A New York federal judge ruled Monday against the proposed $285 million settlement agreed to by Citigroup and the Securities and Exchange Commission (SEC) in October. Judge Jed Rakoff said he has “regretfully” concluded that the agreement is neither re…
News
RealtyTrac Secures Capital Investment from Renovo Capital
RealtyTrac said Monday that it has obtained a substantial capital investment from Renovo Capital LLC through the private equity firm’s Renwood Opportunities Fund. According to RealtyTrac, Renovo’s investment provides the capital necessary to fund growt…
Holistic Financial Counseling Reduces Re-default Rate: Study
Holistic financial counseling — that which focuses on a borrower’s entire financial situation — can prevent both foreclosures and re-defaults, according to a recent study sponsored by special servicer Outreach Financial Services. Holistic financial c…
FDIC’s ‘Problem Bank List’ Contracts for Second Consecutive Quarter
Bad real estate loans from the boom years of the last decade have forced 412 FDIC-insured lenders to shutter their operations since the start of 2008. No institution’s balance sheet has been fully insulated from the downturn in the real estate markets,…
Reisenfeld & Associates Hires New Litigation Attorney
Reisenfeld & Associates LPA, LLC, a Cincinnati, Ohio-based legal services provider to the mortgage banking industry, recently announced the addition of Sarah E. Leibel as associate litigation counsel. Before joining Reisenfeld & Associates as a litigat…
Freddie Mac Adds Six States to Winter REO Sales Promo
Freddie Mac has expanded its winter REO sales incentive program to the states of Alaska, Kansas, Kentucky, Missouri, Oregon, and Washington. That makes the promotional offer now active in 33 states and the District of Columbia. The winter sales promo i…
Without California, AG Settlement May Be Reduced
While the attorneys general working toward a settlement with the nation’s largest servicers may be able to strike a settlement without California, it may cost them. A deal that seemed likely imminent as of the end of October would have required $25 bil…
Thirty-Year Mortgage Rate Drops to 3.98%, ARMs Hit New Lows
Data released by Freddie Mac Wednesday shows mortgage interest rates across the board edged lower for the shortened holiday week, with the 30-year fixed rate slipping to its second-lowest reading on record and adjustable-rate mortgages (ARMs) setting n…
Mortgage Insurer PMI Files Bankruptcy
The PMI Group, Inc. says it has filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code. According to PMI, the move is a direct result of the seizure of its subsidiaries PMI Mortgage Insurance Co. and PMI Insurance C…
Industry’s Shadows Continue to Shrink
That ominous shadow inventory of repossessed and soon-to-be repossessed homes is getting smaller. Standard and Poor’s (S&P) has released its third-quarter shadow inventory update. The agency says the volume of distressed assets included in its assessme…
