By Sandra Lane | 12/06/2013
Perhaps you've known someone who raised money for a documentary or civic project by making an appeal through crowd funding on the Internet. Now, the concept of pooled resources is being used as an investment vehicle offering equities in homeownership to investors and loan assistance to selected prospective homeowners.
By Ashley R. Harris | 12/06/2013
PNC Financial Services Group and Freddie Mac reached an agreement in principle to resolve substantially all indemnification and repurchase obligations related to loans the company sold to the GSE between 2000 and 2008. PNC will pay Freddie Mac a total of $89 million on approximately 900,000 loans. This agreement successfully resolves a large portion of PNC's outstanding obligations.
By Carrie Bay | 12/06/2013
The U.S. Department of Veterans Affairs (VA) recently published a notice in the Federal Register that new maximum foreclosure attorney fees will be allowed for loan terminations completed on or after December 12, 2013. Maximum fee amounts vary by state. There are no changes in the amounts allowed for deeds-in-lieu of foreclosure or bankruptcy releases, although VA continues to review these fees.
By Krista Franks Brock | 12/06/2013
While rising home prices have lifted many underwater homeowners to positions of positive equity, the real estate information and analytics provider DataQuick warns tight credit will still preclude many traditional buyers from the market. Instead, investors will continue to carry an outsized portion of the purchase market for the foreseeable future, according to DataQuick.
By Carrie Bay | 12/05/2013
LOGS Network announced Wednesday that it has made a strategic addition to its leadership team with the addition of Scott Brinkley as the organization's new CEO. Before joining LOGS, Brinkley held executive positions for two decades with First American and CoreLogic. He also co-founded a large claims processing business and most recently was CEO of the Illinois foreclosure law firm Pierce and Associates.
By Krista Franks Brock | 12/05/2013
Distressed inventory is on the decline, but the number of months it will take to clear these distressed homes from the market is on the rise. According to the latest report from Morningstar Credit Ratings, distressed inventory among non-agency residential mortgage-backed securities dropped 20 percent to 891,000 properties as of September. However, Morningstar says it will take 49 months to work through this inventory given current market dynamics. That's 11 months longer than the assessment in 2012.
By Ashley R. Harris | 12/05/2013
The Special Inspector General for the Troubled Asset Relief Program (SIGTARP) has had laser sharp focus on ensuring foreclosure fraud offenders suffer the consequences of their offenses. A northern California man is now behind bars after a SIGTARP investigation found he used the U.S. bankruptcy courts to con desperate homeowners into paying him monthly fees to postpone foreclosure proceedings. He was sentenced to 10 months in federal prison and three years of supervised release on fraud charges.
By Ashley R. Harris | 12/04/2013
Luxury homes are beautiful to look at, but difficult to maintain according to a recent report. Despite the continued decline of foreclosure activity in the country, luxury properties are going into foreclosure at a rapid clip. Overall U.S. foreclosure activity is down 23 percent year-to-date through October 2013, but foreclosure activity on homes in the $5 million-plus value range is up 61 percent from the same time period in 2012, according to RealtyTrac.
By Krista Franks Brock | 12/04/2013
In a report released this week, Clear Capital linked high levels of distressed sales activity with high levels of home price appreciation, something that may seem out of the ordinary. However, in a conversation with DS News Wednesday, the company's VP of research and analytics explained that this trend is in keeping with the "first-in-first-out" recovery the nation has been experiencing over the past 18 months.
By Carrie Bay | 12/04/2013
The former banking regulator overseeing the National Mortgage Settlement has released a summary of the latest reports he filed with a federal court in Washington, D.C. The reports detail the performance of five major servicers in meeting the terms of the agreement reached with 49 state attorneys general and federal officials. Joseph Smith says he's confirmed six fails in the first quarter of 2013 and one in the second quarter.