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.

Foreclosure Activity Edges Higher in January
By Alex Veiga, Associated Press, Feb 16, 2012

Banks took back more U.S. homes in January than in the previous month, the latest sign that foreclosures are accelerating after slowing sharply last year while lenders sorted out foreclosure-abuse claims. Foreclosures rose 8 percent nationally last month from December, but were down 15 percent from a year earlier, foreclosure listing firm RealtyTrac said Thursday. Also see Washington Post, Chicago Tribune, CNN, and Bloomberg.

MBA: Mortgage Delinquencies Decline in Q4
By Les Christie, CNNMoney, Feb 16, 2012

The MBA reported that 11.96 percent of mortgage loans were either one payment delinquent or in the foreclosure process in Q4 2011 (delinquencies seasonally adjusted). This is down from 12.41 percent in Q3 2011 and is the lowest level since 2008.

Mom and Pop Investors Propping Up Home-Buying Market
By Julie Schmit, USA TODAY, Feb 16, 2012

Chicagoans Linda and Debra Basili thought about becoming landlords years ago. But even two professional women's combined salaries were no match for the Windy City's high housing prices. Then the biggest real estate crash since the Great Depression hit, driving down Chicago home prices by a third in five years. The 54-year-old twins took the leap.

Foreclosed: Beverly Hills-Style
By Tim Reid, Reuters, Feb 16, 2012

A sprawling, Spanish-style estate, fringed by majestic pine trees and located near the boutiques of Santa Monica Boulevard, its former owners were served with a default notice in 2010; they were $205,000 behind in their payments on mortgages totaling $6.9 million. Welcome to foreclosure Beverly Hills-style.

California Audit Finds Broad Irregularities in Foreclosures
By Associated Press, Feb 15, 2012

An audit by San Francisco c6unty officials of about 400 recent foreclosures there determined that almost all involved either legal violations or suspicious documentation, according to a report released Wednesday. Commissioned by Phil Ting, the San Francisco assessor-recorder, the report examined files of properties subject to foreclosure sales in the county from January 2009 to November 2011. About 84 percent of the files contained what appear to be clear violations of law, it said, and fully two-thirds had at least four violations or irregularities.

Time to Buy in Florida…Carefully
By Mike Morgan, Barrons, Feb 11, 2012

Is the Florida housing hurricane starting to blow itself out? Yes and no. It depends upon area, demographics, age of properties, levels of tourism, commerce and industry, as well as dozens of other issues that most buyer-owners and investors never bother to consider.

There’s NO DEAL Between the Banks, Feds and States
By Abigail Field, RealtyCheck, Feb 11, 2012

I’m beginning to think that the last couple of days were April 1st in disguise. I mean, what a crazy practical joke our Federal Government and State AGs just tried to play! What a parade of press conferences, all touting a deal to trade some $25 billion in mostly more accurate accounting for some kind of release of origination, servicing and foreclosure fraud. But it turns out the deal’s not real.

The Deal Is Done, but Hold the Applause
By Gretchen Morgenson, New York Times, Feb 11, 2012

Five big banks finally reached a deal with government authorities last week over dubious mortgage practices and foreclosure abuses. After months of talks, Ally Financial, Bank of America, Citibank, JPMorgan Chase and Wells Fargo agreed to pay a total of $5 billion in cash to try to remedy this fiasco. They will also help homeowners who are underwater on their mortgages by reducing the principal on their loans by a combined $17 billion over the next three years.

The Top 12 Reasons Why You Should Hate the Mortgage Settlement
By Yves Smith, Naked Capitalism, Feb 9, 2012

As readers may know by now, 49 of 50 states have agreed to join the so-called mortgage settlement, with Oklahoma the lone refusenik. Although the fine points are still being hammered out, various news outlets (New York Times, Financial Times, Wall Street Journal) have details, with Dave Dayen’s overview at Firedoglake the best thus far.

For Rentals, No Ceiling in Sight
By Vivian Toy, New York Times, Feb 10, 2012

When the real estate market was booming in 2007, renters showed up at apartments with checkbook in hand, ready to do battle with anyone else who might want the same place. That changed, of course, when the financial crisis hit in 2008. And the heady days that followed, when renters ruled in a down market, are now a fading memory.

For California, Attorney General Insisted on Better Terms in Foreclosure Deal
By Shaila Dewan, New York Times, Feb 13, 2012

Kamala D. Harris, the attorney general of California, could have derailed a nationwide settlement with big banks over home foreclosure abuses when she walked out of talks last September.

Settlement launches foreclosure reckoning
By Brady Dennis and Sari Horwitz, The Washington Post, February 9, 2012

The government’s $25 billion settlement Thursday with banks over fraudulent foreclosure practices begins a long-promised reckoning with the financial industry over its role in the worst economic crisis since the Great Depression, officials said.

$25B Mortgage Deal Doesn’t Let Banks Off Hook
By Hugh Son and Dawn Kopecki, Bloomberg, February 9, 2012

U.S. lenders including Bank of America Corp. still face years of litigation and billions of dollars in liabilities tied to the housing collapse after agreeing to settle a probe of abusive foreclosure practices.

Foreclosure Deal to Spur U.S. Home Seizures, Help Heal Market
By Prashant Gopal and John Gittelsohn, Bloomberg Businessweek, February 9, 2012

The $25 billion settlement with banks over foreclosure abuses may trigger a wave of home seizures, inflicting short-term pain on delinquent U.S. borrowers while making a long-term housing recovery more likely.

Settlement Is First Step Towards Foreclosure Relief
By Heather McGhee, Huffington Post

The mortgage servicing deal reached today between a coalition of state attorneys general and five major Wall Street banks is an important stepping stone in the effort to secure justice for homeowners victimized by the fraud and abuse behind the foreclosure crisis.

Reaction to foreclosure settlement
By Katie Crowther, KTNV TV, February 9, 2012

Las Vegas, NV — Home values around the valley have tanked since the start of the foreclosure crisis. Since then, Action News has heard from hundreds of desperate viewers begging for answers. Now, some help is on the way.

Q&A: Oklahoma AG goes his own way on robo-signing settlement
By Jon Prior, HousingWire, February 9, 2012

When the robo-signing settlement negotiations finally ended and officials took their turn at the different podiums Thursday, one man was noticeably absent.

Push to Avert Foreclosures Hits Court Logjam
By William Glaberson, The New York Times, February 8, 2012

New York has been among the most aggressive states in trying to protect homeowners from foreclosure, granting new legal protections and turning courts across the state into teeming negotiation centers working to keep people in their homes.

Fannie Mae Now Accepting Online Offers for REOs
By Carrie Bay, DSNews, February 7, 2012

Fannie Mae announced Tuesday that it has expanded its online system to accept purchase offers for all its REOs listed for sale.

Proposed settlement with banks over foreclosure practices dealt a setback
By Brady Dennis, The Washington Post, February 7, 2012

New York Attorney General Eric Schneiderman abruptly called off a news conference at which he could have provided a crucial endorsement of a proposed settlement with some of the nation’s biggest banks over shoddy foreclosure practices.

Democratic lawmakers offer bills addressing foreclosure crisis
By Devin McIntyre, Cronkite News Service, February 7, 2012

Allowing owners of foreclosed homes to remain as renters for at least a year would stabilize neighborhoods and minimize the fallout for families, a state lawmaker contends.

Lawmakers hoping to save NY's foreclosure prevention program
By Amanda Verrette, LegislativeGazette.com, February 6, 2012

More than a dozen legislators are hoping to include $25 million in this year's budget for a program that provides services to homeowners at risk of foreclosure.