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HousingWire's Morning Radar provides a look at what's trending across media outlets nationwide.
Who exactly is the winner here?
The New York Times ran and op-ed this weekend that praised the settlement signed by the government and four of the nation's largest mortgage lenders. Joe Nocera posits the state attorneys general did what was needed to get some relief for homeowners who were unfairly and possibly illegally foreclosed on during the robo-signing fiasco. Is $25 billion for $40 billion or whatever the banks ultimately pay enough? Well, that's going to depend on whom you ask. And as David Reilly of The Wall Street Journal points out — we haven't even seen the actual settlement yet. HousingWire has been all over the foreclosure servicing investigations and will have more this week.
Bills keep coming after foreclosure
Lawyers in Ohio noted an increase in clients being contacted by banks that foreclosed on them months ago in an effort to recoup something from the failed loans, according to The Columbus Dispatch. There have been three cases recently in the state where Fifth Third Bank used deficiency judgments to try and collect the debt, the article said. Banks, as well as Fannie Mae and Freddie Mac, may start using the tactic more often as lenders seek ways to recover the difference in principle when a short sale or deed-in-lieu occurs on a foreclosed property, according to the Ohio lawyers.
Next stop: 13,000
The Dow Jones Industrial Average rose 1.2% last week to close at 12,949, moving the index closer to 13,000, which it hasn't reached since before the economic crisis. The Nasdaq is close to hitting 3,000 and the S&P 500 may soon top 1,400. Of course, nice round numbers for stock market indices are more psychological than anything else, as the Los Angeles Times reports. Still, as all the worries about Greece and the battered housing economy continue to fester, U.S. equities keep climbing higher and higher. The markets are closed Monday in observance of President's Day.
-Jason Philyaw
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