RealtyTrac reports foreclosure filings rise 3% in January A total of 186,455 foreclosures filings were made in the United States during the month of October, according to real estate tracking firm realtytrac. That number represents a rise of 3% month.
Under the settlement, Ocwen agreed to $2 billion in first-lien principal reduction, and $125 million for cash payments to borrowers on nearly 185,000 foreclosed loans.
The amount of principal reduction will average about $20,000 per borrower. Another $3 billion will go toward refinancing mortgages for borrowers who are current on their payments.
Economist Reports the Housing Market Double Dip is Beginning Is the Housing Market Shifting Toward a Buyer's Market. – After years of soaring price hikes, bidding wars, and a dearth of homes for sale, is the housing market beginning to shift toward a buyer’s market?Shadow inventory declines to five-month supply: CoreLogic CoreLogic Reports Shadow Inventory Continues to Decline – The shadow inventory of residential properties as of July 2011 fell to 1.6 million units, or 5-months’ worth of supply, down from 1.9 million units, or a 6-months’ supply, as compared to July 2010.
The Real Estate Settlement Procedures Act includes all of the following provisions, except: a) It prohibits receipt of referral fees b) It requires the use of a uniform settlement statement c) It limits the kind of business affiliations that settlements service providers may create
Broadly, the settlement calls for mortgage servicers to pay $5 billion in fines and commit to a minimum of $17 billion in homeowner relief, including principal reductions.
· Settlement details. The five banks involved in the settlement are (in order of amount due under the settlement): Bank of America; Wells Fargo; JPMorgan Chase; Citigroup; and; Ally. General figures for financial relief allocate $12 billion for principal reductions, with the following geographical areas receiving the most aid from the settlement:
HUD Secretary Shaun Donovan tried to claim in a conference call over the weekend that this would not impact other states, but you’re talking about $12 billion in principal reduction – out of.
But it turns out that mortgage bondholders paid for nearly one-quarter of the settlement, or $5 billion at a minimum. These investors have long complained to regulators that the settlement was poorly structured because large bank servicers got credit for principal reductions and loan modifications they did not pay for themselves.
Shadow inventory contracts as investors snap up foreclosures the shadow inventory has expanded to over a three years supply of homes. Extending modifications to these individuals simply slows down the foreclosure process, since many homeowners are in homes.Bank of America reaches multi-billion dollar deal with Fannie Mae Bank of America reaches multi-billion dollar settlement with. – The settlement includes a $3.6 billion payment to Fannie Mae. Bank of America will also buy back some of the loans sold to Fannie Mae for $6.75 billion. Its stock gained more than 2 percent in.
HUD: Robo-signing settlement to accelerate principal reductions Principal reduction still possible in AG settlement with mortgage servicers Oregon AG to sign robo-signing settlement, join federal.
· The national mortgage settlement will cover the mortgage servicers against any lawsuits regarding the robo-signing issue, where mortgage companies signed false affidavits to speed up the foreclosure process.
HUD Secretary Shaun Donovan expects that this money could ultimately result in $35-40 billion of principal reductions, since servicers will not receive a dollar of credit towards fulfilling settlement responsibilities for every dollar of principal written down-servicers will likely receive 50 cents or less credit for every dollar written down.