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FTC Files Suit Against Seven Firms in Foreclosure Rescue Scheme

Black Gavel Pic/Credit: Brand X Pictures

The Federal Trade Commission (FTC) filed suit in federal court to halt a mortgage relief scheme that allegedly deceived and preyed on distressed homeowners by charging them $2,000 to $4,000 based on bogus foreclosure rescue claims. The defendants allegedly falsely claimed they would provide legal help to save consumers’ homes from foreclosure and lower their mortgage payments, then charged them up-front fees in violation of federal law, delivering little or no help, and driving them deeper into debt.Click to continue

GSEs Complete More Than 130,000 Foreclosure Preventative Actions in Q1


Fannie Mae and Freddie Mac completed more than 130,000 foreclosure prevention actions during the first quarter of 2013, bringing the total foreclosure prevention actions to nearly 2.8 million since the start of conservatorship in 2008. These actions have helped more than 2.3 million borrowers stay in their homes, including nearly 1.4 million who received permanent loan modifications. The results are detailed in the Federal Housing Finance Agency’s first quarter 2013 Foreclosure Prevention Report, also known as the Federal Property Manager’s Report.Click to continue

OCC: Performace of First-Lien Mortgages Show Improvement in Q1

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The performance of first-lien mortgages serviced by large national and federal savings banks continued to improve in the first quarter of 2013, according to a report released by the Office of the Comptroller of the Currency (OCC).Click to continue

LPS: Foreclosures Drop for 13th Consecutive Month


Lender Processing Services Inc. (LPS) has reported the following "first look" at May 2013 month-end mortgage performance statistics derived from its loan-level database representing approximately 70 percent of the overall market. The total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure) is currently 6.08 percent. The month-over-month change in delinquency rate is -2.11 percent. The year-over-year change in delinquency rate sits at -12.01 percent.Click to continue

Foreclosure Sales Rate Hits Highest Point Since 2010

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The April Mortgage Monitor report released by Lender Processing Services Inc. (LPS) found that the rate of foreclosure sales (i.e., completion of the foreclosure process) in judicial foreclosure states hit its highest point since 2010. However, the length of time that process is taking -- as well as the disparity in foreclosure timelines between judicial and non-judicial states -- continues to grow.Click to continue

HUD Reaches REO Resolution With Wells Fargo


The U.S. Department of Housing & Urban Development (HUD) has announced that Wells Fargo Bank, the National Fair Housing Alliance, 13 private fair housing organizations and Acting Assistant Secretary Bryan Greene have reached an agreement through which Wells Fargo will invest in efforts designed to help improve housing in minority neighborhoods that have been hard hit by the foreclosure crisis.Click to continue

More Than 13 Million Homeowners Underwater in Q1

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The national negative equity rate fell in the first quarter, to 25.4 percent of all homeowners with a mortgage, according to the first quarter Zillow Negative Equity Report. But another 18.2 percent of homeowners with mortgages, while not technically underwater, likely do not have enough equity to afford to move. Slightly more than 13 million homeowners with a mortgage were in negative equity, or underwater, at the end of the first quarter, owing more on their mortgage than their home is worth.Click to continue

California Homes and Condos Sold Up 3.4 Percent Monthly in April

House Cash/Copyright: Getty Images/Credit: Jupiterimages

An estimated 39,051 new and resale houses and condos sold statewide in California in April. That was up 3.4 percent from 37,764 in March, and up 2.1 percent from 38,241 sales in April 2012, according to San Diego-based DataQuick. Last month's sales count was the strongest for an April since 48,894 homes were sold in April 2006. California April sales have varied from a low of 27,625 in 1995 to a high of 71,638 in 2004. Last month's sales were 11.1 percent below the average of 43,920 sales for all the months of April since 1988, when DataQuick's statistics begin.Click to continue

Foreclosure Inventory Hits Lowest Point in Five Years


Lender Processing Services  Inc. (LPS) has reported the following "first look" at March 2013 month-end mortgage performance statistics derived from its loan-level database representing approximately 70 percent of the overall market. The total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure) sttod at 6.59 percent, while the month-over-month change in delinquency rate was -3.13 percent. Year-over-year, the change in delinquency rate was -3.03 percent and the total U.S. foreclosure presale inventory rate hit 3.37 percent.Click to continue

California AG Awards $9.4 Million to Assist Victims of Statewide Foreclosure Crisis

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California Attorney General Kamala D. Harris has announced California’s National Mortgage Settlement Grant Program has awarded $9.4 million to 21 organizations in order to assist Californians affected by the state’s foreclosure crisis. The grants will benefit many of the state’s neediest homeowners and families by providing or expanding access to free legal assistance and representation, foreclosure intervention aid, homeowner education and financial literacy clinics, blight remediation services, fraud prevention education and employment support services.Click to continue