Monthly Archives: March 2011

Congressman Introduces Bill to Fund Foreclosure Mediation Programs

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Congressman Steve Cohen (D-Tennessee) last week introduced a bill aiming to help prevent foreclosures across the country. After the House passed measures to terminate federal foreclosure prevention programs, Cohen stepped in with a new measure to provide federal funding for … Continue reading →

Mortgage Litigation Rose Significantly in Fourth Quarter

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Mortgage servicers were plagued with lawsuits in the last quarter of 2010, according to an industry resource. A quarterly report conducted by Mortgage Daily shows the percentage of legal actions against servicers rose 42 percent in the last three months … Continue reading →

Freddie Mac Bars Foreclosure Actions in the Name of MERS

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Freddie Mac Bars Foreclosure Actions in the Name of MERS DSNews.com By Carrie Bay Freddie Mac issued new policy guidelines to its servicers this week that prohibit foreclosures in the name of Mortgage Electronic Registration Systems Inc. (MERS). MERS was … Continue reading →

Foreclosure’s slow pace masks peril. N.J. lenders may soon be ready to go after delinquent mortgage loans.

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Written By: Lorraine Ash First-time foreclosure filings in New Jersey dropped 5.2 percent last year compared with 2009. Good news? Hardly. “It’s a false read,” said Jeff Otteau, a housing market analyst whose East Brunswick-based Otteau Valuation Group calculated the … Continue reading →

Comptroller DiNapoli says NYC foreclosure filings are declining, but cautions…

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Albany, NY — New mortgage foreclosure filings dropped last year in New York while still edging up nationally, according to state Comptroller Thomas DiNapoli, who cautioned that the fallout continues from the U.S. housing crisis and recession. “The state decline … Continue reading →

BofA, Other Banks Agree to Special Master for Foreclosures in New Jersey

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By Sophia Pearson Mar 18, 2011 4:09 PM PT Bloomberg Bank of America Corp. and five other mortgage servicers agreed to the appointment of a special master to examine foreclosure procedures in New Jersey, a court- appointed lawyer said today. … Continue reading →

Principal Reduction Debate: Focused Attention Needed

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BY JANN SWANSON Three Federal Reserve economists are out to debunk the theory that reducing principal balances on mortgage loans is a no-cost cure for the housing crisis. The three, Kris Gerardi, Federal Reserve Bank of Atlanta, Chris Foote, and … Continue reading →

Banks Pushing Back on Foreclosure Pact

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by Nick Timiraos and Dan Fitzpatrick Friday, March 11, 2011 provided by The Wall Street Journal Bankers are ratcheting up their rhetoric as they fight a mortgage-servicing settlement proposal, predicting lasting damage to the U.S. economy in an effort to … Continue reading →

BofA to Double Outreach Staff but Fixing Legacy Issues to Take 3 Years

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Bank of America said Tuesday that it is stepping up efforts to help distressed homeowners before they fall into foreclosure, but company officials warned shareholders that same morning that BofA’s $1 trillion portfolio of problem assets — loans that are … Continue reading →