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Home | News | Loss Mitigation (page 20)

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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Mortgage Insurance Delinquencies Decline in February

Short Sales

Radian Guaranty released data for primary mortgage insurance delinquencies for the month of February on Wednesday, reporting fewer loans are delinquent as of the end of the month. New insurance written for the month came in at $1.9 billion, with a beginning primary delinquent inventory of 58,782.

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Fifth Bank of the Year Fails; First in Pennsylvania

Vantage Point Bank of Horsham, Pennsylvania was closed Friday by the Pennsylvania Department of Banking and Securities. The Federal Deposit Insurance Corporation (FDIC) was appointed as the receiver. The FDIC entered into a purchase and assumption agreement with First Choice Bank of Mercerville, New Jersey to assume all of the deposits of Vantage Point Bank.

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Virginia Bank Closed, Fourth Collapse of 2014

The Federal Deposit Insurance Corporation (FDIC) announced Friday in a press release the closing of Millennium Bank, National Association of Sterling, Virginia. The bank was closed by the Office of the Comptroller of the Currency, which appointed the FDIC as the bank’s receiver.

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Wells Fargo Cuts 700 Mortgage Jobs

According to a report from The Charlotte Observer, Wells Fargo is laying off another 700 mortgage workers across the country. The bank announced Thursday the layoffs would affect mortgage processors and underwriters the hardest. What is causing the lending giant to cut jobs nationwide?

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