Home prices reached fourth-quarter lows not seen since 2002, with the Standard & Poor’s/Case-Shiller Index yielding 3.8 percent in declines for December last year. The index found that prices fell 4 percent year-over-year, alongside 1.1 percent in month-over-month declines for 10- and 20-city … [Read more...]
Mortgage Industry Vet Barry Habib Submits Housing Initiative Proposal
February 23, 2012 by
As the mortgage industry and the federal government struggle to find ways to stem foreclosures, Barry Habib, VP and chief market strategist for Residential Finance Corporation (RFC), has submitted his proposal to prevent foreclosures and strategic defaults. Click to continue See more here: … [Read more...]
Default Rates Drop Nationwide in January
February 21, 2012 by
Data through January 2012, released by Standard & Poor's (S&P) Indices and Experian for the S&P/Experian Consumer Credit Default Indices, a measure of changes in consumer credit defaults, has shown that most loan types saw a decrease in default rates during January. After four consecutive months of … [Read more...]
Experts: RMBS Working Group May Dampen Recovery
February 21, 2012 by
Addressing Congress and the nation in January, President Barack Obama unveiled a so-called financial fraud unit that would pursue securities fraud from before the financial crisis and provide relief to homeowners. The unit – later described by officials as the Residential Mortgage-Backed … [Read more...]
CFPB Proposes Draft Mortgage Statement for Borrowers
February 18, 2012 by
The Consumer Financial Protection Bureau called for public comment on a draft it recently proposed for a mortgage statement required for borrowers under the Dodd-Frank Act. If approved, mortgage servicers and assignees of the loan would need to distribute the statement to borrowers with information … [Read more...]
CFPB Requests Public Input on Prototype of Monthly Mortgage Statement
February 17, 2012 by
The Consumer Financial Protection Bureau (CFPB) is seeking public input on a draft monthly mortgage statement designed to make it easier for homeowners to understand their loans and avoid unnecessary costs and fees. The draft monthly mortgage statement is available by clicking here . The … [Read more...]
Wary Lawmakers Grill Cordray Over CFPB Budget Estimates
February 16, 2012 by
Consumer Financial Protection Bureau director Richard Cordray presented the agency's still-small budget Wednesday to lawmakers seated on a subcommittee of the House Financial Services Committee. More here: Wary Lawmakers Grill Cordray Over CFPB Budget Estimates … [Read more...]
West Virginia AG McGraw Begins Foreclosure Relief Workshops With Servicer Settlement Funds
February 14, 2012 by
West Virginia Attorney General Darrell McGraw has announced the launch of “Project: Save Our Homes.” This project will coordinate efforts for the state’s homeowners to receive relief from last week's decision where 49 state attorneys general reached a $25 billion agreement with the nation’s … [Read more...]