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foreclosures

Lack of Short Sale Code in Credit Reporting System Creating Hardship for Many Consumers

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The system used by the American credit reporting industry to report the history of consumer payments to creditors to the national credit repositories has a serious flaw, according to some members of the mortgage industry. This flaw is the lack of a specific code for short sale mortgage transactions. With the current mortgage climate of millions of short sale consumers needing properly documented accounts of their previous mortgage problem so they can re-enter the housing market, this problem is reaching epidemic proportions in some of the hardest hit regions of the country.Click to continue

Sen. Wyden Calls Out LPS for Illegal Servicing Fees

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U.S. Sen. Ron Wyden (D-OR) has urged the U.S. Attorney General to investigate allegations that a mortgage servicing firm is overcharging struggling homeowners on default and foreclosure fees. “Not only is the thought of making it harder for struggling homeowners to reinstate their loans appalling, but charging for fees already being paid by a government-backed entity such as Fannie Mae is illegal under the False Claims Act,” Sen.Click to continue

Servicers Continue to Demonstrate Improvement in Making Home Affordable Program Efforts

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The U.S. Department of Housing & Urban Development (HUD) and the U.S. Department of the Treasury have released the February edition of the Obama Administration's Housing Scorecard—a comprehensive report on the nation’s housing market. Data continue to show important progress across many key indicators—as home prices ended the year with strong gains and purchases of new homes and sales of existing homes were also strong—although officials caution that the overall recovery remains fragile.Click to continue

Twenty-Six States See Rise in Foreclosure Auctions

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RealtyTrac has released its U.S. Foreclosure Market Report for January 2013, which shows foreclosure filings—default notices, scheduled auctions and bank repossessions—were reported on 150,864 U.S. properties in January, a decrease of seven percent from the previous month and down 28 percent from January 2012. The report also shows one in every 869 U.S. housing units with a foreclosure filing during the month.Click to continue

Former DocX President Enters Guilty Plea in Robo-Signing Scandal

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Michigan Attorney General Bill Schuette has announced that Lorraine Brown, former president of mortgage document processor DocX, pleaded guilty to racketeering for her alleged role in authorizing the fraudulent signing of mortgage documents filed in Michigan. Brown pleaded guilty to one count of Conducting Criminal Enterprises (Racketeering), a 20-year felony, before Kent County Circuit Court Judge Mark Trusock. She will return for sentencing on May 2.Click to continue

Two LOs Indicted in Straw Buying Scheme

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Two mortgage loan officers have been sentenced in federal court for recruiting straw buyers to purchase properties at inflated prices and then distributing the excess loan funds among themselves, the straw buyers, and others involved in the scheme. United States District Court Judge Joan N. Ericksen sentenced Chad Arthur Anderson and Troy Allen Huston, both of Chisago City, to federal prison terms of 60 months and 57 months, respectively, on one count of conspiracy to commit mortgage fraud through the use of interstate wires.Click to continue

Foreclosure Activity Rises in 57 Percent of U.S. Metro Markets

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RealtyTrac has released its 2012 Year-End Metropolitan Foreclosure Market Report, which shows 2012 foreclosure activity increased from 2011 in 120 (57 percent) out of the nation’s 212 metropolitan statistical areas with a population of 200,000 or more. Foreclosure activity during the year decreased from 2010—when foreclosures peaked in most markets—in 181 out of the 212 markets tracked in the report (85 percent).Click to continue

California Attorney General Shuts Down Online Mortgage Fraud Scam

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California Attorney General Kamala D. Harris has announced the arrest of three suspects who have been charged in a mortgage fraud scheme targeting struggling Northern California homeowners. Six Web sites allegedly used by the suspects to advertise their scheme have been intercepted and redirected to a resource page on the California Attorney General’s site.Click to continue

2012: Year of the Judicial Foreclosure

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RealtyTrac has released its Year-End 2012 U.S. Foreclosure Market Report, which shows a total of 2,304,941 foreclosure filings—default notices, scheduled auctions and bank repossessions—were reported on 1,836,634 U.S. properties in 2012, down three percent from 2011 and down 36 percent from the peak of 2.9 million properties with foreclosure filings in 2010. The report also shows that 1.39 percent of U.S.Click to continue