Foreclosures Here To Stay In Florida
CBS Miami — July 14, 2011

While some realtors may be proclaiming the real estate market in South Florida is on the rebound; new numbers from RealtyTrac show the foreclosure crisis is stalled and may not clear out in South Florida for two more years.

Affluent Buyers Reviving Market for Miami Homes
The New York Times — July 27, 2011

MIAMI — South Florida is the default capital of the country. Here in Miami-Dade County, one out of five households with mortgages is in foreclosure. Nearby Broward and Palm Beach counties are not far behind. Nearly 200,000 South Florida families are stuck in the mire of default.

Study Finds Foreclosures Lead to Long-Term Vacancies
DSNews — July 26, 2011

The rise in foreclosures in recent years may lead to long-term vacancies, further exacerbating housing prices and the market as a whole, according to Stephan Whitaker, a Cleveland Federal Reserve Bank researcher.

Delaware investigates MERS mortgage registry
Reuters — July 26, 2011

Mortgage Electronic Registration Systems said it was cooperating with an investigation by Delaware Attorney General Beau Biden.

Distressed Prices Continue to Drop but Sales Expected to Decline
DSNews — July 26, 2011

Median prices for REO and short sale transactions continue to decline and have fallen 10 percent since 2009, according to a new report from CoreLogic.

Chase Bank Returns Foreclosed Home, Modifying Loan, After Lender Law Suit Is Filed
Source of Title, July 18, 2011

Not only did the Trustee Sale Reversal put the home back into Mr. Juarez's name but on 7/07/2011 CPAC sent back a signed Loan Modification agreement that this stubborn Homeowner desperately attempted without success.

Lenders feel pressure in foreclosure process
By Doug McMurdo, Las Vegas Review-Journal, July 25, 2011

The Nevada Supreme Court altered the foreclosure mediation landscape in dramatic fashion earlier this month when, in two separate cases, justices made it clear lenders must follow two simple rules -- bring all relevant documents to the table and make sure someone with loan modification authorization is readily available. ... and the two Nevada judges who review failed mediations have been put on notice that they must sanction lenders who fail to strictly comply with those rules.

Deadline Extended for HUD's Emergency Homeowners' Loan Program
By Carrie Bay, DSNews, July 22, 2011

HUD and NeighborWorks America have extended the deadline for homeowners who have experienced a loss of income to apply for the Emergency Homeowners’ Loan Program (EHLP). The new application deadline is Wednesday, July 27. The cut-off date had originally been set for Friday, July 22.

S&P: Shadow inventory slowing down recovery
By Matthew Torres, HousingWire, July 22, 2011

Although the drop in default rates shows promise ... The shadow inventory of unresolved distressed properties is currently at an estimated $405 billion, representation four years of housing inventory and one-third of the outstanding U.S. non-agency residential mortgage debt.

Mortgage bankers push for conforming loan limit extension
By Jon Prior, HousingWire, July 22, 2011

Mortgage Bankers Association CEO David Stevens sent a letter to House leaders Thursday urging lawmakers to extend the elevated conforming loan limits for government-backed mortgages. In 2008, Congress allowed Fannie Mae, Freddie Mac and the Federal Housing Administration to guarantee or buy mortgages worth as much as $729,750 in most neighborhoods. The limits will expire Oct. 1 and drop to $625,500, varying by county.

Foreclosure was key to home ownership for Teaneck couple
By Mikeal, Home to Loan blog, July 25, 2011

After two years of marriage and three years of saving, the couple decided to buy when they learned about low-down-payment loans from the Federal Housing Administration. They were also encouraged by low interest rates. The couple bid on two estate sales where Christopher says the owners had “high expectations.” After discovering that one home they liked was in a flood zone, they turned to a foreclosure.

Foreclosure Litigation Cost Wells Fargo $428M in Second Quarter
DSNews — July 19, 2011

Wells Fargo says its second quarter expenses included $428 million of operating losses, substantially all driven by litigation accruals for mortgage foreclosure-related matters.

