During a Friday press conference, President George W. Bush announced several government initiatives designed to save distressed borrowers from foreclosure.
The president said, while a federal bailout of lenders would only encourage a recurrence of the problem, he strongly encouraged lenders to work with struggling debtors to resolve the flood of homes now stuck in default.
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A class action lawsuit has been filed against American Home Mortgage Investment Corp., claiming the company misled investors by failing to disclose adverse conditions in its mortgage loan portfolio—an action that later contributed to significant financial losses.
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Government-sponsored enterprise (GSE) and mortgage lender Freddie Mac experienced a significant loss in net income during the second quarter of 2007, according to a press release issued by the GSE this week.
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President George W. Bush is expected to announce a strategic plan on Friday that will allow delinquent borrowers the opportunity to refinance their homes through the Federal Housing Administration, according to reports from Bloomberg News.
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Real estate investors defaulting on second mortgages have contributed significantly to the mortgage delinquency rates in states like Nevada, California, Arizona, and Florida, according to a new report from the Mortgage Bankers Association (MBA).
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Eagan, Minnesota-based AllRegs, an online publisher servicing the mortgage industry, launched a Web-based HMDA data mining and exploration tool, called Lending Patterns™, on Thursday to help lenders analyze millions of records.
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Salem, Oregon-based MaPS Credit Unit has established an agreement with Fidelity National Information Systems Inc. to outsource its credit and debit card processing and utilize multiple services, including FIS’ new Portfolio Management Analysis.
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The state of Massachusetts has yet to relinquish its reputation as a state with a foreclosure problem. A new report from The Warren Group, which offers a variety of real estate information and services, says the Bay State recorded 2,185 petitions to foreclose in land court in July, a 66.
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The housing slump in the United States claimed more jobs this week when EquiFirst Corp., a subprime mortgage lending unit that operates under the umbrella of British bank Barclays Plc, announced staff reductions.
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Richmond, Virginia-based LandAmerica Financial Group Inc., a provider of real estate transaction services, announced a 13-percent staff reduction in its residential and lender services sector this week.
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A new report from Fitch Ratings says it’s likely the slowdown in the U.S. housing market will persist through 2008 and continue its disruption of the home construction industry.
In a press release, Fitch said, Not surprisingly, the highly visible problems in the housing financial system are contributing to a wait and see attitude among prospective home buyers and reducing builder confidence in the single-family housing market.
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As Florida foreclosure rates continue to rise, a Fund Homeownership survey has found that 16-percent of homeowners have experienced some degree of the foreclosure process.
The annual survey, commissioned by Florida-based Attorneys’ Title Insurance Fund’s (ATIF) Consumer Education Campaign, polled 1,415 homeowners throughout the state in June.
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Home sales in California decreased 22.7-percent last month and the median price of an existing home fluctuated 3.2-percent, according to a press release from the California Association of Realtors (CAR).
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If we’re just having a subprime crisis, then how come the impact is worldwidex That’s the essential question raised by Ben Stein, an attorney and economist who you may also know as a droll actor and TV pitchman.
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Elizabeth Moseley Dunlap has been appointed the new default attorney for the Little Rock, Arkansas office of Wilson & Associates PLLC.
The South Carolina native will serve as a foreclosure attorney at the law firm, which represents the real estate and mortgage banking industries in Arkansas and Tennessee.
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A new report from the National Association of Realtors) says total existing home sales dropped 0.2-percent to a seasonally-adjusted rate of 1 of 5.75 million units in July, which is a 9-percent drop when compared to the 6.
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Matthew Tuck has been hired as an associate attorney for the Knoxville, Tennessee office of Wilson & Associates PLLC.
According to a press release from the law firm, which serves the real estate and mortgage banking industry in Arkansas and Tennessee, Tuck’s primary area of practice is bankruptcy law with a focus on debtor and creditor issues, as well as representation of mortgage lenders and financial institutions.
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The Miami, Florida-based real estate law firm of Bilzin Sumberg Baena Price & Axelrod LLP has formed a distressed property group that will focus on troubled areas in the marketplace by providing services that help distressed owners, investors, lenders and financing sources focus on handling problems and forging productive solutions in the marketplace.
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Investors grew increasingly more skeptical about the overall U.S. economy in August because of troubles boiling in the subprime real estate market and growing concerns over energy prices, a new report from the UBS/Gallup Index of Investor Optimism says.
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San Diego, California-based Accredited Home Lenders Holding Co. announced this week that Chief Financial Officer John Buchanan will be resigning from the company on August 31.
In a filing with the Securities and Exchange Commission, the company said Mr.
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