EXCLUSIVE: Morris Schneider Wittstadt officially files for Chapter 11 bankruptcy

EXCLUSIVE: Morris Schneider Wittstadt officially files for Chapter 11 bankruptcy

Mark Wittstadt: Butler & Hosch sale, Dustin Johnson lawsuit severely impacted firm

What to expect when you’re expecting a CFPB administrative action

A deeper look at PHH ruling reveals how the bureau views enforcement

Monday Morning Cup of Coffee: Is housing strong enough to weather rate hikes?

Plus the mortgage bond outlook, the NYT joins the GSE investor struggle, and more
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News

Surging rent drives first-time homebuyers in Northwest

Pending sales volumes reaches new high
Brena Swanson
The Northwest posted a surge in first-time homebuyers thanks to rising rents and an influx of relocating workers. “In most cases buying a home costs significantly less than renting and the good news is the monthly payment will remain the same as rents continue to rise,” said Mike Gain, CEO and president of Berkshire Hathaway HomeServices Northwest Real Estate.
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Mortgage credit availability stalled in June

Refi boomlet not enough to lift other products
Trey Garrison
Mortgage credit availability decreased in June according to the Mortgage Credit Availability Index, a report from the Mortgage Bankers Association which analyzes data from Ellie Mae’s AllRegs Market Clarity business information tool.
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CoreLogic: May home prices rose 6.3% nationally

Dallas area leads the way with 10.5% annual price growth
Trey Garrison
May home prices nationwide, including distressed sales, increased by 6.3% in May 2015 compared with May 2014, according to the home price report from CoreLogic. How is your market doing?
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Former LandCastle Title CEO’s luxury condo scheduled for foreclosure auction

Nat Hardwick’s condo at Atlanta’s St. Regis hits auction block Tuesday
Ben Lane
As the law firm he formerly managed is fighting for its life in bankruptcy court, a luxury condominium once owned by Nathan (Nat) Hardwick and allegedly purchased with ill-gotten gains is about to be auctioned off after the property was foreclosed on.
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Here are the top 10 rental markets for real estate investors

Texas dominates
Brena Swanson
While the inventory of foreclosed homes is quickly shrinking, there is still plenty of opportunity in real estate investments, particularly in these 10 cities, according to the same people who operate We Buy Ugly Houses.
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CUNA to CFPB: Extend TRID effective date to end of 2015

Complications, discrepancies justify change
Trey Garrison
The Credit Union National Association is asking the Consumer Financial Protection Bureau to push back its effective date for the Know Before You Owe mortgage disclosure rule to the end of the year. Do they have a point?
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EXCLUSIVE: Morris Schneider Wittstadt officially files for Chapter 11 bankruptcy

Mark Wittstadt: Butler & Hosch sale, Dustin Johnson lawsuit severely impacted firm
Ben Lane

In the bankruptcy filing, obtained exclusively by HousingWire, Mark Wittstadt, the firm's managing partner, said that the firm would have been able to survive the alleged embezzlement of $30 million from the firm's accounts. However, the subsequent lawsuit from PGA golfer Dustin Johnson and the disastrous sale of assets to now-defunct Butler & Hosch was too much for the firm to bear.


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Here’s the team that caused the Detroit foreclosure crisis

Op-Ed: You break it, you fix it
Brena Swanson
Detroit didn’t stumble into the foreclosure mess by itself, so it shouldn't be left to recover all on its own. So who is to blame? The government and lenders, but not the borrowers, according to an opinion piece in the Detroit News.
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Scammers targeting families seeking affordable housing programs

Identity theft, phony payments and fraud
Trey Garrison
Fraudsters are preying on low-income families who are seeking government-subsidized housing, setting up websites and help lines to get personal information and phony fees and rent deposits. It's ugly.
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Clear Capital: Housing the second half of 2015 not so hot

Reaffirms this is a "non-growth year"
Brena Swanson
This year is already halfway over, and according to a new market report from Clear Capital, the rest of the year doesn't not look too bright. "With a first full look of the spring buying season and six-month update to the forecast, our data through June confirms our initial projection that 2015 would be a non-growth year," said Alex Villacorta, vice president of research and analytics at Clear Capital.
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