According to a study released by NERA Economic Consulting this week, the number of shareholder class-action lawsuits rose sharply during the first half of 2008, largely due to a surge in cases resulting from the subprime mortgage crisis.
Read More
A new report by the National Community Reinvestment Coalition reveals high-cost, foreclosure-prone mortgage loans are disproportionately made to minority borrowers, regardless of their income level. The NCRC study, Income Is No Shield Against Racial Difference in Lending II, examined subprime and near-prime (Alt-A) loans from more than 219 metropolitan areas in 2006, the most recent public data available.
Read More
The Financial Accounting Standards Board announced on Wednesday that it has pushed back the deadline that banks and financial institutions will have to implement the amendments outlined in FAS 140 by one year.
Read More
_Michigan Paves the Way with Creative Techniques to Legally Avoid Costly Delays, Hasten Foreclosure and REO Sales _
When it comes to loss mitigation, quicker is almost always better. If the ultimate goal of every foreclosure is a clean, quick REO sale, avoiding delay by using creative methods can substantially improve results.
Read More
Michigan Paves the Way with Creative Techniques to Legally Avoid Costly Delays, Hasten Foreclosure and REO Sales
When it comes to loss mitigation, quicker is almost always better. If the ultimate goal of every foreclosure is a clean, quick REO sale, avoiding delay by using creative methods can substantially improve results.
Read More
The First American Corporation announced its preliminary financial results for the second quarter yesterday. The company reported total revenues for the quarter ended June 30, 2008 to be $1.7 billion, a decrease of 20 percent from the second quarter of 2007.
Read More
GMAC Financial Services released its 2008 second quarter financial results yesterday, and it reported significant losses within its real estate finance business, Residential Capital, LLC (ResCap).
ResCap recorded a net loss of $1.
Read More
Fannie Mae);/*1217622714470*/ announced yesterday that, similar to the changes Freddie Mac has decided to make, they will be increasing the cash incentives they pay to servicers who help homeowners avoid foreclosure.
Read More
The Michigan State Housing Development Authority applauded the Michigan Congressional Delegation in a press statement yesterday, for their work in helping pass the Economic Recovery Act of 2008, which was recently signed by President Bush.
Read More
Today, Treasury Secretary Henry M. Paulson, Jr. delivered remarks on the state of the economy, and especially addressed the current housing market, at the Exchequer Club. His remarks came shortly after the Commerce Department announced that gross domestic product (GDP) growth during the second quarter of 2008 was 1.
Read More
Freddie Mac announced today that it is doubling financial incentives to servicers who help borrowers avoid foreclosure. The additional financial incentives will start August 1, 2008 and will include raising the compensation for negotiating repayment plans from $250 to $500, increasing the compensation for loan modifications from $400 to $800, and increasing the compensation for short sales or other preforeclosure sales, that are for less than the full amount owed, from $1,100 to $2,200.
Read More
The Mortgage Bankers Association recently announced the appointment of James P. Gross as AVP of accounting, tax, and bank regulation. MBA also announced the retirement of Gross’ predecessor, Alison Utermohlen after 20 years of service with the association.
Read More
David Trott, managing partner of Trott and Trott, P.C., announced this week that Kenneth Kurel has been named partner at the firm.
The Farmington Hills-based firm conducts residential default procedures in Michigan, representing mortgage bankers, banks, credit unions, mortgage servicers, regional property owners, investor groups, and individual entrepreneurs.
Read More
House Financial Services Committee Chairman Barney Frank (D-Massachusetts) and Housing and Community Opportunity Subcommittee Chairwoman Maxine Waters (D-California) have called on the mortgage industry to delay or cancel foreclosures until Congress’ foreclosure rescue plan, the Hope for Homeowners Act (part of the larger Economic Recovery Act of 2008) goes into effect on October 1.
Read More
Titanium Holdings, Inc. announced this week that Patrick Carey has joined the company as CEO. Titanium Holdings, Inc. is the parent company of Titanium Solutions, Inc., a provider of homeowner consulting services.
Read More
In Washington on Monday, Treasury Secretary Henry Paulson outlined a proposal for financial institutions to issue covered bonds to create broader choices for mortgage financing, and applauded the support of the nation’s four largest banks to spur the initiative.
Read More
During a time of waning property sales and a faltering housing market, Internet auction sites report to be thriving. Realtybid.com announced last week that its property sales increased by 12.4 percent during the first half of 2008, compared to the same period in 2007.
Read More
The Hope Now Alliance, a private sector alliance of mortgage servicers, counselors, and investors who work to help homeowners facing foreclosure, announced today that mortgage servicers helped a record number of homeowners avoid foreclosure in June 2008 and the second quarter 2008.
Read More
Mortgage Contracting Services, a national property preservation and inspection company, announced the promotion of James Wade to AVP of security and compliance yesterday.
According to MCS, in his new role, Wade ensures that the company exceeds the highest levels of physical and information security.
Read More
The Mortgage Bankers Association (MBA) its Weekly Mortgage Applications Survey for the week ending July 25, 2008 today. According to the survey, the Market Composite Index, which is a measure of mortgage loan application volume, was 420.
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!
