State and federal regulators stepped in to shut down five lenders over the weekend, including one New York-based credit union and four FDIC-insured institutions – two in Tennessee and one each in Florida and Minnesota. Eastern New York Federal Credit U…
News
Wells Fargo Aims to ‘Lift’ Neighborhoods in Los Angeles, Atlanta
Wells Fargo announced the launch of a new program, Neighborhood LIFT, which aims to bring reluctant buyers off the sidelines to help absorb excess inventory in two major cities. The bank established a goal of lending $10.5 billion to Los Angeles homebu…
Hutchens, Senter & Britton Attorneys Receive Honors
Three attorneys with Hutchens, Senter, & Britton, P.A. HSB) were honored with different accolades for their work in the industry. Terry Hutchens, a managing partner at HSB, has been selected by his peers for inclusion in the 2012 edition of The Best La…
Housing Will Soon Help the Economy, but Not by Much: Report
The analysts at Capital Economics are holding fast to their forecast that the downturn in the housing market is drawing to a close. As a result, they say housing should soon start to boost economic growth, but as it now makes up only a small share of t…
FAS Outlines Top 10 Property Preservation Predictions for 2012
Field Asset Services (FAS), a provider of pre-foreclosure, REO, and renovation field services, has released its top 10 property preservation predictions for 2012, which focus on providing superior customer service, the need to take initiative to pre-em…
Homeowner Satisfaction Rate at 72%, Highest for Short Sale Purchasers
Seventy-two percent of homeowners say they are satisfied with homeownership, according to a recent HomeGain survey of more than 1,400 homeowners. Among the 28 percent who said they were dissatisfied, nearly two-thirds cited price depreciation as the ma…
Mortgage Rates Experience an Uptick
For the past 8 weeks, the average 30-year fixed rate mortgage has remained below 4.00 percent; and this week is no different. Freddie Mac reported yesterday that the average rate climbed for the first time in three weeks to 3.98 percent. This is up from 3.88 percent this time last week. Analysts say positive housing …
Processing Delays Manifested: 39% Fewer Foreclosure Starts in 2011
The number of foreclosure actions initiated in 2011 was down 38.7 percent compared to 2010, according to a new report from Lender Processing Services (LPS). The foreclosure inventory, on the other hand, remains near historic highs, at 4.11 percent. The…
Obama’s New RMBS Investigation Unit Takes Shape
The special mortgage investigation unit announced by President Obama during his State of the Union address Tuesday night has taken shape. The new Residential Mortgage-Backed Securities (RMBS) Working Group will operate within the Financial Fraud Enforc…
Selene’s Larry Litton on the Rise of Smaller Special Servicing Shops
The default servicing industry is in a state of transition, according to Larry B. Litton Jr., CEO of Selene Finance, and it’s the smaller, more nimble servicing operations that will have the advantage in reacting quickly to the new rules and the change…
