Foreclosures

WASHINGTON, DC - April 12, 2013 - (RealEstateRama) -- In an effort to expand relief to homeowners impacted by Hurricane Sandy, U.S. Housing and Urban Development Secretary Shaun Donovan, who also chairs the Hurricane Sandy Rebuilding Task Force, today announced a series of additional measures to allow families to get back on their feet without having to face the prospect of foreclosure

Reston, Virginia - April 11, 2013 - (RealEstateRama) -- MERSCORP Holdings, Inc. today announced that a three-judge panel of the U.S. Court of Appeals for the Eighth Circuit twice ruled in favor of Mortgage Electronic Registration Systems, Inc. (MERS) and other defendants, affirming lower court decisions that rejected Minnesota-based attorney William B. Butler’s arguments regarding the defendants’ right to foreclose.

Reston, Virginia - April 10, 2013 - (RealEstateRama) -- MERSCORP Holdings, Inc. today announced that Rhode Island Superior Court Justice Allen P. Rubine has rejected another multi-count claim of wrongful foreclosure against Mortgage Electronic Registration Systems, Inc. (MERS) and other member co-defendants.

WASHINGTON, DC - April 9, 2013 - (RealEstateRama) -- Payments to 4.2 million borrowers are scheduled to begin on April 12 following an agreement reached by the Office of the Comptroller of the Currency and the Federal Reserve Board with 13 mortgage servicers.

WASHINGTON, D.C. - April 9, 2013 - (RealEstateRama) -- Two consumer advocacy groups today outlined how state lawmakers can bolster safeguards to prevent unnecessary foreclosures. The recommendations by the Center for Responsible Lending and Consumers Union would close gaps left by new federal mortgage servicing rules and by last year’s settlement among 49 state attorneys general, federal officials and the five biggest mortgage servicers.

WASHINGTON, D.C. - April 9, 2013 - (RealEstateRama) -- A former Los Angeles resident, who fled to Canada and was a federal fugitive for 12 years, pleaded guilty today to aggravated identity theft and bankruptcy fraud in connection with leading a nearly 15-year foreclosure-rescue scam that fraudulently postponed foreclosure sales for more than 800 distressed homeowners, announced Acting Assistant Attorney General Mythili Raman of the Justice Department’s Criminal Division, U.S. Attorney for the Central District of California André Birotte Jr., U.S. Attorney for the Northern District of California Melinda Haag, Assistant Director in Charge Bill L. Lewis of the FBI’s Los Angeles Field Office, Special Agent in Charge David J. Johnson of the FBI’s San Francisco Field Office and Christy Romero, Special Inspector General for the Troubled Asset Relief Program

Reston, Virginia - April 8, 2013 - (RealEstateRama) -- MERSCORP Holdings, Inc. today announced that a three-judge panel of the Oregon Court of Appeals affirmed a lower court ruling that rejected a borrower complaint seeking to stop the non-judicial foreclosure of his property

WASHINGTON, D.C. - April 5, 2013 - (RealEstateRama) -- The Federal Trade Commission mailed 341 refund checks to Spanish-speaking consumers who lost money to scammers who promised to stop foreclosure or obtain mortgage loan modifications. Under a summary judgment order, the Dinamica Financiera defendants were banned from selling mortgage loan modification or foreclosure relief services.

Washington, DC - April 4, 2013 - (RealEstateRama) -- Today, Rep. Elijah E. Cummings, Ranking Member of the House Committee on Oversight and Government Reform, released the following statement in response to a Government Accountability Office (GAO) report on banking regulators’ review of foreclosure abuses:

Washington, DC - March 27, 2013 - (RealEstateRama) - The Federal Housing Finance Agency (FHFA) today announced that Fannie Mae and Freddie Mac will offer a new, simplified loan modification initiative to minimize losses and to help troubled borrowers avoid foreclosure and stay in their homes. Beginning July 1, servicers will be required to offer eligible borrowers who are at least 90 days delinquent on their mortgage an easy way to lower their monthly payments and modify their mortgage without requiring financial or hardship documentation.

