Fannie Mae issued new policy guidelines this week that told servicers they can no longer name MERS as a plaintiff in foreclosure actions on a mortgage loan owned or securitized by the GSE. From DSNews.com: “…the system has become the centerpiece of a number of lawsuits, with foreclosed homeowners challenging the naming of the electronic… CONTINUE
Foreclosure Forecast: Stormy
According to a forecast published this week by RealtyTrac, foreclosures are expected to rise to 4.5 million by the end of 2010, from 2.8 million in 2009. Is HAMP the finger in the dike, or a beaver dam hoping to hold back a tsunami? Here’s Jon Maddux’s take in a posting on housingstorm.com: Over a… CONTINUE
Driven to foreclosure?
A report last month from the Natural Resources Defense Council (NRDC) says those homeowners who spend a lot of time driving everywhere are at a greater risk of foreclosure. Using data from three large urban areas – San Francisco, Chicago and Jacksonville – the study found that “factors such as neighborhood compactness, access to public… CONTINUE
From the HAMP Camp
The government continues to struggle to put together a loan modification program that will work for both the homeowner and the lender. According to a recent announcement by HUD and the U.S. Department of the Treasury, new provisions to the mortgage modification program (HAMP-Home Affordable Modification Program) that will speed the process will go into… CONTINUE
New Licensing and Language Laws
SB 36 – Effective January 31, 2010 and December 2010: Licensing Requirements for Mortgage Loan Originators. Mortgage Loan Originators Regulated: If a real estate broker or the broker’s salesperson makes, arranges, or services loans secured by residential property containing one-to-four units, the broker must notify the DRE by January 31, 2010 or within 30 days… CONTINUE
(Boring but Important) Buyer’s Choice Law
A California law, AB 957, known as the Buyer’s Choice Act amends Civil Code Section 1103.20 through 1103.23 regarding title insurance and escrow service providers. Federal RESPA law prohibits the seller from requiring the buyer to purchase title insurance from an insurer designated by the seller. RESPA applies to the sale of 1 to 4… CONTINUE
The MERS Mess
This Kansas Supreme Court decision is the latest to expose the flaw affecting lenders’ ability to foreclose “securitized” mortgages: In a unanimous opinion, the Kansas Supreme Court has ruled that, under the facts presented, a second mortgage holder who was not given notice of a foreclosure performed by the first mortgage holder on the same… CONTINUE
