Foreclosure Nation

The latest numbers released at 9 AM EST today for June 2010 reflect home sales values; Up 1.0% MOM (from June 2010) (pretty much flat line) (Miami up 1.1%) 20 city up 4.2 % YOY (from June 2009). 10 City up 5% (but last year was horrible) 17 of 20 cities in composite up in June. ...

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Moody's says it expects home price appreciation to be “soft” for the next couple of years. The company says there were 1.8 million more vacant homes sitting on the market than what is considered the norm at the end of the second quarter. According to Moody’s, this imbalance of supply-and-demand, ...

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Published in the NYT PROTRACTED unemployment is eating away at millions of people. And the economy’s failure to create enough jobs for them is part of a vicious circle that could keep turning for years to come. In my last column, I called for big, temporary government programs aimed directly...

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The wave of foreclosures appears to be subsiding slightly. According to data from Mortgage Bankers Association’s National Delinquency Survey: • The percentage of loans on which foreclosure action were started during the second quarter was 1.11 percent, down 12 basis points from last quarter and d...

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New regulations go into effect in NY October 1, implementing the 2008 Mortgage Lending Reform Law consumer protections for subprime and high-cost home loans. "Servicers handling New York-based mortgages must abide by these new regulations, which include a duty to avoid preventable foreclosures by...

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July 29, 2010 Washington DC—House Financial Services Committee Chairman Barney Frank and Capital Markets, Insurance and Government Sponsored Enterprises Subcommittee Chairman Paul E. Kanjorski today announced that the committee will continue its series of hearings on the future of housing finance...

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Press Release Release Date: August 16, 2010 For immediate release The Federal Reserve Board on Monday announced final rules to protect mortgage borrowers from unfair, abusive, or deceptive lending practices that can arise from loan originator compensation practices. The new rules apply to mo...

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Of 1.3 million trills only 422k permanent mods have been made. Wonder what the actual cost per mod when you factor in what the govt and banks have spent that turns out to be. Betting you could've paid off those loans in full and had money left to spare instead. July was the lowest month in recent ...

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More than 72 percent of American adults say that home ownership is a part of their personal American dream, down from 77 percent six months ago, according to a survey for Trulia.com. About 23 percent said their attitude toward homeownership has grown more positive in the last six months, while 19...

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Cities are being overwhelmed with applications for public housing units. In Atlanta, 30,000 people lined up to apply for 455 vouchers. Roanoke, Va., opened the waiting list for the first time in three years and added 2,400 people – there are no vacancies. When Chicago opened its public housing...

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On August 17, Treasury and HUD hosted the Obama Administration's Conference on the Future of Housing Finance at Treasury. Secretary Geithner was joined by HUD Secretary Shaun Donovan and senior White House, HUD, and Treasury officials, as well as a wide cross-section of stakeholders, including citiz...

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By Robert Freedman, senior editor, REALTOR® Magazine As I write this, U.S. Treasury Secretary Timothy Geithner is in Washington at the Treasury building discussing with a group of academics and business leaders what the home mortgage finance system should look like after the federal government de...

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The GSE's made and estimated $18.1 million in political contributions durng the last 11 national elections. ...

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Remarks of Secretary Shaun Donovan Housing Finance Conference Cash Room, Treasury Department Tuesday, August 17, 2010 Thank you, Tim - for your kind words, for your partnership and for your leadership during this very critical time for our economy. It's a pleasure to be with all of you today ...

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August 17, 2010 TG-830 Secretary of Treasury Tim Geithner Opening Remarks at theConference on the Future of Housing Finance - As Prepared for Delivery Good morning. Let me start with some acknowledgments. My thanks and compliments to Shaun Donovan and his team at the Department of H...

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The Bush tax cuts took few points off of incomes under $250,000 and loosened rules governing IRAs, in particular raising the annual contribution limit from $2,000 to $5,000. Bush's cuts also increased minimum income levels on the Alternative Minimum Tax (AMT), rules designed to prevent too many d...

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Title I Financial Stability; oversight counsel, financial research Title II Orderly Liquidation Authority Title III Transfers Powers to Comptroller, FDIC, Fed Title IV Regulation of Advisors to Hedge Funds Title V Insurance Title VI Improvements to Regulations Title VII Wall Street Transpar...

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Before we can decide what to do with FNMA and FREDDIE we need to decide what government’s role in 21st century housing should be. What exactly do we think American’s are entitled to when it comes to housing? Is there an obligation on the part of our society to provide every American with a dec...

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Sen Bacchus has sent a letter to Rep. Barney Frank, urging the House Financial Services Committee to look into whether Fannie Mae executives improperly implemented HAMP in order to benefit from incentive payments offered by the Treasury Department for mortgage modifications....

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Starting September 7, the federal agency will offer new FHA-insured mortgages to certain underwater, non-FHA borrowers who are current on their mortgage payments and whose lenders agree to write off at least 10 percent of the unpaid principal balance.it could set a precedent that a loan contract is ...

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American families won a major consumer victory today when the Federal Trade Commission issued a new rule barring debt relief firms from collecting up-front fees from customers before any service is provided. ...

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FNMA says it is retiring one of its foreclosure prevention options. The GSE’s HomeSaver Advance (HSA) program will be taken off the table on September 30. Fannie explained that HSA volume has shrunk significantly as other foreclosure prevention workouts, particularly modifications, have increase...

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Fannie Mae has launched KnowYourOptions.com™, a new consumer education Web site that outlines the choices available to homeowners who are struggling with their mortgage payments, and provides guidance on how they can contact and work with their mortgage company to find solutions. The online resourc...

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Accoridng to Interthinx, fraud the 1st ¼ 2010 was up 4% from last quarter and 11% from last year. Arizona is the highest, CA was number 1 before. Migration from NV to AZ is suspected. NV is now 2nd. Fl 4th. Michigan 5th. Most common frauds include property valuation, employment/income, identity,...

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