Thursday, March 28, 2024

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Auto Loans Race Ahead, Foreclosures Plunge, and Overall Household Debt Remains Flat

Household debt balances were largely flat in the second quarter of this year, according to the Federal Reserve Bank of New York’s Household Debt and Credit Report. Total indebtedness increased just $2 billion from Q1 2015. Foreclosures hit their lowest point in the 16-year history of the New York Fed’s Consumer Credit Panel, a nationally representative sample drawn from anonymized Equifax credit data.

Mortgage Delinquencies and Foreclosures Continue to Drop in Second Quarter

The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 5.30 percent of all loans outstanding at the end of the second quarter of 2015. This was the lowest level since the second quarter of 2007. The delinquency rate decreased 24 basis points from the previous quarter, and 74 basis points from one year ago, according to the Mortgage Bankers Association's (MBA) National Delinquency Survey.

Conspirator Pleads Guilty to $3.8 Million Mortgage Fraud Scheme

Alberic Okou Agodio, age 30, of Bethesda, Maryland, pleaded guilty today to conspiracy, wire fraud, and aggravated identity theft, arising from a mortgage fraud scheme in which he used the names of immigrants and students, along with false financial information, to obtain approximately $3.8 million in home mortgage loans to buy approximately three dozen row houses in Baltimore, all of which are in default or foreclosure

Counseling for homeowners boosted with state grant

About 1,000 Washington State homeowners facing foreclosure will receive financial counseling to help resolve their mortgage issues, thanks to a grant awarded this week by Attorney General Bob Ferguson to the Washington State Housing Finance Commission.

OCC to Escheat Funds from the Foreclosure Review, Terminates Orders Against Three Mortgage Servicers,...

The Office of the Comptroller of the Currency (OCC) today announced it will escheat at the end of 2015 any remaining uncashed payments made pursuant to the Independent Foreclosure Review (IFR) Payment Agreement so eligible borrowers and their heirs may claim the funds through their states’ escheatment processes

Advocates Applaud HUD on New Reverse Mortgage Policy that Could Reduce Foreclosures on Surviving...

Last Friday, the U.S. Department of Housing and Urban Development released an updated policy that gives reverse mortgage servicers the ability to allow a surviving spouse to stay in their home if the mortgage was originated prior to August 4, 2014.

HUD LAUNCHES NEW WEBSITE FOR HOUSING COUNSELING AGENCIES

The U.S. Department of Housing and Urban Development (HUD) today unveiled a new website specifically designed for HUD-approved housing counseling agencies, offering free on-line training covering a broad range of topics including responsibilities of homeownership and tenancy; avoiding foreclosure and eviction; financial management; and fair housing. The training is designed to help prepare housing counselors for the upcoming, mandatory HUD-certified counselor examination.

Protecting Your Most Valuable Asset: Your Home

Your house is among the most important investments in your life. It’s where your children will be raised, where you will grow old, and where your grandchildren will play. You researched schools and neighborhoods to choose the house you will eventually call home. It’s most likely the largest financial commitment (investment) you’ve ever made, but when misfortune strikes your home is more vulnerable than any other asset

Habitat for Humanity applauds Senator Richard Shelby’s inclusion of donated appraisals in proposed updates...

Among the Dodd-Frank regulatory requirements that the U.S. Senate Banking Committee plans to address through legislation unveiled earlier this week is a small clarification that will provide significant savings for the more than 1,400 Habitat for Humanity affiliates operating locally across the United States.

Court Halts Mortgage Relief Operation that Targeted Homeowners Facing Foreclosure

At the Federal Trade Commission’s request, a federal court halted a sham operation that allegedly told financially distressed homeowners it would help get their mortgages modified, but instead effectively stole their mortgage payments, leading some to foreclosure and bankruptcy. The FTC seeks to permanently stop the scheme and its participants’ illegal practices. It also filed a contempt action against one of the scheme’s principals, Brian Pacios, who is under a previous court order that prohibited him from mortgage relief activities

NCRC Reacts to FHA Announcement About Changes to Distressed Asset Stabilization Program

“We applaud the FHA for taking these significant steps to improve homeownership opportunities in neighborhoods hard hit by the foreclosure crisis. NCRC and its member organizations have advocated to the FHA for improving the number and quality of Neighborhood Stabilization Outcome (NSO) targeted loan pools. We’re pleased that the FHA listened to these concerns and adopted several of our key recommendations

Court Temporarily Halts Company From Offering Mortgage Relief Services

Continuing to crack down on phony mortgage relief programs, a federal court has temporarily halted Los Angeles-based Wealth Educators, Inc. and its president from offering mortgage relief services at the Federal Trade Commission’s request. The agency charged the defendants with failing to provide the help they promised homeowners, while charging a hefty up-front fee. The company also told consumers to stop making their monthly mortgage payments, leading some facing the prospect of foreclosure.

