According to Barclays Capital, at the end of July 2011 banks held 17 percent fewer REO properties than they held in September 2010. This is likely due in large part to the robo-signing scandal that made headlines right around that time and the extended foreclosure timelines that have been a result. Loans are spending far more time in delinquency and Read full article »
Tag archives for judicial foreclosure
42 Percent of Delinquent Homeowners Haven’t Made a Payment in Over a Year
According to information released in July by Lender Processing Services (LPS), fully 42 percent of all delinquent homeowners have not made a payment on their mortgage in more than a year. The average time of delinquency is 397 days, a new record. Despite these foreboding numbers, though, other statistics looked brighter, with first-time foreclosure starts at nearly three-year lows and Read full article »
Washington State Accuses Bank of America Subsidiary in Illegal Foreclosure Lawsuit
In a lawsuit filed in the King County Superior Court in Washington state last week, the state of Washington accuses Bank of America subsidiary ReconTrust of “failing to act as a neutral third party in every foreclosure it has conducted since June 2008 at the latest.” This brings around 10,000 foreclosures into question. The complaint also alleges that ReconTrust misrepresented Read full article »
Foreclosure Actions in South Florida Fall 51 Percent in Second Quarter
According to a report from CondoVultures, foreclosure actions in South Florida have plummeted by 51 percent year-over-year for the second quarter of 2011. Peter Zalewski, CondoVultures principal, says that “lenders appear to be riding the brake when it comes to foreclosure actions” in the region. He added, however, that this might change once “administrative irregularities tied to foreclosure process in Read full article »
MERS Update: Oregon, Montana, Massachusetts Judges Allows MERS to Foreclose
A Massachusetts judge has ruled that although the Mortgage Electronic Registration Systems (MERS) may have passed a promissory note through a “line of owners” like a “hot potato,” the MERS title assignment – and resulting foreclosures – still stands. Bankruptcy judge Melvin Hoffman ruled that under Massachusetts law, mortgagees with “no interest in the underlying obligation to foreclose” can still Read full article »
The Politics of Real Estate
Few industries are as profoundly impacted by the political machinations in Washington as the real estate industry. Whether it's old legislation like Jimmy Carter's Community Reinvestment Act or Barack Obama's massive mortgage bailouts, the U.S. political machine has a huge impact (usually bad) on the business of real estate.
Ideally, we could ignore politics. But here at the Bryan Ellis Real Estate Letter, we insist on seeing the world with clarity - including the reality of Washington's aggressive involvement in every facet of our business, from mortgage lending to real estate sales license; from loan modification regulations to appraisal requirements... every piece of our business is profoundly impacted by politics. So rather than stick our heads in the sand and ignore reality, readers of the Bryan Ellis Real Estate Letter choose to be informed and prepared.
Mortgage Industry News
Few things change more rapidly than the mortgage market, and with the increasing dominance of GSE's Fannie Mae and Freddie Mac over the mortgage business, it's more important than ever to keep up. Here are a few recent mortgage news updates:
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Mortgage News
- HAMP Success Tally Slowly Growing
- Western States Working Through Foreclosure Backlog Quicker than Eastern
- Biggest Down Payments in the Country Found in New Jersey
- President Bypasses Congress, Appoints Director of the Consumer Protection Bureau
- Federal Reserve Recommends Expanding GSEs to Turn Housing Market Around
- Mortgage Rates Likely to Remain Low for a While Longer
- Top Former FDIC, Wells Fargo Execs Say Fannie and Freddie Must Go
- FHA Continues to Extend Anti-Flipping Waiver
- More Homeowners Using Delaying Tactics to Slow Down Foreclosures
- Now that It’s Passed: The True Cost of the Payroll Tax Cut
About Bryan Ellis
Bryan Ellis is an Atlanta-based real estate analyst and publisher of the widely read newsletter "The Bryan Ellis Real Estate Letter". With over 200,000 subscribers - including real estate investors, agents, brokers, appraisers and other real estate professionals - the Bryan Ellis Real Estate Letter is among America's largest sources of unbiased coverage of politics and public policy for the real estate industry.
Bryan Ellis serves as editor in chief for the Bryan Ellis Real Estate Letter and is assisted by an extraordinary staff of writers, researchers and editors who are each real estate experts in their own right and who assure that the news we report is well researched, factual, and highly relevant to today's real estate industry.
Bryan is very happily married and has two wonderful daughters. He makes his home in the suburbs of Atlanta, Georgia. You can contact the team at the Bryan Ellis Real Estate Letter here.
