governors of the Federal Reserve System
Current FAQ: Who are the members of the Federal Reserve Board, and how are they selected? The members of the Board of Governors are nominated by the President of the United States and confirmed by the U.S. Senate. Currently, the Board has five Governors and two vacancies. What You Need To Know: Independent Foreclosure Review If you had a mortgage loan on your primary residence and believe you were financially harmed during the mortgage foreclosure process by any of several servicers in 2009 or 2010, you can request an independent review and potentially receive compensation.
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FDIC: Federal Deposit Insurance Corporation
04/19/12: MBA Announces Opens Doors Foundation Live Nationwide MBA's first charitable initiative makes mortgage payments on behalf of families with critically ill or injured children. The Foundation is now eligible to receive donations in all 50 states and the District of Columbia.