The Home Affordable Modification Program (HAMP) was established to assist the nation’s underwater borrowers get out from under their massive mortgage debt. High default rates, coupled with a 30 percent decrease in home values, has resulted in an incredibly difficult situation for homeowners. With HAMP, incentives are being provided for mortgage holders and servicers to help borrowers avoid foreclosure.Click to continue

The Federal Housing Finance Agency (FHFA) released reports prepared by Fannie Mae and Freddie Mac on their multifamily businesses. The reports were conducted at the direction of FHFA pursuant to its goal of contracting Fannie Mae and Freddie Mac’s overall market footprint and generating potential value for taxpayers.Click to continue

Rep. Elijah E. Cummings, as the top Democrat on the House Committee on Oversight and Government Reform, has announced the introduction of HR 1706, The Mortgage Settlement Monitoring Act of 2013, to create an Independent Monitor to oversee the distribution of funds paid by mortgage servicers for illegal foreclosures and other abuses against homeowners under their settlement agreement with federal regulators.Click to continue

Nevada Attorney General Catherine Cortez Masto announced that three Nevada residents and one California resident have been indicted by a grand jury on several felonies in connection with their operation of a mortgage lending fraud scam. A 15-count indictment was returned by a grand jury on April 22, 2013, charging the following individuals:

► Lynda Finch-Estrada of Las Vegas, Nevada

► William Chrissikopoulos of Las Vegas, Nevada

► Alan Dornhuber of Las Vegas, Nevada

► William Patterson of El Monte, Calif.Click to continue

For the second time this year, the U.S. Department of Housing and Urban Development (HUD) will sell thousands of severely delinquent mortgage loans insured by the Federal Housing Administration (FHA) as part of a broader effort to address the housing market’s shadow inventory and to target relief to areas experiencing high foreclosure activity.Click to continue

CoreLogic announced the availability of its LoanSafe suite of risk mitigation solutions on seven loan origination systems (LOS) through integration with QuestSoft’s Compliance EAGLE, a mortgage compliance review system. The LoanSafe Suite is now available through the Blueberry Relay, Calyx Point, Ellie Mae DataTrac, Harland E3, ISGN MORvision, LPS Empower and OpenClose systems.Click to continue

Equity National has introduced Equity ISP (Insured Settlement Protection), an insurance product protecting the insured mortgage lender against closing fraud, defalcation and closing instruction violations. Developed for Equity National by The Prieston Group, the policy is insured through Lloyd’s of London and affords mortgage lenders protection above and beyond that provided by the traditional closing protection letter (CPL). The insurance product is the first of its kind in the mortgage industry.Click to continue

New York Gov. Andrew M. Cuomo has announced that Fannie Mae and Freddie Mac–in response to a request from the Cuomo Administration–are unveiling a new mortgage relief program to protect victims of Superstorm Sandy from large spikes in their mortgage payments. Sandy victims who received forbearance will be eligible for a special mortgage relief program that allows those homeowners to lower their monthly payments and avoid sudden payment spikes.Click to continue

U.S. Department of Housing & Urban Development (HUD) Secretary Shaun Donovan announced a second round of grants for more than 500 local homeless housing and service programs across the U.S, provided through HUD’s Continuum of Care Program. This year, HUD challenged local communities to reexamine their response to homelessness and give greater weight to proven strategies, from providing ‘rapid re-housing’ for homeless families to permanent supportive housing for those experiencing chronic homelessness.Click to continue

Rep. Mel Watt (D-NC) has been nominated by President Barack Obama to take over the Federal Housing Finance Agency (FHFA). The 67-year old Watt has served in the House since 1993, and is considered by some to be a controversial candidate, having been met with harsh criticism from both the left and right.

“I could not be more disappointed in this nomination. This gives new meaning to the adage that the fox is guarding the hen house,” said Sen. Bob Corker (R-TN).Click to continue