WASHINGTON, DC - March 14, 2013 - (RealEstateRama) -- HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors, released its January 2013 loan modification data. An estimated 78,397 homeowners received permanent, affordable loan modifications from mortgage servicers during the month. This includes modifications completed under both proprietary programs and the government’s Home Affordable Modification Program (HAMP).

WASHINGTON - March 6, 2013 - (RealEstateRama) -- Two Northern California real estate investors have agreed to plead guilty for their role in conspiracies to rig bids and commit mail fraud at public real estate foreclosure auctions in Northern California, the Department of Justice announced.

WASHINGTON, DC - February 28, 2013 - (RealEstateRama) -- The Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board today released amendments to their enforcement actions against 13 mortgage servicers for deficient practices in mortgage loan servicing and foreclosure processing. The amendments require the servicers to provide $9.3 billion in payments and other assistance to borrowers.

WASHINGTON, D.C. - February 25, 2013 - (RealEstateRama) -- There seems to be a sliver of hope for the real estate market in the U.S. According to the National Association of Realtors, median sales price in January for previously-owned homes has risen 12.3 percent annually. This is the strongest gain in over seven years and the 11^th consecutive month of annual increases. Primary reasons for this gain in price are thought to be a low inventory and an inflow of investors with enough money to heat up the bidding markets. There has also been an increase in the number of traditional sales rather than foreclosures and short sales.

WASHINGTON, D.C. - February 13, 2013 - (RealEstateRama) -- Chris Estes, president and CEO of NHC, issued the following statement in response to Tuesday night’s State of the Union address by President Obama: In last night's State of the Union, President Obama recognized the essential connections between housing and our country's future. Without vibrant housing markets around the country, we cannot achieve the growth in incomes and employment we need to emerge fully from the Great Recession.

WASHINGTON, D.C. - February 11, 2013 - (RealEstateRama) -- The Consumer Financial Protection Bureau (CFPB) today issued a bulletin advising mortgage companies about their legal obligations that protect consumers during loan transfers between mortgage servicers. When handing over the processing of loans, mortgage servicers should not lose paperwork, lose track of a homeowner’s loss mitigation plans, or hinder a consumer’s chances of saving their home from unnecessary foreclosure. The CFPB has a heightened concern about these practices given the large number and size of recent servicing transfers.

WASHINGTON, D.C. - February 6, 2013 - (RealEstateRama) -- This morning Woodstock Institute released a report showing that completed foreclosures in the Chicago area increased nearly 75 percent in 2012, the largest single-year increase since the foreclosure crisis began.

CHICAGO, IL - February 6, 2013 - (RealEstateRama) -- Pierce & Associates recently provided a $100,000 charitable donation to further the goals of Mercy Housing Lakefront’s ten-year Moving Forward Together campaign. With this new gift, Denis Pierce, Pierce & Associates, and the Pierce Family Foundation have contributed almost $1.4 million over three years to address the regional housing and foreclosure crisis.

WASHINGTON, DC - February 5, 2013 - (RealEstateRama) -- A Northern California real estate investor has agreed to plead guilty for his role in conspiracies to rig bids and commit mail fraud at public real estate foreclosure auctions in Northern California, the Department of Justice announced

WASHINGTON, DC - February 1, 2013 - (RealEstateRama) -- U.S. Housing and Urban Development Secretary Shaun Donovan, who serves as President Obama’s Chairman of the Hurricane Sandy Rebuilding Task Force, and Federal Housing Finance Agency Acting Director Edward J. DeMarco today announced that the Federal Housing Administration (FHA), Fannie Mae, and Freddie Mac will extend expiring protections against foreclosure actions against homeowners whose properties were damaged or destroyed due to Hurricane Sandy.