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Foreclosure

RealtyTrac: Foreclosure Activity at Lowest Level in Three Years

RealtyTrac says processing delays have reduced foreclosure activity to its lowest level since the first quarter of 2008. New data released by the tracking firm shows that foreclosure filings were reported on 681,153 U.S. properties during the first three months of this year. That represents a 15 percent decline from the previous quarter and a 27 percent drop from a year ago. Declines were steepest in states where a judicial foreclosure process is used, but looking at the nationwide data for March, RealtyTrac's report indicates that activity is already beginning to pick up some.

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JPMorgan Posts Q1 Profit but Mortgage Business Sputters

JPMorgan Chase reported Wednesday that the company made $5.6 billion during the first quarter of 2011, beating market expectations. But the lender's mortgage business took a significant hit, as related revenue fell 75 percent and costs tied to its servicing and foreclosure operations mounted. The company says ""extraordinarily high losses"" from mortgage-related issues will continue ""for a while,"" but the lender assured investors that it is addressing mistakes from the past.

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Regulators Hand Down Enforcement Actions to Servicers, Vendors

The Office of the Comptroller of the Currency, Federal Reserve, and the Office of Thrift Supervision announced formal enforcement actions Wednesday against 14 mortgage servicers and two firms that provide foreclosure-related services to the industry - LPS and MERS. The consent orders are the result of regulators' investigations into robo-signing allegations and represent a settlement with the firms involved, at least in part. Both the OCC and Fed say they believe monetary sanctions in these cases are also warranted, and they plan to pursue such actions separately.

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FTC to Collect $2.2M from Banned Loan Mod Companies

The Federal Trade Commission (FTC) reached a settlement this week with two companies and three individuals, who are now banned from the mortgage relief services business and must pay $2.2 million in assets for consumer refunds. The FTC filed the proposed consent order in the U.S. District Court for the Southern District of Florida. The move is part of the federal agency's efforts to thwart scams targeting homeowners seeking mortgage relief.

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New Arkansas Legislation Assists Homeowners Facing Foreclosure

A new law requires that Arkansas homeowners receive critical documents prior to a foreclosure and encourages loss mitigation or loan modification efforts before the foreclosure is initiated. Mortgage servicers must now provide borrowers facing foreclosure with copies of the note, mortgage, and any assignments; the physical location of the note; and payment history. Homeowners must also receive information about assistance programs that are available.

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Rifts Continue to Surface Around Robo-Signing Settlement

Federal regulators split from state attorneys general last week to cut their own deal with mortgage servicers as part of a settlement for the robo-signing mess that surfaced last fall. Critics of the side deal are calling for federal regulators to withdraw their agreements and work with the states to hold banks accountable. But even in the attorney general camp there has been dissension. A study released Tuesday by three economists says the original settlement proposal backed by state counsels could increase the foreclosure inventory by $297 billion.

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Delinquent Mortgages in Commercial Bonds Drop as Loan Losses Narrow

The climb towards an expected 10 percent delinquency rate for loans held in commercial mortgage-backed securities (CMBS) has slowed, according to the latest index results from Fitch Ratings. The agency reports that late-pays retreated two basis points to end March at 8.74 percent, with delinquencies falling for four of the five major property types. At the same time, Trepp says loss severity is the lowest it's been since the company began reporting, with the majority of loans liquidated in March having losses of less than 2 percent.

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Self-Evident Truth in Market Variables: Longer Foreclosure Timelines

With foreclosure activity somewhat erratic in recent months along the country's West Coast, time-to-foreclose remains the one true constant in that it continues to increase across the board. ForeclosureRadar has released its monthly report on March foreclosure activity for its coverage area of the five West Coast states. The foreclosure timeline in Nevada extended by more than 16 percent in one month's time to 322 days. In California, the increase was smaller at 4 percent, bumping the state's timeline up to 302 days.

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Illinois Supreme Court Establishes Foreclosure Committee

The Illinois Supreme Court announced on Monday the formation of a special committee to study and formulate proposals to help families facing foreclosure. The committee will also work to improve the judicial process in mortgage foreclosures throughout the state. Supreme Court justices noted that Illinois' foreclosure crisis is not easing. At the end of 2010, there were approximately 70,000 mortgage foreclosure actions pending in Cook County alone.

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Fabrizio & Brook Partner Nominated to Bar Association Board

Jonathan L. Engman, partner at Fabrizio & Brook, P.C. in Troy, Michigan, has been nominated to run for the board of directors for the Oakland County Bar Association. The firm also recently announced that it has been honored with the fourth-quarter 2010 Performance Recognition Award from Lender Processing Services for outstanding achievement in foreclosure.

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