RealtyTrac, an online marketplace for foreclosure properties, has released its February 2010 U.S. Foreclosure Market Report, which shows foreclosure filings—default notices, scheduled auctions and bank repossessions—were reported on 308,524 U.S. properties during the month, a decrease of two percent from the previous month but still six percent above the level reported in February 2009. The report also shows one in every 418 U.S. housing units received a foreclosure filing in February.Read more

On Dec. 16, 2009, the Federal Housing Administration (FHA) published Mortgagee Letter 09-52, which issued guides for mortgage originators in circumstances where borrowers receive a short payoff from their current lender on either a sale or a refinance. Here is a summary of the five things you need to know about these changes:

1. Changes are effective as of Dec. 16, 2009.Read more

Specialized Asset Management LLC , a provider of asset marketing and disposition services to mortgage lenders, servicers and investors, has announced that it has partnered with RealtyTrac, an online foreclosure marketplace for default, auction and bank-owned REOs. The partnership gives additional market exposure for foreclosed property listings provided by Specialized Asset Management LLC, displaying them prominently to RealtyTrac’s three million unique monthly visitors.Read more

Americans remain strongly committed to federal support for homebuyers, according to a recent survey of U.S. households conducted by the National Association of Home Builders (NAHB) by RT Strategies. Roughly 68 percent of those polled said the government should continue to support housing, and 65 percent believe the government should be doing more to keep families from losing their homes to foreclosure.Read more

The delinquency rate for mortgage loans on one-to-four-unit residential properties fell to a seasonally adjusted rate of 9.47 percent of all loans outstanding as of the end of the fourth quarter of 2009, down 17 basis points from the third quarter of 2009, and up 159 basis points from one year ago, according to the Mortgage Bankers Association's (MBA) National Delinquency Survey. The non-seasonally adjusted delinquency rate increased 50 basis points from 9.94 percent in the third quarter of 2009 to 10.44 percent this quarter.Read more

As dropping interest rates push more Americans to refinance their mortgages, and as the FHA announces enhanced refinance guidelines to assist homeowners facing foreclosure, the Consumer Mortgage Audit Center has launched a fulfillment division to help banks and lenders handle more loan modification and refinancing requests, while reducing operating costs.Read more

The Federal Trade Commission (FTC) moved to protect distressed homeowners from the promoters of bogus foreclosure rescue and mortgage modification services by proposing a new rule that would forbid companies to charge upfront for these services. Instead, companies could only collect payment after providing services.Read more

Freddie Mac and 13 national and local non-profit organizations have announced a pilot effort to convince discouraged delinquent borrowers to pursue mortgage workouts that can save their homes and steer clear of foreclosure. Freddie Mac's new Borrower Help Centers in Chicago, Phoenix, San Bernardino and Washington, D.C. are designed to provide free, confidential one-on-one "holistic" mortgage counseling to delinquent Freddie Mac borrowers.Read more

Homeowners with FHA-insured mortgage loans who are experiencing financial hardship are now eligible for loss mitigation assistance before they fall behind on their mortgage payments. Previously, these homeowners were not eligible for such assistance until after they had missed payments. The Helping Families Save Their Home Act of 2009 signed into law by President Obama expanded FHA's authority to use its loss mitigation tools to assist FHA borrowers avoid foreclosure to include those facing "imminent default" as defined by the Secretary.Read more

The Office of the United States Attorney for the District of Vermont stated that Benjamin Osmanson of California, the former operator of the Highgate Manor, in Highgate, Vt., was sentenced to nine years in prison, to be followed by five years of supervised release, and ordered to pay over $12 million in restitution during an appearance before the Hon. J. Garvan Murtha in federal court in Brattleboro, Vt.Read more