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Settlement Services

Florida and Connecticut AGs Jointly Sue Loan Mod Firm

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Florida Attorney General Pam Bondi and Connecticut Attorney General George Jepson have jointly sued Berger Law Group, Resolution Law Group, and related entities and individuals over allegations that they collected at least $4.7 million in illegal upfront fees from distressed homeowners.Click to continue

Loan Mod Scheme Netting $18.5 Million From 8,000-Plus Victims Taken Down

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Christy Romero, Special Inspector General for the Troubled Asset Relief Program (SIGTARP), and Preet Bharara, U.S. Attorney for the Southern District of New York, announced the unsealing of charges against Ped Abghari, a/k/a “Ted Allen,” Dionysius Fiumano, a/k/a “D,” and Justin Romano for engaging in a mortgage modification scheme that defrauded over 8,000 homeowners in all 50 states out of over $18.5 million, in what is believed to be the largest mortgage modification scheme ever charged.Click to continue

Foreclosure Inventory Found to be Significantly Higher in Judicial States

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The Data and Analytics division of Black Knight Financial Services (BKFS) has released its latest Mortgage Monitor Report, looking at data as of the end of June 2014. An analysis of the month's mortgage performance data showed that the nation's inventory of loans in foreclosure is disproportionately distributed in states with judicial foreclosure processes.Click to continue

LenderLive Names Larry Hudnall SVP of Settlement Services

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LenderLive Network Inc. announced that Larry Hudnall has joined the firm as senior vice president, national sales manager of the company’s Settlement Services Sivision. Hudnall will be responsible for sales, sales management and revenue growth for LenderLive’s Settlement Services division. He will report directly to Joe Mowery, president of the division.Click to continue

Foreclosures for Month of June Down, Year Over Year

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CoreLogic has released its June National Foreclosure Report, which provides data on completed U.S. foreclosures and foreclosure inventory. According to CoreLogic, for the month of June 2014, there were 49,000 completed foreclosures nationally, down from 54,000 in June 2013, a year-over-year decrease of 9.9 percent. On a month-over-month basis, completed foreclosures were up by 2.7 percent from the 48,000 reported in May 2014.Click to continue

SIGTARP Busts Bogus California Loan Mod Biz

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The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) has announced that federal agents arrested three defendants who worked at Orange County, Calif., businesses that allegedly offered bogus loan modification programs to financially distressed homeowners. As a result of the fraudulent scheme allegedly run as U.S. Homeowners Relief and several related entities, hundreds of financially distressed homeowners across the United States lost millions of dollars, and many victims also lost their homes in subsequent foreclosure proceedings.Click to continue

More Than Nine Million U.S. Properties Remain Seriously Underwater in Q2

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RealtyTrac has released its U.S. Home Equity & Underwater Report for the second quarter of 2014, which shows that 9.1 million U.S. residential properties were seriously underwater—where the combined loan amount secured by the property is at least 25 percent higher than the property’s estimated market value—representing 17 percent of all properties with a mortgage.Click to continue

Smith Releases Initial Report Regarding Chase RMBS Settlement

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Joseph A. Smith Jr. has released his Initial Report as Monitor of the JP Morgan Chase residential mortgage-backed securities settlement (Chase RMBS Settlement). On Nov.Click to continue

The Long and Short: The Business of Short Sales ... Two "Fixes" to Use for Past Short Sellers Who Receive a Foreclosure Code on Past Short Sale Credit

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Past short sellers who are now eligible to re-enter the housing market again are stunned to learn that their past short sale is credit coded as a foreclosure. The problem is typically seen for the first time in both Fannie Mae and Freddie Mac automated underwriting systems (AUS). Fannie Mae's Desktop Underwriter (DU)/Originator (DO) notates in the findings which account is flagged as a foreclosure.Click to continue