The real reason Fannie and Freddie don't do principal modifications

Julián Castro sworn in, spends first day as HUD Secretary

Former San Antonio mayor takes over for Shaun Donovan

Blackstone adviser: Investors worried about ‘serious correction’

Byron Wien still holds his line
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Servicing

Here’s why the FHFA is not a fan of principal reduction

Who's going to pay for that?
July 25, 2014
We have another woe-is-me homeowner paraded out for emotion exploitation from pro-reduction policy wonks and "if it bleeds it leads" journalists. Where is the opinion of the mortgage servicer? Or the mortgage lender?
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Cyprexx: Discrimination charges “frivolous”

Fannie Mae contractor responds to charges from National Fair Housing Alliance
July 24, 2014
"Cyprexx only learned about the allegations from the media and had to go to the NHFA’s website to obtain a copy of complaint," Cyprexx said in a statement. "One cannot help questioning whether this is a part of a publicity stunt rather than a good faith effort to determine if there is any basis for its charges."
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Florida AG joins CFPB, FTC enforcement sweep

Announces four actions
July 24, 2014
Florida Attorney General Pam Bondi added her name to the list of states that filed a joint federal-state enforcement sweep targeting foreclosure scam operations, announcing four additional actions.
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1 in 6 homes still seriously underwater as home price growth slows

Down 26% from 2013, but decline slowed with slowing price gains
July 24, 2014
Some 9.1 million U.S. residential properties were seriously underwater in the second quarter, representing 17% of all properties with a mortgage, RealtyTrac reports.
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CFPB, FTC file 9 lawsuits against deceptive foreclosure firms

Regulators perform giant sweep of industry
July 23, 2014
In a giant sweep against foreclosure relief scammers, the CFPB, FTC and 15 states are filing a handful of lawsuits against companies and individuals that collected more than $25 million in illegal advance fees with false promises to prevent foreclosures.
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Black Knight: Foreclosures hit lowest level since May 2008

Twenty-six months of declines; prepay rate is up
July 23, 2014
The national inventory of loans in foreclosure declined again in June, down 1.5% for the month, almost 36% for the year, making this the 26th consecutive month of declines, Black Knight Financial Services reported.
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Google workers disturb homeowners' peace

Google said it responds to complaints
July 23, 2014
Google Fiber contractors are supposed to leave property in the condition they found it or better. According to local press in Kansas City, this isn't always the case.
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IMA oversees $1B MSR portfolio, mortgage banker sale

Fannie, Freddie, Ginnie approvals in good standing
July 22, 2014
IMA is overseeing the sale of a Northeast mortgage banker that has retail/wholesale originations and a $1 billion mortgage-servicing rights portfolio with Fannie Mae, Freddie Mac and Ginnie Mae approvals in good standing.
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Fannie Mae contractor Cyprexx accused of racial discrimination

Homes in African American, Latino neighborhoods were treated “very poorly”
July 22, 2014
"Cyprexx is required by federal law to maintain foreclosures without regard to the racial makeup of the neighborhood, but the evidence we uncovered flies in the face of that obligation," said Shanna Smith, CEO of the National Fair Housing Alliance. A Cyprexx source said the company was not made aware of any complaints and the NFHA, to his knowledge, never reached out.
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Homeowner awarded million-dollar mortgage settlement

Will homeowner ever receive a dime?
July 21, 2014
What's unusual is the sheer size of the settlement, which PHH Mortgage Services is fighting and other lawyers say is excessive. Lawyers for Philip Linza said the award included $514,000 in compensatory damages and $15.7 million in punitive damages.
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