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Home | News | Foreclosure (page 5)

Bringing Back the Chase Case

In 2015, a court dismissed all claims under the suit entirely, citing a six-year statute of limitations on MBS contract litigation, as established in ACE Securities Corp. v. DB Structured Products Inc. According to Judge Karla Moskowitz, a member of the five-judge panel in Thursday’s appeals court, JPMorgan Chase’s six-year obligation to safeguard WMC didn’t stop when its obligation to repurchase the loans did. It instead will end six years after WMB actually failed to make the repurchase.

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Blame it on Refis

According to new analysis of GSE loan performance data, refinances may be, in large part, to blame for the housing crisis. An uptick in “using homes as ATMs” lead to sloppier underwriting and an uptick in defaults on refis leading up to the collapse. Refis were significantly more likely to be seriously delinquent than purchase loans during this time.

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Foreclosure Activity Down Across the Board

According to a new report, serious delinquencies, short sales, deeds-in-lieu, third-party sales, and foreclosure sales were all down for the month. Earlier-stage delinquencies were up in February, however, with loans 30 to 59 days delinquent rising from 377,000 to 404,000 for the month. Of February loan modifications, 19 percent had principal forbearance, while extend-term modifications accounted for 44 percent—something the report attributes to ever-climbing housing prices.

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Foreclosures Down, Except in 3 States

A new report shows foreclosure filings are down 23 percent since last year, hitting their lowest point since November 2005. Foreclosure starts and completions are also down over the year, though repeat foreclosures have seen an increase. The only places to see jumps in foreclosure activity were New Jersey, Connecticut, Massachusetts, and D.C.

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Green Light, Red Light

Municipalities may be experiencing whiplash from a recent U.S. Supreme Court ruling which both permits and prevents certain suits based on the Federal Housing Act. In Bank of America Corp., et. al. v. City of Miami, the City of Miami argued that two banks, Bank of America and Wells Fargo, violated the Federal Housing Act by intentionally issuing riskier mortgages on less favorable terms to African Americans and Latino customers than they issued to similarly situated white, non-Latino customers.

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Five Minutes With Patrick Cox

Patrick Cox is SVP of Default Servicing at Ocwen Financial Corporation, where he is responsible for all the foreclosure and bankruptcy activities of the firm. He previously served as SVP of Default Servicing at ServiceLink LoanCare Servicing, VP of Late Stage Default and Foreclosure at HSBC Consumer and Mortgage Lending, and Manager of Operations at Global Service Centre. He holds an MBA from the University of Florida and a bachelor’s in Finance and Marketing from Florida State University.

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Delinquencies, Foreclosures Fall Over Year

According to a new report, 30-day delinquencies, 90-day delinquencies, and foreclosure inventory are down over the year. “Early-stage” delinquencies were slightly up, however, rising from 2.08 percent to 2.14 percent. Louisiana saw the most delinquent mortgages for the month.

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Underwater Mortgages on Decline

The number of seriously underwater properties is on the decline, according to a recent home equity report. Approximately 5.5 million U.S. homes were seriously underwater for the quarter—a drop from last year’s 6.7 million. As a percentage of all mortgages, seriously underwater loans also dropped, accounting for 9.7 percent of all loans versus the 12 percent of Q1 2016.

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Cities May Sue Banks Over Foreclosure, Industry Reacts

According to the Supreme Court, Miami has the standing to sue Bank of America Corp. and Wells Fargo & Co. under the Fair Housing Act, stating that the banks’ discriminatory and predatory lending practices led to a major shortfall in city tax revenues. We hear from industry lawyers on the case to gauge its implications.

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Non-current Loans Lowest in 11 Years

Non-current inventory is at an 11-year low, falling below historical norms for the fourth consecutive month. The states with the highest percentage of non-current loans were largely in the South, including Mississippi, Louisiana, Alabama, New Jersey, and West Virginia. States with the lowest share were in the Midwest and Western U.S., including Idaho, Montana, Minnesota, North Dakota, and Colorado.

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