INDUSTRY EVENTS

Short-Term Reprieve

Foreclosure Activity Declines for Second Straight Month

Private Sector Support

Investors Behind Push to Reduce Principal on Home Equity Loans

Following the Money

Watchdog Group Sues GSEs for Records of Donations to Politicians

Weak Fundamentals

Fitch Ratings Sees Continued Distress in U.S. Banking Sector

Foreclosure Activity Drops 2%: RealtyTrac

Foreclosure filings issued to U.S. homeowners have fallen for the second straight month.

According to new data released by RealtyTrac Thursday, default notices, scheduled auctions, and bank repossessions were reported on 308,524 properties in February. That’s a 2 percent decrease from January, when foreclosure activity dropped by 10 percent.

February’s numbers are still 6 percent above the level reported one year earlier, but RealtyTrac says it’s the smallest annual increase the company has tracked since January 2006.

Investors Back Frank's Push for Second Lien Write-Downs

Last week, Rep. Barney Frank called for the nation’s four largest banks to take a loss on secondary mortgage debt, such as home equity loans, which he says have no real economic value considering the state of the housing market.

An influential group of investors, representing holders of some $100 billion in mortgage securities, is throwing its full support behind Frank’s proposal, but the coalition is concerned that unless Treasury provides further guidance, the banks will shun the idea because it could result in “catastrophic” losses.

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