The real estate auction Web sites BidSell.com and BidRent.com, as well as their Canadian counterparts BidSell.ca and BidRent.ca, have been put up for sale by Idea Labz, Inc., an Internet holding company based in Los Angeles.
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According to the D.C.-based nonprofit homeownership research and advocacy group the Center for Responsible Lending (CRL), a dismal milestone was reached over the weekend – the organization says one million new foreclosures have been filed so far in 2009.
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Fulton, Maryland-based LendingSpace – a provider of loan origination management solutions for all residential mortgage loans, whether forward or reverse, government, or conventional – has announced the selection of Jeffrey T.
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Bank of America says it modified more than 64,000 Countrywide mortgages between December and March. The workouts are part of the bank’s agreement with 42 state attorneys general to settle predatory lending charges against its Countrywide subsidiary.
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Le Sueur, Minnesota-based Cambria announced on Monday the creation of its new Cambria Mortgage division, which will provide home lending services to Minnesota residents. Cambria is the only producer of natural quartz home countertop surfaces in the United States, and the company expects the launch of its new mortgage unit to further expand its presence in the housing realm.
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Fitch Ratings took a closer look at servicers’ loss mitigation efforts among residential mortgage-backed securities (RMBS) in a special report= issued last week. The agency found that while home loan workouts to avoid foreclosures have increased substantially, re-defaults post-modification continue to be a problem for servicers, investors, and homeowners, with as many as three-fourths of those mortgages in the subprime category projected to fall back into default status within one year of the initial resolution.
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The FDIC has certified Next Wave Advisors Inc. to assist the agency with a variety of real estate services, including lender workouts, asset valuation, and disposition of property acquired through bank takeovers and liquidations.
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The federal district court for the Southern District of California in San Diego has denied Countrywide Financial Corp.‘s motion to dismiss a consolidated class action complaint against the lender, which challenges Countrywide’s subprime mortgage marketing and lending practices.
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Existing-home sales rose in April with strong buyer activity in lower price ranges and distressed real estate, according to a new report released this week by the National Association of Realtors (NAR).
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HOPE NOW announced this week that 270,000 homeowner solutions were completed in April. This is the largest number of workouts in any month since HOPE NOW began to compile data.
Last month, HOPE NOW members and the mortgage lending industry modified 127,000 mortgages and completed 143,000 repayment plans.
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Equifax Inc., the consumer credit reporting agency based in Atlanta, Georgia, announced on Thursday the availability of a proprietary solution which the company says now provides even more comprehensive employer- and government-verified information for mortgage lending institutions.
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The Cincinnati-based law firm of Reisenfeld & Associates LPA, LLC has announced the firm’s acceptance of Angel status to the recently created Wingspan Portfolio Attorney Network (WPAN).
As an part of this group, Reisenfeld & Associates will provide legal support to Wingspan Portfolio Advisors, LLC, a Dallas-based mortgage company specializing in servicing delinquent loans.
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Foreclosures and mortgage delinquencies are still mounting and will continue to rise until the first quarter of 2011, driven primarily by increasing job losses, according to a new report issued by the Mortgage Bankers Association (MBA) on Thursday.
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On May 8, the Federal Reserve Board finalized its early disclosure rules within Regulation Z (Truth-in-Lending Act – TILA) that are set to take effect July 30 and are meant to ensure consumers receive disclosures explaining the cost of a mortgage earlier in the lending process.
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As more people struggle to pay their mortgages, large and small banks alike have taken the hit. The FDIC reported on Wednesday that 305 banks have made the agency’s high-risk list, and more are expected as the recession and housing crisis continue.
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Bid4Assets, Inc., an online real estate auction company based in Silver Spring, Maryland, says that more and more homebuyers are turning to Web-based auctions to find their American dream.
The company announced on Thursday that it has successfully auctioned 60,000 real estate properties since its inception in 1999.
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Sales of single-family homes and condos in Massachusetts fell by double-digit percentages in April, according to a report released this week by Boston-based real estate research firm The Warren Group. Median property values in the state also continued to decline in April, but not as sharply as in recent months.
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Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS) on Thursday, which shows that interest rates increased across the board this week. According to Freddie Mac’s VP and chief economist Frank Nothaft, mortgage rates followed long-term bond yields higher, with only the one-year adjustable-rate mortgage coming in lower than it was last week.
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Overland Park, Kansas-based South & Associates, P.C., a law firm specializing in foreclosure, bankruptcy, loss mitigation, eviction, and related mortgage matters throughout Missouri, Kansas, and Nebraska, recently announced that the firm has been accepted as an Eagle member of the Wingspan Professional Attorney Network.
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The New York Federal Reserve Bank purchased $25.54 billion in mortgage-backed securities (MBS) from government agencies this week. Of the Fed’s new commitment to buy $1.25 trillion in MBS this year, its purchases now stand at $508 billion.
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