450,000 to Get Payments in Countrywide Settlement
The New York Times — July 20, 2011

More than 450,000 borrowers who were charged excessive fees by Countrywide Home Loans when they fell behind on their mortgages will finally begin receiving the $108 million the company agreed to pay in a settlement struck with the Federal Trade Commission in June 2010, the agency said Wednesday. The number of consumers recovering money in the settlement is the biggest in the F.T.C.’s history and wound up being double what the commission had estimated.

Springfield Passes Tough Anti-Foreclosure Legislation
ABC40 — July 19, 2011

SPRINGFIELD, Mass. (WGGB)-- The Springfield City Council takes strong action to reduce the number of foreclosures in the city.

A New Way To Fix The Foreclosure Crisis
CBS Moneywatch — July 20, 2011

Are land banks a new way to fix the foreclosure crisis?

California Law Offers Deficiency Protection to Short Sellers
DSNews — July 19, 2011

A new California law bars junior lien holders from pursuing borrowers to collect outstanding loan balances after a short sale has been completed.

Builders Push ‘Green’ to Stand Out in Foreclosure-Filled Market
Bloomberg — July 17, 2011

In the 20 years Ron Betenbough’s company has been building homes in west Texas, he’s always been willing to compete on price. Now, in a market crowded with cheap properties, he’s also touting environmentally friendly construction and energy-saving features.

One in four private Citi mortgage mods redefaulted
HousingWire — July 15, 2011

Roughly 25% of the mortgage modifications Citigroup completed through its own private programs redefaulted over the past two years, the bank's Chief Financial Officer John Gerspach said Friday.

Negligent home-owning banks spur complaints
Buffalo News — July 18, 2011

Paint is peeling from a South Buffalo home that has been vacant for more than a year. The glass windows on the front door shattered long ago -- probably as the broken door flapped wildly in the wind.

Las Vegas attorneys build business by telling homeowners to stop paying mortgages
Las Vegas Review-Journal — July 17, 2011

Your neighbors aren't paying on their mortgages so why should you?

NH foreclosure mediation program sees limited success: 14 settlements
Union Leader — July 17, 2011

Eighteen months after the New Hampshire court system created a mediation program for homeowners facing foreclosure, it has seen limited success. Of more than 100 cases initiated, 14 have reached settlements.

Foreclosures plunge in first half of 2011
CNNMoney — July 14, 2011

NEW YORK -- Foreclosure filings fell dramatically during the first half of the year as processing delays at the banks, which are strapped with excess inventory of repossessed homes, continued to skew the numbers -- and falsely raise hopes that the housing market is staging a recovery.

Two big banks look local to sell foreclosures
HousingWire — July 13, 2011

Bank of America and JPMorgan Chase made a change to how they resell their inventory of foreclosed homes late last year, which could bring more business to minority-owned real estate firms.

Modifications and Strategic Behavior: A Countrywide Case Study
DSNews — July 13, 2011

The promise of a loan modification based on delinquency status induces some financially proficient borrowers to intentionally fall behind on their mortgage payments, according to a study commissioned by the National Bureau of Economic Research in Massachusetts and conducted by researchers at Columbia University.

Hip-Hop Artists Drop Defaults, Foreclosure Knowledge
The Wall Street Journal — July 13, 2011

News outlets are reporting that hip-hop crooner R. Kelly, who has had his share of legal issues in the past, is facing another: He may lose his mansion near Chicago to foreclosure. J.P. Morgan Chase & Co. has filed a foreclosure action against the singer, whose real name is Robert Sylvester Kelly, saying he hasn’t paid his mortgage in a year.

President likely to veto bills cutting HAMP, CFPB funding
HousingWire — July 13, 2011

The White House budget office advised lawmakers not to push forward with a bill that would reduce funding levels for the Consumer Financial Protection Bureau and terminate the Home Affordable Modification Program.

D.C. Council alters foreclosure law, adds new consumer rights
The Washington Post — July 13, 2011

The D.C. Council enacted emergency legislation Tuesday to amend a controversial clause in its foreclosure mediation law that threatened to stall the sale of foreclosed affected homes across the city.