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  • Ocwen2.71-0.08 -2.87%
  • Zillow40.44-0.41 -1.00%
  • Trulia47+0 +0%
  • NationStar17.06-0.08 -0.47%
  • CoreLogic45.60+0.24 +0.53%
  • RE/MAX60.80+0.20 +0.33%
  • Fannie Mae2.81+0.08 +2.89%
  • Freddie Mac2.73+0.10 +3.80%
  • Wells Fargo52.695-0.155 -0.293%
  • CitiMortgage67.88-0.09 -0.13%
  • Bank of America24.295-0.175 -0.715%
  • Fidelity National Financial48.28+0.53 +1.11%
  • First American49.02+0.48 +0.99%
  • Black Knight Financial Services42.40+0.35 +0.83%
  • AUDUSD=X0.7918+0.0095 +1.2118%
  • USDJPY=X110.0810-0.5040 -0.4558%
Home | News | Loss Mitigation (page 20)

Banks Complete Consumer Relief Obligations

Joseph A. Smith, Jr., monitor of the National Mortgage Settlement, filed final crediting reports with the U.S. District Court for the District of Columbia on Bank of America, Chase, Citibank, and Wells Fargo. The reports confirmed that banks have satisfied their consumer relief and refinancing obligations under the settlement, nearly a full year ahead of schedule.

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Ocwen to Pay $2.1 Billion to 49 States

HELOC

The California Department of Business Oversight, along with 48 other states, reached a settlement with Ocwen Financial Corporation and Ocwen Loan Servicing, according to a press release issued by the department. The $2.1 billion settlement was in response to violations regarding mortgage servicing laws.

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Lawsuit Filed Against Newly Hired Executive

Move, Inc. filed a lawsuit Monday against Zillow, Inc. and newly hired Zillow executive Errol Samuelson. The suit was filed in the Superior Court of King County, Washington. The lawsuit against Zillow and Samuelson alleges breach of contract, breach of fiduciary duty, and misappropriate of trade secrets.

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Cold Weather Still Affecting Some Markets

2015 HUD

A release issued by the Minneapolis Area Association of REALTORS (MAAR) gave an in-depth look at how the nationwide cold weather this past January and February affected local, cold weather markets. Freezing weather hurt new listings, which declined 5.0 percent. Despite the drop in listings, MAAR is more bullish for the spring and summer months, expecting overall seller activity to increase.

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114 More Jobs Cut by Bank of America

Bank of America filed a Worker Adjustment and Retraining Notification (WARN) with the Texas Workforce Commission (TWC), alerting the TWC of impending layoffs in three of the bank's North Texas offices. The notice was sent on March 3, detailing layoffs of 114 workers from two offices in Plano, Texas and one in Richardson, Texas.

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Rising Home Prices Shrink California Distressed Sales

The California Association of Realtors (CAR) released a new report, revealing sales of distressed homes have plummeted in the past five years. In January, 2009, 69.5 percent of all homes sold in California were distressed, which included short sales and real estate-owned properties (REO). The report issued Monday noted that five years later, distressed home sales made up only 15.6 percent of sold homes.

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CFPB Recovers $1 Million for Veterans

HELOC

The Consumer Financial Protection Bureau (CFPB) announced that servicemembers, veterans, and their families who complained to the bureau about financial products or services have recovered over $1 million. The report covers more than 14,000 complaints filed from July 21, 2011 through February 1, 2014.

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Senior RMBS Trader Convicted of Defrauding TARP

Christy Romero, Special Inspector General for the Troubled Asset Relief Program (SIGTARP) announced in a press release Friday that a federal jury in New Haven has convicted Jesse C. Litvak, a registered broker-dealer and former managing director at New York investment bank Jefferies & Co., Inc., of multiple offenses involving schemes to defraud customers trading in residential mortgage-based securities (RMBS).

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Should States Fast-Track Foreclosures?

A new study released by the Federal Reserve Bank of Cleveland suggests that fast-tracking foreclosures on vacant properties could provide states with substantial savings. Researchers Kyle Fee and Thomas J. Fitzpatrick used two judicial states, Ohio and Pennsylvania, to show that savings from fast-tracking could save at least $24 million annually.

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