Hat tip to JimG for sending this along, from bloomberg.com: Merscorp Inc., operator of the electronic-registration system that contains about half of all U.S. home mortgages, has no right to transfer the mortgages under its membership rules, a judge said. U.S....
From Alejandro Laso at the latimes.com: More than 100,000 struggling homeowners could get help from a $2-billion program that California is launching, including about 25,000 borrowers who owe more than their properties are worth and could see their mortgages shrink....
From HW, remarks from today's pow-wow on the hill: The House subcommittee on capital markets and the government-sponsored enterprises heard testimony Wednesday on plans to revamp the housing finance system, with most proposing to disassemble Fannie Mae and Freddie...
From cnbc.com - click here for the similar on-line version.
Here's my 2-part MERS settlement. 1. Have the banks fund Sheila's "foreclosure claims commission" to dole out settlements to those who were harmed, and 2. Have the servicers pay all the back recording fees owed (or settlement). MERS is then allowed to continue...
Observer left this comment this morning: I CAN TELL BY THE NATURAL EVOLUTION OF THIS BLOG FROM REAL ESTATE CHAOS AND DROPPING PRICES TO FLOORING SAMPLES THAT STRONGLY SUGGEST THAT THIS REAL ESTATE MESS IS WINDING DOWN. THE BLOG USED TO FOCUS ON REAL PROBLEMS AND THE...
From cnbc.com: PHOENIX - Francisco and Pam Cruz maneuvered around boxes of new flooring and open cans of paint as they surveyed the foreclosed Phoenix house they would soon call their own. This house wasn't typical of the thousands in foreclosure-battered Arizona that...
From HW: Ally Financial’s mortgage unit, Residential Capital, and certain ResCap subsidiaries reached a $462 million settlement with Fannie Mae on potential mortgage repurchases. The agreement covers loans serviced by ResCap subsidiary GMAC Mortgage on behalf of...
Hat tip to both SM and RE for sending along the Wells Fargo announcement of neg-am bailouts. If principal reductions gain momentum (which is doubtful), the moral hazard would be hard to imagine - and it could start a revolution in the streets. From Eric...
Excerpts regarding the fed/state plan for principal reductions, from latimes.com: The most controversial part of the program, and the one most difficult for banks and investors to sign on to, dedicates $790 million to principal reduction. This would write down the...
