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Judicial Foreclosure Auctions Elevate Foreclosure Activity

Foreclosure auctions in judicial states rose annually for the 16th straight month in October. RealtyTrac recorded a total of 30,023 scheduled judicial foreclosure auctions nationwide last month, up 10 percent from the previous month and up 7 percent from October 2012. The company says lenders are moving these properties to public auction more rapidly because there is strong demand from institutional investors looking for buy-to-rent opportunities, and because rising home prices mean more loan losses can be recouped.

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Analysts Consider How Ability-to-Repay and QM Impact RMBS Losses

As lenders prepare to adopt the Ability-to-Repay and Qualified Mortgage (QM) rules in January, so too are ratings agencies preparing for these new rules. Fitch Ratings released a report revealing its expectations for how the rules will impact future loss severities on residential mortgage-backed securities (RMBS). Overall, Fitch expects the rules to result in greater underwriting uniformity and enhanced due diligence, with 100 percent of reviews completed on all QM and higher-priced QM loans.

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Slow Household Formation Cyclical Like All Things Real Estate: Moody’s

Though the slow rate of household formation among millenials--those born after 1980--has been cause for alarm among some economists, analysts at Moody's Investors Service say reports of a lost generation of homebuyers are overblown. The Census Bureau released its homeownership rate report for the third quarter in early November, revealing homeownership in the 35 and younger age group is growing at a sluggish pace, with 31.6 percent still living with their parents.

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Pacific Union CEO Recognized with Real Estate Leadership Award

Pacific Union's CEO, Mark A. McLaughlin, was named as the recipient of the 2013 RISMedia Real Estate Leadership Award, a national award recognizing members of the real estate community who embrace innovation and blaze new trails. McLaughlin has served as a leader in the real estate industry for more than 20 years, holding key management roles with Jones Lang LaSalle and Colliers International earlier in his career.

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Economists Surprised by Drop in Consumer Sentiment

The University of Michigan's preliminary Index of Consumer Sentiment report shows a drop in confidence for November--and Capital Economics' Amna Asaf is at a loss to explain why. The index fell from 73.2 to a two-year low of 72.0 in the first November report. With the economy in a relatively healthier position compared to last month, Asaf--an economist for the macroeconomics research firm--says the decline is something of a surprise.

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Long Liquidation Times Ramp Up Loss Severities Despite Rising Prices

While home prices have risen 14 percent nationally since their trough a few years ago, Fitch Ratings points out that loss severities on residential mortgage-backed securities have only 5 percent over the past year. The slow rate of improvement is primarily the result of prolonged liquidation timelines which hit an all-time high in the third quarter. Currently, 32 percent of seriously delinquent homeowners have not made a payment in more than four years.

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Safeguard Files Motion to Dismiss Illinois AG Suit

Safeguard Properties LLC filed on Tuesday a motion to dismiss a complaint brought against the company by Illinois Attorney General Lisa Madigan, who has charged Safeguard with illegally evicting homeowners before their foreclosures were finalized.

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Castle & Cooke Penalized for Steering Consumers to Costlier Mortgages

The Consumer Financial Protection Bureau (CFPB) has investigated Castle & Cooke Mortgage, LLC, and on Thursday, announced a proposed consent order in its enforcement action. Castle & Cooke allegedly steered consumers into mortgages that were unnecessarily costly, and paid loan officers illegal quarterly bonuses based on the interest rate of the loans they offered to borrowers.

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Fidelity Financial Announces Executive Transitions

In Florida, Fidelity National Financial, Inc. (FNF), a provider of title insurance and mortgage and diversified services, announced that company president Raymond R. Quirk will be taking over as CEO effective December 7. Quirk will replace George P. P. Scanlon, who is transitioning out of that role.

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Lenders Incur Visible Risk from Hidden Borrower Debt

Over the past few years, lenders and underwriters revamped their standards to reduce risk, but Equifax says there's one challenge many lenders still have difficulty combating--undisclosed debt. In a recent white paper, the credit bureau published results of its research into undisclosed debt and its recommendation for how to deal with this difficult hazard. Ultimately, Equifax said, ""The results are somewhat surprising and disturbing.""

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