Mortgages and Housing: Bankruptcy Changes, NJ Supreme Court, Chicago Ordinance, FLA FC Complaints, Financial Assessments, MetLife repurchase risk, REO to Rental, 5 Principal Reduction Opinions, FC Scams, South Florida, Chicago, Santelli on Buffett Rule, Hardest Hit, Expensive Cities

BillCoppedge_26Nov2011original content selection by MortgageNewsClips.com

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(4 questions) Alberta E. Hultman On The Changing State Of Bankruptcy – by Phil Hall – On Dec. 12, 2011, changes to the federal bankruptcy rules took effect. To understand the impact of these rules on the mortgage banking industry, MortgageOrb spoke with Alberta E. Hultman, executive director and CEO of Orange, Calif.-based USFN. – MortgageOrb
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N.J. Supreme Court order clarifies foreclosure paperwork for mortgage lenders – By Sarah Portlock- NJ.com The Star-Ledger – The state’s chief justice has given financial institutions that are foreclosing on homeowners more direction about how to file proper foreclosure paperwork. The judicial order, signed Wednesday by New Jersey Supreme Court Chief Justice Stuart Rabner, comes six weeks after the high court ruled unanimously that a mortgage lender must list its own name and contact information, as well as that of the loan’s servicer, on the document that initiates the foreclosure process, known as the notice of intent to foreclose. Because many loans have been bundled and sold to investors, financial institutions have often only listed the servicer, a third party that collects monthly payments.

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Fannie Mae servicers to pay for Chicago ordinance under protest - By Andrew Scoggin – Mortgage servicers for Fannie Mae will soon make payments for Chicago’s vacant property ordinance under protest. The change, which takes effect May 1, requires Fannie servicers to include a written form of protest with the $500 fee for registration. The government-sponsored enterprise issued the directive in a letter to servicers Wednesday, first reported by the Chicago Tribune. Freddie Mac earlier told its servicers to do the same in a February directive.- Housingwire
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‘Tsunami’ of foreclosure complaints swamps Fla. Bar – By KIMBERLY MILLER – Palm Beach Post – The Florida Bar has fielded nearly 1,400 complaints against attorneys relating to the housing crisis, an unprecedented amount that has buried investigators and forced the group to rethink how it will handle widespread grievances in the future.  
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(financial assessment) RMS Tackles Reverse Mortgage T&I Defaults, Sees Success – by Elizabeth Ecker – … “We found 75% of our tax and insurance defaults began as defaults at closing, meaning they either had delinquent taxes or a new insurance policy,” says Mike Kent, president of mortgage lending at Spring, Texas-based RMS. “It was a good place to start. The end game is: how do we help mitigate tax and insurance defaults, but also, how do we mitigate a situation where a senior ends up in foreclosure?” – Reverse Mortgage Daily ————
(repurchase risk) MetLife Can’t Escape Home-Loan Risk in Banking Exit: Mortgages – Jody Shenn and Andrew Frye – Bloomberg News – SF Chronicle
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Returns for REO-to-rental investors could reach $100 billion – By Justin T. Hilley – … To measure single-family rental returns across the nation, CoreLogic examined capitalization rates among 26 markets. The best opportunities for single-family REO-to-rental investors, the company discovered, are in Florida and the Midwest, which boast high cap rates and a large stock of potential REO properties. … – Housingwire
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(5 opinions) Expectations split on GSE principal reduction - By Jon Prior – … Analysts at Bank of America drew from DeMarco’s repeated concerns about moral hazard that principal write-downs would be too risky for the GSEs. Notably, it would take only very few current borrowers strategically defaulting to offset the benefits. … Conversely, analysts at investment bank Keefe, Bruyette & Woods said there was enough in the remarks to conclude write-downs, however limited, was a real possibility. … – more – Housingwire
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HPF Warns of Spike in Foreclosure Scams, Offers Tips - BY: ESTHER CHO - Mortgage foreclosure scams have surged nearly 60 percent this year following the launch of several federal programs, the Homeownership Preservation Foundation (HPF) announced. Regretfully, every new government initiative spawns a slew of foreclosure avoidance scams, … Hernandez added that most of these scams involve individuals purporting to offer foreclosure prevention assistance that trained HPF counselors provide at no cost. … – DS News 
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Fed sees good news in South Florida housing – South Florida real estate received a shout-out Wednesday from the Federal Reserve. A generally upbeat Beige Book — the Fed’s monthly summary of the nation’s economic health — included a rosy dispatch about real estate in the Sunshine State. – Miami Herald
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(lots of stats) Conventional mortgages represent growing percentage of Chicago foreclosures – A growing percentage of conventional, fixed-rate mortgages end up in foreclosure, according to the Woodstock Institute, whose report focused on the Chicago metro area. – Housingwire
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(Rick Santelli) The "Buffett Rule" In Perspective - Submitted by Tyler Durden – … As Rick explains, assuming one taxes an upper estimate of those eligible for the Buffett Rule (indicatively 225,000 people but realistically far less) an incremental $1 million, the offset would be $225 billion over the proposal’s life. Which is not enough to even plug one month of US deficit. And that is what all the posturing is about. …Zero Hedge
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Treasury Faulted in Effort to Relieve Homeowners – By ANNIE LOWREY – A fund to support homeowners in the communities hit hardest by the collapse of the housing bubble has disbursed just 3 percent of its budget and aided only 30,640 homeowners in the two years since its creation, according to a report released on Thursday by a federal watchdog office. The Hardest Hit Fund …NY Times
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2012’s top 10 most expensive US cities – By Ilyce Glink – MoneyWatch 

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