Article Archive for July 2007
By Kerri Panchuk | 07/31/2007
To help default servicing attorneys more easily connect with mortgage servicing clients in the field, USFN its annual Legal Issues Seminar last month in Denver, Colorado.
USFN—a nonprofit association of default servicing attorneys, trustee companies, and industry professionals—organizes the event annually so attendees can discuss current legal issues facing the real estate finance and mortgage servicing industries.
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By Kerri Panchuk | 07/31/2007
Richmond, Virginia-based LandAmerica Financial Group, Inc., a provider of real estate transaction services, says adjustments in the mortgage market contributed to the company’s recent loss in net income during the second quarter of 2007.
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By Kerri Panchuk | 07/31/2007
Another U.S. mortgage company is pursuing strategic options after announcing it does not have the funding to meet current loan obligations.
Melville, New York-based American Home Mortgage Investment Corp.
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By Kerri Panchuk | 07/31/2007
Irvine, California-based RealtyTrac Inc., an online marketplace for foreclosure properties, announced a strategic partnership on Wednesday that allows the company to expand upon its base of potential home buyers.
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By Kerri Panchuk | 07/31/2007
With troubles in the mortgage market leading to a surge in foreclosures and defaults, Fitch Ratings announced Wednesday that it’s rolling out a new surveillance methodology that will better target risk and performance values within individual securities.
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By Kerri Panchuk | 07/31/2007
U.S. Treasury Secretary Henry Paulson told reporters Wednesday that he remains confident the underlying U.S. economy is healthy and that all its troubles are largely contained, according to a report from Bloomberg News.
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By Jill Glancy | 07/30/2007
Oxford Funding Corp., a Houston, Texas-based asset resolution company, says an unidentified U.S. mortgage lender has agreed to sell the company a portfolio of underperforming loans at a considerable discount.
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By Kerri Panchuk | 07/30/2007
Pasadena, California-based IndyMac Bancorp Inc., the holding company of IndyMac Bank F.S.B., says losses related to its mortgage lending business contributed to the company’s recent 57-percent decline in net earnings during the second quarter of 2007.
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By Kerri Panchuk | 07/30/2007
New York-based Fitch Ratings says a recent decline in residential mortgage-backed securities (RMBS) has led to a noticeably weaker rating performance for U.S. structured finance when compared to the same period last year.
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By Jill Glancy | 07/30/2007
Hudson & Marshall, a Dallas-based real estate auction company, will auction more than 200 foreclosed homes in Colorado Springs, Pueblo, and Denver, Colorado, as well as Reno and Las Vegas, Nevada.
The homes are valued from $17,000 to $1 million, and all properties are owned by national lenders and guaranteed title insurance.
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By Kerri Panchuk | 07/30/2007
Philadelphia-based Radian Group Inc. and MGIC Investment Corp. have found their investments in Credit-Based Asset Servicing and Securitization LLC (C-BASS) in a state that’s materially impaired by risky changes in the subprime market.
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By Kerri Panchuk | 07/29/2007
In today’s less-than-certain real estate market, two words are slowly becoming more commonplace, or perhaps necessary, for those dealing in the default servicing side of the business. Those two words are loss mitigation.
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By Kerri Panchuk | 07/29/2007
IKB Deutsche Industriebank (IKB) issued a press release Monday, saying the company is feeling the affects of the U.S. subprime crises. The company said, Rhineland Funding – and, to a lesser extent, IKB itself—have invested in structured credit portfolios, which include exposures to U.
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By Kerri Panchuk | 07/29/2007
A new report shows 573,000 U.S. properties were subjected to some type of foreclosure activity during the first half of 2007, according to RealtyTrac, an online marketplace for foreclosure properties.
The report shows the number of U.
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By Jill Glancy | 07/26/2007
During the summer of 2005, REO agent Ken Childress ended up with a listing in western Kentucky, about twenty miles from his office.
When Childress arrived at the property, he found the home to be occupied.
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By Kerri Panchuk | 07/26/2007
The Federal Trade Commission (FTC), a federal agency that polices predatory or anticompetitive consumer practices, told the U.S. House Financial Services Committee on Thursday that they continue their probe into the practices of certain mortgage lending companies.
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By Kerri Panchuk | 07/26/2007
Street Resource Group, Inc. (SRG), a provider of technology and consulting solutions for mortgage warehouse lenders, announced the formation of the Closing Agent Risk Committee this week. The new committee will address the growing risk of mortgage fraud in the lending industry.
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By Jill Glancy | 07/26/2007
The California Association of Realtors reported a 24.7-percent decrease in California’s home sales for the month of June as compared to the same period the previous year.
In June, the median price of a single-family detached home in California totaled $594,260 for the 364,280 dwellings, an increase of 3.
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By Kerri Panchuk | 07/26/2007
Foreclosures in the states of Illinois and Indiana are scheduled to hit the auction block in August, says Hudson & Marshall, a real estate auction company.
REO auctions held across the two states will attempt to sell nearly 500 foreclosed homes, ranging in price from $7,000 to $800,000.
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By Kerri Panchuk | 07/25/2007
Financial Services company and lender JPMorgan Chase announced a company-wide initiative on Thursday, which aims to preserve homeownership through better disclosure measures on mortgage applications. The company says the initiative, which particularly targets nonprime borrowers, is based on safe-lending measures proposed by federal regulators.
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