Banks Rush to Improve Foreclosure Practices
Wall Street Journal, April 29, 2011

The clock is ticking for the biggest U.S. banks to revamp their foreclosure practices. Under orders from U.S. regulators, 14 financial institutions have until mid-June to lay out plans to clean up their mortgage-servicing operations — and another 60 days to make the changes.

Ending Foreclosure Business, Ben-Ezra Lays Off 154
Palm Beach Post, April 29, 2011

A second South Florida law firm is shuttering its foreclosure business following a three-month fall from grace marked by a contempt of court charge against the firm's co-founder and loss of major clients. The Fort Lauderdale-based firm of Ben-Ezra & Katz gave layoff notices to 146 employees Thursday, with another eight from its title agency receiving the same news, said a spokesman, Ray Casas.

Fannie Mae, Freddie Mac Take Aim at Servicers
Reuters, April 28, 2011

Fannie Mae and Freddie Mac, aiming to quash inefficiencies clogging the home finance system, are taking a new carrot and stick approach to companies that service home loans, a federal housing finance regulator said on Thursday.

The Mortgage Was Like a Shell Game; So Is Responsibility in 3 Deaths
New York Times, April 28, 2011

Here was one of the most confounding legacies of the subprime era: the nearly cosmic invisibility of who owns what. Loans were made, then bundled and sold in securitizations to investors, and these were traded again. The connection between lender and borrower vanished. Sometimes the bundles of loans were sold through public filings, but often they were not. The Prospect Avenue loan began with a company in San Diego, then moved to another one in Flint, Mich., and was taken over by a company in Oklahoma City.

Bad Numbers
New York Times, April 27, 2011(Editorial)

It would be comforting to believe that housing-market distress represents a normal, if painful, correction after a period of excess. But all housing trends — in prices, sales, construction and foreclosures — indicate a market that is likely to decline even more, and far more than is needed to erase the artificial gains of the bubble.

California Bill Seeks to Stall Home Repos
Los Angeles Times, April 27, 2011

A proposed law facing a key vote in Sacramento on Wednesday would require lenders in California to make a decision on mortgage modifications for delinquent homeowners before beginning the repossession process, in effect ending "dual track" foreclosures in the state.

Bargain Prices Help Reduce Glut of Foreclosures
Associated Press, April 27, 2011

A wave of foreclosures is forcing down home prices in most major U.S. cities. But economists and real estate agents are noticing what they call a key first step for any housing recovery: a drop in the glut of homes for sale in markets hit hardest by foreclosures.

New-Home Sales Provide Small Lift
Wall Street Journal, April 25, 2011

Sales of new homes increased in March from an all-time low a month earlier, a small boost for a struggling part of the U.S. economy. Sales grew 11.1% on a monthly basis to a seasonally adjusted annual rate of 300,000 in March, the Commerce Department said Monday. Results for the previous two months were revised upward. Sales, however, were down 21.9% from March 2010.

Buyers' Market? Stressed Sellers Say Not So Fast
Wall Street Journal, April 25, 2011

Falling home prices should give aspiring homeowners the upper hand this spring, but in a growing number of locations, it doesn't feel like a buyer's market. Blame the nearly five-year slide of home prices. Those declines, which accelerated over the past two quarters, have left many sellers unable or unwilling to lower their prices. Meanwhile, buyers remain gun shy about agreeing to any purchase without getting a deep discount.

Florida 'Robo-signer' Alleges Her Signatures Were Forged
Palm Beach Post, April 25, 2011

West Palm Beach resident Liz Mills learned she was a robo-signer when a friend suggested she search her own name online. Now Mills is coming forward in affidavits filed in three foreclosure cases, saying she didn't sign the paperwork and never signed in front of a notary despite notary stamps affixed to the documents. Service of process is sometimes the first notice a homeowner has that the bank has filed for foreclosure. Sloppy service or "sewer service," as some defense attorneys call bad service of process, can leave a homeowner in the dark and defenseless until after the final judgment and a notice of sale is sent out.

