Top 10 U.S. Foreclosure Hotspots: 9 in California
By Inman News, Feb 16, 2012
Foreclosure activity was down on an annual basis for the 16th month in a row in January, but there are signs that activity is picking up in some states, according to a report from foreclosure data aggregator RealtyTrac.
Faster Foreclosures Could be Coming to Florida
By Toluse Olorunnipa, Tampa Bat Times, Feb 17, 2012
Faster foreclosures could be coming to Florida. A landmark $26 billion settlement with large banks over robo-signing and a measure moving through the Florida Legislature could help bring the state's bloated, groggy foreclosure machine roaring back to life. HB 213, dubbed the "Florida Fair Foreclosure Act," is one of several moves Tallahassee is pushing to unclog the state's swollen foreclosure apparatus.
Fannie, Freddie Should Embrace Loan Forgiveness
By Nick Timiraos, Wall Street Journal, Feb 16, 2012
The Obama administration would like the federal regulator for Fannie Mae and Freddie Mac to begin reducing loan balances for certain troubled borrowers, a top official said Thursday.
Where There's Judges, There's Jams
By Bill McBride, Calculated Risk, Feb 16, 2012
Calculated Risk’s Bill McBride chooses red versus blue to contrast states whose foreclosure process is judicial rather than not. Clearly, any ideological associations are unintended. The MBA noted that judicial states generally have the most loans in the foreclosure process.
Foreclosure Abuse Rampant Across U.S.
By Tim Reid, Reuters, Feb 17, 2012
A report this week showing rampant foreclosure abuse in San Francisco reflects similar levels of lender fraud and faulty documentation across the United States, say experts and officials who have done studies in other parts of the country.
How Citibank Dumped Lousy Mortgages on the Government
By Cora Currier, Pro Publica, Feb 16, 2012
Citigroup agreed yesterday to pay $158 million to settle a lawsuit over bad loans that the bank passed on to the Federal Housing Administration to insure. The whistle-blower who originally brought the case, Sherry Hunt, an employee of Citi's mortgage department, said the company actively undermined the process that was supposed to check for fraud in order to push through reckless loans and get higher profits.
End Freddie Mac Policies Against the Private Market
By John Grant, Roll Call, Feb 15, 2012 (OPINION)
The recent revelation that Freddie Mac’s business unit has bet billions that home loan modifications would fail is shocking even to the most devout critics of the failed, taxpayer-funded entity. The transactions, known as “inverse floaters,” are not illegal. But rigging the housing market to ensure the investments deliver a profit might be.