Zillow plans event to “hack” housing

Zillow plans event to “hack” housing

Offers $10,000 prize for creative solutions to jumpstart market

CFPB goes after Wells Fargo, JPMorgan for mortgage kickback scheme

Mega banks will pay $35.7 million total

Here are the hottest neighborhoods for 2015

This year it’s all about affordability
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Servicing

Ocwen sued by investors for mortgage payment negligence

Preparing to sue embattled nonbank
Ben Lane
Some of the country’s biggest mortgage bond investors, reportedly including BlackRock, MetLife, and Pimco, are preparing to sue Ocwen, saying that the beleaguered nonbank failed to properly collect payments on $82 billion of home loans.
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Hedge fund claims Ocwen breached bond covenants

Blue Mountain Capital reveals short position
Ben Lane
Hedge fund BlueMountain Capital Management sent notices of default to embattled nonbank Ocwen Financial and its affiliated company, Home Loan Servicing Solutions on Friday, saying that Ocwen’s regulatory troubles have caused an “irrefutable” default on notes the hedge fund owns.
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Black Knight: Delinquencies drop 7% in December

Foreclosure starts jump 21% from November
Trey Garrison
Delinquencies dropped by 7.2% in December, bringing the national delinquency rate back under 6% and down to 5.6% for the month, and nearly 13% down from this time last year. Here's what's happening.
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Seriously underwater properties decrease 2.2 million in 2014

RealtyTrac: Down 5.8 million from peak negative equity in 2012
Trey Garrison
The number of seriously underwater homes continues to drop, and the number of equity-rich homes is growing. Here’s what’s happening.
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Nationstar scoops huge Fannie, Freddie mortgage servicing portfolio

Adds to the company’s rapid growth
Brena Swanson
Nationstar has closed on the purchase of another mortgage servicing rights portfolio. As a result, the nonbank servicer has officially acquired $43 billion in servicing portfolios since the end of the second quarter 2014.
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Altisource adds John Vella as chief revenue officer

Tasked with expanding Altisource’s mortgage and real estate services
Ben Lane
As part of the company’s efforts to shape its future, Altisource Portfolio Solutions announced that it appointed John Vella to the newly created position of chief revenue officer. In this new role, Vella will focus on the company’s growth initiatives and diversifying the reach of Altisource’s product suite to the real estate and mortgage industries.
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How much will Ocwen pay William Erbey to leave?

Can't disclose any industry secrets
Ben Lane
William Erbey may be leaving Ocwen Financial behind after being forced to resign from his position as executive chairman as part of a massive settlement with the New York Department of Financial Services, but he is not leaving empty-handed. Far from it, in fact.
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Altisource CEO: We’re committed to supporting Ocwen

Company executives preach calm to investors
Ben Lane
Executives from Altisource Portfolio Solutions attempted to calm the company’s investors in a call Friday, sharing their preliminary view of the fourth quarter and their plans for 2015. The company stands shaken after its chairman, William Erbey, was forced to resign as part of $150 million settlement with the New York Department of Financial Services.
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RealtyTrac: Foreclosure starts increase two months straight

“Not a cause for concern”
Brena Swanson
Foreclosure starts in December increased for the second consecutive month. However, according to Daren Blomquist, vice president at RealtyTrac, this is to be expected.
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Barclays: California situation could destroy Ocwen

Potential settlement could permanently cripple nonbank
Ben Lane
In a note to clients, Barclays analysts suggest that Ocwen may be facing a New York-esque problem in California and wonder if this is the beginning of the end for the troubled nonbank.
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