Ninth Circuit Affirms MERS’ Authority to Assign Deed of Trust

In Tung Q Lam, v. JPMorgan Chase Bank NA et al, the borrower argued that Mortgage Electronic Registration System, Inc. (“MERS”) lacked authority to assign the deed of trust because MERS lost its status as agent of the promissory note holder when the note was assigned to subsequent entities.

Springboard Awarded $2.6 Million to Provide Foreclosure Prevention Counseling

Springboard Nonprofit Consumer Credit Management, Inc. (“Springboard”) announced that it has received more than $2.6 million in federal dollars awarded through the Congressionally funded National Foreclosure Mitigation Counseling (NFMC) Program.

NATIONAL FOUNDATION FOR CREDIT COUNSELING® RECEIVES $2.3 MILLION HOUSING GRANT

The National Foundation for Credit Counseling (NFCC) is pleased to announce that it has received a grant award totaling $2.3 million from NeighborWorks® America to support foreclosure prevention efforts through its Member Agencies.

$44.8 Million awarded through National Foreclosure Mitigation Counseling program to help nearly 130,000 families

NeighborWorks America today announced that $44.8 million has been awarded to 25 state housing finance agencies (HFAs), 18 HUD-approved housing counseling intermediaries, and 68 community-based NeighborWorks organizations to provide counseling to families and individuals facing the threat of foreclosure. Although fewer new households face foreclosure than just a couple of years ago, the rate has begun to increase again, and many hundreds of thousands of homeowners remain seriously delinquent and face the prospect of foreclosure this year

Housing Advocates Applaud Introduction Of Legislation Protecting Tenants At Foreclosure

The National Housing Law Project (NHLP), the National Law Center on Homelessness & Poverty (NLCHP), and the National Low Income Housing Coalition (NLIHC) applaud Senator Richard Blumenthal (D-CT) and Representative Keith Ellison (D-MN) for introducing legislation to permanently extend the Protecting Tenants at Foreclosure Act (PTFA).

Service Members to Receive Over $123 Million for Unlawful Foreclosures Under the Servicemembers Civil...

WASHINGTON, D.C. - February 10, 2015 - (RealEstateRama) -- The Justice Department announced today that under its settlements with five of the nation’s largest mortgage servicers, 952 service members and their co-borrowers are eligible to receive over $123 million for non-judicial foreclosures that violated the Servicemembers Civil Relief Act (SCRA).  The five mortgage servicers are JP Morgan Chase Bank N.A. (JP Morgan Chase); Wells Fargo Bank N.A. and Wells Fargo & Co. (Wells Fargo); Citi Residential Lending Inc., Citibank, NA and CitiMortgage Inc. (Citi); GMAC Mortgage, LLC, Ally Financial Inc. and Residential Capital LLC (GMAC Mortgage); and BAC Home Loans Servicing LP formerly known as Countrywide Home Loans Servicing LP (Bank of America)

CT REIA Saturday Seminar: Buying Notes & Real Estate From Bank

WASHINGTON, D.C. - January 21, 2015 - (RealEstateRama) -- Wow an entire day with Sue Nelson exploring step by step how to do her business from start to finish. You would be crazy to miss that opportunity, and you can bet we will be there!

Four National Banks to Pay $2.7 Million to Massachusetts Over Unlawful Foreclosures

BOSTON - January 20, 2015 - (RealEstateRama) -- Four national banks agreed to pay a total of $2.7 million and undertake obligations to facilitate the repair of defective property titles, resolving claims that they unlawfully foreclosed on properties in Massachusetts when they did not hold the mortgages, Attorney General Martha Coakley announced today

Business Real Estate Press Releases

Support Ukrainian Refugees

GFP Real Estate and Its Tenants Raise More Than $200,000 to...

GFP Real Estate is pleased to announce that its "Support Ukraine in Crisis" campaign raised more than $200,000 to support humanitarian relief efforts on the ground in Ukraine.

Recent Gov & Nonprofit Real Estate Press Releases

Support Ukrainian Refugees

GFP Real Estate and Its Tenants Raise More Than $200,000 to...

GFP Real Estate is pleased to announce that its "Support Ukraine in Crisis" campaign raised more than $200,000 to support humanitarian relief efforts on the ground in Ukraine.