San Francisco Mayor Gavin Newsom and Assessor-Recorder Phil Ting sent a letter to top financial insitutions this week asking them to save borrowers in San Francisco from foreclosure through various loss mitigation initiatives.
Read More
While U.S.Treasurer Anna Escobedo Cabral asserted Friday that the Treasury and the Department of Housing and Urban Development (HUD) are doing all they can to aggressively prevent foreclosures and reach out to borrowers, reports surfaced Friday suggesting that the White House and government officials are currently working with lenders to implement a freeze on certain loan interest rates.
Read More
The subprime fallout has led to a renewed interest in FHA and VA loan products, prompting Bank of America to create a new division that will support 150 jobs in Dallas, Texas. The employees staffed in these positions will handle fulfillment operations related to government loans.
Read More
During a House Intergovernmental Affairs hearing this week, Pennsylvania Secretary of Banking Steve Kaplan said lawmakers in the state should not be deterred from initiating stronger anti-predatory lending measures.
Read More
The Office of Federal Housing Enterprise Oversight) released a report this week saying for the first time in 13 years, home prices in the United States have experienced a quarterly fall.
OFHEO’s House Price Index (HPI), which analyzes data on sales and refinance transactions, reported a 0.
Read More
USFN, a national network of mortgage banking attorneys, has named Leslie Mann, Esq., of Wilson & Associates, PLLC, its USFN Committee Chair of the Year.
Mann, a partner at Wilson & Associates, P.
Read More
Irvine, California-based RealtyTrac, an online provider of foreclosure data and a marketplace for properties in foreclosure, says foreclosure activity jumped 2-percent in the United States during the month of October.
Read More
The Federal Reserve Board said in its latest Beige Book summary of the U.S. economy—that the American economy is growing at a slower pace while demand for residential real estate remains quite depressed.
Read More
Hughes, Watters, Askanase, LLP, a law firm specializing in bankruptcy, business strategy, commercial real estate and litigation, has hired Simon Mayer and Glenn Valentine to join the firm as associates.
Read More
Wilson & Associates, PLLC, a law firm specializing in real estate and mortgage banking, recently received the prestigious 2007 Diamond Award of Excellence from USFN—a network of American mortgage banking attorneys.
Read More
Existing home sales—which often dictate the strength of the market and the ability of distressed borrowers to recover—fell 1.2-percent to a seasonally adjusted rate of 1 of 4.97 million units in October—a drop from 5.
Read More
The Office of Federal Housing Enterprise Oversight (OFHEO) put an end Wednesday to discussions of the possibility of raising the federal loan limits on government sponsored enterprises (GSEs) in an effort to help a mortgage market facing tighter credit conditions.
Read More
With concerns heightening over the company’s subprime loan losses, Bear Stearns Cos. announced Wednesday that it’s eliminating 650 jobs, according to a report from _Bloomberg News. _
_Bloomberg says _the company’s total fourth quarter cuts represent about 10-percent of the Bear Stearns workforce.
Read More
San Diego, California-based New Vista Asset Management, a company that markets and manages REO properties, has partnered with Fannie Mae to promote foreclosures as exciting investment opportunities for first-time and minority home buyers.
Read More
Richmond, Virginia-based LandAmerica Financial Group Inc.:http://www.landam.com/Home.htm has appointed John P. Barnes to the position of vice president of residential services.
In his new role, Barnes who brings more than 18 years of unique experience in the mortgage industry, will be responsible for oversight in the business development area.
Read More
New York-based JPMorgan Chase named Barry Zubrow chief risk officer this week and appointed him to the company’s operating committee.
In a press release, JPMorgan says, Mr. Zubrow will oversee all risk management for the company – working closely with senior risk managers and business heads around the firm, and advising the senior leadership team on risk strategy and policy.
Read More
The latest S&P/Case-Shiller Home Price Index tool that measures the movement and stability of U.S. home prices—indicates that home prices between the second and third quarter of 2007 fell 1.7-percent and 4.
Read More
The U.S. Conference of Mayors (USCM) gathered in Detroit, Michigan, on Tuesday to discuss how the rising tide of foreclosures in America will impact metropolitan areas nationwide.
During the gathering, the mayors introduced an economic report, titled The Mortgage Crises: Economic and Fiscal Implications for Metro Areas, which predicts new foreclosures and an economic slowdown will lead to a gross domestic product (GDP) loss of $166 billion in the United States and a loss of $45 billion in the top ten metro areas.
Read More
The National Association of Consumer Bankruptcy Attorneys (NACBA) distributed a press release Monday showing some of the positives that could be derived from the passage of H.R. 3609—a house bill that, if put into effect, will give bankruptcy judges the latitude to adjust the terms of mortgage loans when trying to save distressed borrowers.
Read More
Ratings agency Standard & Poor’s (S&P) announced Monday that it has implemented some significant ratings actions in relation to one of the nation’s government-sponsored enterprises, Freddie Mac.
Read More
Do you have a news tip, story idea, or suggestion for DSNews.com or DS News magazine?
Simply e-mail editor@dsnews.com.
Whether you choose to tell us a little about yourself or prefer anonymity, we appreciate your contribution!
