As of the end of December, Lender Processing Services (LPS) counted 6,167,000 borrowers behind on their mortgage payments, including those already in the process of foreclosure. That tally is the culmination of a steady decline over the last year, with…
News
Wells Fargo Reaches Settlement With Maryland Attorney General
Maryland Attorney General Douglas Gansler and Wells Fargo have reached an agreement to settle allegations that two companies Wells acquired in 2008 – Wachovia and Golden West – used deceptive practices to market adjustable-rate mortgages (ARMs). In add…
Congressmen Push for Subpoena of FHFA’s Principal Reduction Analysis
Principal reductions – the merits of which have been debated strongly in recent years – are gaining support from lawmakers. Two congressmen are pushing to subpoena the Federal Housing Finance Agency (FHFA) for its analysis of the potential effects of p…
Mortgage Rates: How Low Can They Go?
Credit conditions may be tight, but for those who do qualify for a new home loan, the cost of borrowing has never been lower. Data released Thursday by Freddie Mac shows the average rate for a 30-year fixed mortgage edged down to 3.88 percent this week…
Rubin Lublin Suarez Serrano Hires Jerry Morgan to Lead Nashville Office
The real estate default law firm Rubin Lublin Suarez Serrano, LLC has hired Jerry Morgan to lead its newly opened Nashville operation, which is the firm’s second Tennessee office. As an associate attorney in the Nashville location, Morgan will be respo…
BofA Reports Improvement in Net Income, Decline in Servicing Portfolio
After a net loss of $2.2 billion in 2010, Bank of America reported net income of $1.4 billion, $0.01 per diluted share, for the year in 2011, according to the company’s earnings report released Thursday. On a fully taxable-equivalent basis, net interes…
Firms Launch $450M Program to Convert REOs Into Rentals
Government officials are in the process of reviewing 4,000-plus recommendations for turning repossessed homes into rental properties in order to trim the REO inventory held by federal housing agencies. The administration says it is pursuing potential i…
Housing May Turn the Corner in 2012: CoreLogic
CoreLogic’s chief economist Mark Fleming says 2012 may be the year the housing market begins to turn the corner. He notes that housing is an industry with long business cycles. Regional housing recessions typically take three to five years to find thei…
Wolters Kluwer Names Former Fed Regulator VP of Professional Services
Wolters Kluwer Financial Services continues to expand its regulatory and risk management consulting services. The company recently brought on Timothy R. Burniston to serve as VP and senior director of professional services for its risk and compliance b…
AG Negotiations with Banks Linger on; Settlement Possibly Imminent
After estimations that state attorneys general would reach a settlement with banks by Christmas failed to pan out, word today is the settlement is weeks away. Negotiation talks between state counsels and the nation’s five largest servicers are entering…
