CoreLogic reported that in June 2015, New York's foreclosure inventory rate (the percentage of residential mortgages in some state of foreclosure) was 3.7 percent, three times the national rate for the month of 1.3 percent and second among states (New Jersey had 4.7 percent).
Read More »Some Lawmakers Believe ‘Too Big to Fail’ Is Still Alive Seven Years After the Crisis
In July 2015, the House Financial Services Financial Institutions and Consumer Credit Subcommittee held a hearing to discuss the criteria for designating a company as a SIFI, criticizing the $50 billion asset threshold required by Dodd-Frank.
Read More »Delinquency Rate Continues Rapid Decline Driven by Higher Quality Originations
All 10 of the largest metro areas and 48 states reported double-digit year-over-year declines in the percentage of seriously delinquent mortgages in Q2, according to TransUnion. The metro areas that experienced the largest declines were Miami (40 percent, down to 5.31 percent) and Los Angeles (29.1 percent, down to 2.07 percent).
Read More »Former CFPB Deputy Director Joins Eastern Bank
Boston-based Eastern Bank, a full-service commercial bank recently announced the appointment of Steven L. Antonakes as SVP and chief compliance officer.
Read More »Senate Bill Would Give Community Banks a Say in Regulatory Process
U.S. Senators Mike Rounds (R-South Dakota) and Angus King (I-Maine) have introduced a bill that would give community banks, small businesses, and credit unions a say in the Consumer Financial Protection Bureau (CFPB)'s rulemaking process.
Read More »Ocwen Enjoys Favorable Week With Wells Fargo Outcome
Thursday's outcome of the Wells Fargo vote stood in contrast to what happened in February, when Wells Fargo bondholders ousted Ocwen from two mortgage servicing deals after a downgrade of Ocwen's ratings.
Read More »Fannie Mae and Freddie Mac Are Turning Up Efforts to Sell Non-Performing Loans
As they promised earlier this year, Fannie Mae and Freddie Mac have intensified their efforts in the last few months to rid their single-family residential mortgage portfolios of deeply delinquent, non-performing loans (NPLs).
Read More »Counsel’s Corner: Banks Win One Case Over Mortgage Underwriters, But It’s Not Over
Counsel's Corner is an ongoing series in which DS News talks with attorneys around the country about the most pressing issues facing the default servicing and mortgage industries. This installment features Howard Knee, a partner in the Los Angeles office of Blank Rome.
Read More »Mortgage Payments are More Affordable Than Ever With Rents at an All-Time High
Rents are at an all-time high for single-family homes, but monthly mortgage payments are more affordable now than they were before the housing bust, according to Zillow's affordability report for the second quarter of 2015.
Read More »Freddie Mac to Auction $1.2 Billion Worth of Deeply Delinquent NPLs
The NPLs in this transaction are being serviced by Ocwen Financial, according to Freddie Mac. The loans are deeply delinquent, which means in many cases they are delinquent by two years or more and are likely either in foreclosure or some stage of loss mitigation.
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