FHA REO Inventory Declines to Four-Year Low in December
By Tom Lawler, Calculated Risk, Feb 14, 2012
FHA released the December Report to the FHA commissioner, and according to the report FHA’s SF REO inventory plunged to 32,170 at the end of December – the lowest REO property count since December 2007, and 47 percent lower than at the end of December 2010.
Obama Housing Plans vs. Reality
By Cora Currier, Pro Publica, Feb 14, 2012
The Obama administration recently unveiled a string of proposals to help struggling homeowners and get the housing market back on its feet — part of the administration’s “We Can’t Wait” election year to-do list. Of course, the White House has made big promises before about helping homeowners, only to see them disappoint time and again.
Delinquencies Up, Federal Programs Fall Short
By AnnaMaria Andriotis, Smart Money, Feb 14, 2012
After more than a year of steady declines, the number of households facing foreclosure is once again on the rise again. As a result, some housing experts fear a series of federal government plans to help struggling homeowners could fall short. The rate of borrowers who are 60 days or more past due on their mortgage rose slightly to 6 percent in the fourth quarter of 2011, according to data released today by TransUnion.
Government Releases More Details, Summary of $25B Mortgage Deal
By Kate Davidson, National Mortgage News, Feb 14, 2012
Federal officials and state attorneys general released new documents Tuesday about the $25 billion multi-state servicing settlement, but still have yet to release a final settlement term sheet. An executive summary of the settlement terms and highlights of the new servicing standards, posted on www.nationalmortgagesettlement.com, provide an overview of the requirements officials outlined when they announced the deal last week.
Faulty Reasoning Keeps Fannie and Freddie Out of Foreclosure Deal
By Michael Hiltzik, Los Angeles Times, Feb 14, 2012
The chief regulator and conservator of Fannie Mae and Freddie Mac is adamantly opposed to principal forgiveness, a key element of the foreclosure settlement. But analyses show he’s wrong.
Wells Fargo’s Directors Ordered to Face Foreclosure Claims
By Jef Feeley, Bloomberg, Feb 14, 2012
Directors of Wells Fargo & Co., the largest U.S. mortgage lender, must face investors’ claims the bank failed to properly disclose details of its foreclosure practices to government investigators, a judge ruled. U.S. District Judge Susan Illston in San Francisco rejected Wells Fargo’s request to dismiss shareholders’ allegations that directors wrongfully failed to disclose their opposition to a government probe of the bank’s mortgage lending and foreclosure policies.