Pending Sales of U.S. Existing Homes Fell 2.8% in January
Feb. 28, 2011, Bloomberg

The number of Americans signing contracts to buy previously owned homes fell in January, a sign the industry that triggered the recession was struggling at the start of 2011.  The index of pending home re-sales dropped 2.8 percent after a revised 3.2 percent decrease the prior month that was initially reported as a gain, figures from the National Association of Realtors showed today in Washington. The median estimate in a Bloomberg News survey of economists called for a 2.3 percent decrease.

Only 1 in 4 Got Mortgage Relief
Feb. 28, 2011, Wall Street Journal

Just one in four of the 2.7 million homeowners who sought to participate in the Obama administration's signature mortgage assistance program have succeeded in getting their monthly payments reduced. The rest failed to qualify for the program or were disqualified after they were initially accepted into the program, according to an analysis by the Wall Street Journal of data on applicants to the program newly released by the Treasury Department. In all, about 680,000 homeowners who applied for the Home Affordable Modification Program, or HAMP, had received permanent modifications of their loans and were making timely payments or were still in the trial phase as of December.

Waiting Seven Years for Two Answers
Feb. 26, 2011, New York Times

When Zella Mae Green of Georgia filed for bankruptcy to save her home from foreclosure in 2004, she and her lawyer wanted to know two things: Did she actually owe any back payments on her mortgage? And, if so, to whom? It didn’t seem like a lot to ask. But until last week, those questions had been unanswered for seven years.

Lawyers Target ReconTrust’s role in Utah Foreclosures
Feb. 28, 2011, Salt Lake Tribune

A fortnight before Christmas, Layton Mayor Steve Curtis came home to a foreclosure notice tacked to his front door, saying his family’s home would be sold Jan. 18 at auction. Two months earlier, he and his wife, Rae Lynn, had been notified by California-based ReconTrust Co. that foreclosure proceedings had begun on their home. The stunned couple had been working toward a modification of their loan with Bank America.

Arizona Bill Would Void Foreclosures Without Full Title History
Feb. 23, 2011, Bloomberg

Arizona may become the first state to require lenders to prove they have the right to foreclose by providing a complete list of any previous owners of the mortgage, under a bill passed yesterday by its Senate. The legislation, Senate Bill 1259, which is headed to the House after being approved 28-2 in the Republican-dominated Senate, would allow foreclosure sales to be voided if lenders that didn’t originate the loan can’t produce the full chain of title. Arizona permits non-judicial foreclosures, meaning property can be seized from the homeowner without a court order.

RealtyTrac: 1 in 4 sales is a foreclosure
Inman News — February 24, 2011

Foreclosure sales accounted for 26 percent of U.S. home sales in 2010, with those properties selling for more than 28 percent less, on average, than homes not in the foreclosure process, data aggregator RealtyTrac said in its latest report.

U.S. Pushes Mortgage Deal
The Wall Street Journal — February 24, 2011

The Obama administration is trying to push through a settlement over mortgage-servicing breakdowns that could force America's largest banks to pay for reductions in loan principal worth billions of dollars.

‘Robo-signing’ penalties expected soon
Bloomberg News — February 24, 2011

WASHINGTON — Fannie Mae and Freddie Mac will announce penalties within weeks on mortgage servicers that submitted flawed paperwork in foreclosure cases, the companies’ top regulator said yesterday.

RES.NET Takes on Short Sales with Servicer and Homeowner Portals
DSNews — February 23, 2011

RES.NET, Inc., the California-based technology firm whose infrastructure and supporting software applications connect diverse real estate professionals to improve administrative and operational efficiencies, is adding a Short Sale Portal to its Accelerated Management Platform (AMP) and a homeowner interface to assist borrowers with their foreclosure alternative choices.

Short sales to ramp up with HAFA changes
HousingWire — February 23, 2011

Servicers are moving toward a proactive approach in pursuing short sales as an alternative to foreclosure, servicers on a Mortgage Bankers Association panel said Wednesday.

Home Sales Data Doubted
The Wall Street Journal — February 22, 2011

The housing crash may have been more severe than initial estimates have shown.

Home Prices Slid in December in Most U.S. Cities, Index Shows
The New York Times — February 22, 2011

Real estate prices slid again in December, pushing a leading price index within a whisper of its lowest level since the housing crash began, data released Tuesday showed.

Foreclosed homes from collapsed law firm still clogging Palm Beach County courts
Palm Beach Post — February 21, 2011

Nearly four months after the collapse of the Law Offices of David J. Stern, orphaned foreclosure cases still clutter the courts, causing auction uncertainty and more work for an already overwhelmed system.

JPMorgan Chase aims to make amends with its military clients
Associated Press — February 21, 2011

JPMorgan Chase & Co. on has announced new programs geared toward military customers and veterans, and apologized for overcharging thousands of active-duty service members on mortgages and improperly foreclosing on more than a dozen.

6 of the biggest mortgage lenders say N.J. high court overstepped its boundaries
Associated Press — February 20, 2011

NEWARK -- State Supreme Court Chief Justice Stuart Rabner made a splash in December when he ordered six of the nation's biggest mortgage lenders into court to show why their foreclosure operations shouldn't be suspended over reports of widespread irregularities.

First-Time Defaulters: An Underappreciated Customer Segment?
DSNews — February 21, 2011

The housing crisis and the financial downturn that followed, without question, have profoundly altered the consumer lending landscape.