Bank of America's payoff to Florida homeowners draws 678 short sales
Bank of America's payoff to Florida homeowners draws 678 short sales
By Kimberly Miller, Palm Beach Post, April 14, 2012
Bank of America's payoff to Florida homeowners who do a short sale instead of dragging out a foreclosure has averaged $12,000 per deal and helped close 678 contracts statewide since it debuted in October.
Banks: Housing market healing
By Pallavi Gogoi and Christina Rexrode, The Associated Press, April 13, 2012
NEW YORK — Earnings reports from two major banks Friday painted a picture of a healing housing market, with more Americans taking out mortgages, paying them on time and taking advantage of low interest rates to refinance.
Eleven AGs Send Letter Urging DeMarco to Reverse Course
By Ryan Schuette, DSNews, April 13, 2012
Eleven state attorneys general sent a letter to Edward DeMarco, Acting Director of the FHFA, urging him to allow Fannie Mae and Freddie Mac to move forward with principal reductions.
Foreclosure auctions on the rise in Bergen and Passaic
By Kathleen Lynn, The Record, April 16, 2012
New Jersey's foreclosure pipeline — which nearly froze in 2011 while mortgage servicers dealt with reports of abuses — has started moving again.
The future of foreclosures
Los Angeles Times Editorial, April 16, 2012
It's been five years since the housing bubble burst, yet hundreds of thousands of California homeowners remain in default and en route to foreclosure. Some of these troubled borrowers will benefit from new consumer protections included in a nationwide settlement that five major banks agreed to in February, including a requirement that foreclosure proceedings wait until the bank considers a modified mortgage that would be less costly to borrower and lender alike. Those protections, however, extend no further than the five banks and the loans they service. This week, state lawmakers are set to take up a series of mortgage-related bills backed by Atty. Gen. Kamala Harris, beginning with a measure (AB 1602) to enshrine the national settlement's safeguards into California law and apply them to all borrowers in the state. Also included in the package are proposals to improve lenders' record keeping and extend the statute of limitations for prosecuting certain mortgage-related crimes.