Foreclosure Probe Chief Took Cash from Bank Reps
TIME Magazine, April 21, 2011

Iowa’s Democratic Attorney General Tom Miller is known for taking on big business. Last fall, just after he made the announcement that he would look into the foreclosure mess, contributions to Miller’s campaign coffers for November’s election soared, thanks in large part to out-of-state lawyers who make a living representing big banks, a new report from the National Institute for Money in State Politics finds.

Homeowners in Agony
News-Press, April 21, 2011(Editorial)

The ACLU’s lawsuit challenging Lee County’s “rocket docket” may be about one person facing foreclosure, but it has implications for anyone who has stood before a judge and had only seconds to argue to try to keep his or her home. The appeals court has ordered the 20th Circuit to respond to the ACLU’s lawsuit by May 8

Politicians, housing advocates call for action to ease foreclosures
The Salt Lake Tribune — April 20, 2011

With Utah facing the possibility of 40,000 foreclosures this year, speakers at an event designed to draw attention to the “crisis” said Wednesday that the effects of so many empty homes will ripple across neighborhoods and communities.

Oklahoma attorney general to craft alternative deal in foreclosure settlement
The Washington Post — April 20, 2011

Oklahoma’s attorney general said he is prepared to break ranks with a coalition that is crafting a settlement with the nation’s largest mortgage servicers, underscoring the challenges law enforcement officials face as they try to address widespread problems with foreclosure practices.

Investor sues Citi board over shoddy mortgage ops
Reuters — April 20, 2011

WILMINGTON, Del. — The board of Citigroup Inc (C.N) was sued by an individual shareholder for the damage done to the bank by years of shoddy mortgage and foreclosure practices, which recently led to a costly fix agreed with regulators.

Foreclosures, Short Sales Drive Home Buying Surge in Polk
TheLedger.com — April 21, 2011

LAKELAND — Local home sales in March surged to their highest level in nearly five years.

Does proposed Michigan foreclosure law kick owners out too quickly?
The Grand Rapids Press — April 19, 2011

GRAND RAPIDS — When Saxon Mortgage foreclosed on Thomas Price’s home of nearly 30 years, the disabled Vietnam veteran was able to raise $6,000 to regain his Highland Avenue SE house during a six month redemption period.

Bill would waive retirement penalties to buy REOs
HousingWire — April 18, 2011

A bill introduced in the U.S. House of Representatives would waive early distribution penalties on certain qualified retirement plans if the funds are used to buy a house that has been in foreclosure for a year or more.

Waters Introduces Bill Calling for Mandatory Loss Mitigation
DSNews — April 18, 2011

Mortgage servicing practices have taken center stage on Capitol Hill, with a flurry of bills being penned to make servicing reforms the law of the land.

U.S. Housing Construction Rose 7.2% in March
Associated Press — April 19, 2011

Builders broke ground last month on the most new homes in six months, giving the weak housing market a slight lift.

Washington Passes Law To Help Homeowners Facing Foreclosure
myCentralOregon.com — April 18, 2011

OLYMPIA, WA -- Late last week, the state of Washington signed into law a bill requiring banks to meet with homeowners early in the foreclosure processes, a step that has been shown to dramatically lower foreclosure rates. The act also calls for mediation when a sit-down has not produced an outcome in which the owner can stay in the home. Washington Governor Chris Gregoire said the Foreclosure Rights Act takes effect in July.

Florida aid seekers flock to apply
The Palm Beach Post — April 18, 2011

Florida homeowners pounced on the state's Hardest Hit foreclosure prevention program Monday morning as the online application process opened on a first come, first served basis.

Foreclosure reforms start Sept. 1, could help distressed homeowners
Idaho Press-Tribune — April 18, 2011

BOISE -- A new state law to address foreclosure complaints by Idaho homeowners will take effect on Sept. 1. Attorney General Lawrence Wasden and the Idaho Bankers Association sponsored the bill that will become law.