Articles by Diana Golobay

HUD Readies $4 Billion for Foreclosure Prevention

The U.S. Department of Housing and Urban Development is rolling out funds tied to the Housing and Economic Recovery Act of 2008, and announced Friday that its newly-minted Neighborhood Stabilization Program (NSP) will provide $3.92 billion in relief to areas suffering high foreclosure rates. “Clearly, the intent is to put this money to work in communities with the highest need and to have a meaningful impact,” HUD secretary Steve Preston said in a press statement.
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Tech Roundup: Ocwen Awarded Invoicing System Patent

Ocwen Financial Corporation [stock OCN][/stock], a subprime mortgage servicer in West Palm Beach, Fla., received a patent for its e-commerce invoicing system, called REALRemit, last week. The technology, originally designed for the sale and management of real estate owned properties, now encompasses expense tracking, electronic ordering, invoice presentment and payment.
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Will the Bailout Plan Work? Economists Weigh In

President George Bush, Treasury Secretary Henry Paulson and Fed chief Ben Bernanke made their case earlier this week, arguing that the American economy will suffer a disastrous recession if lawmakers don’t quickly adopt the bailout plan proposed last Friday. Drawn-out debates Thursday resulted not in a finalized plan, but in initial reports of an agreement to stagger funds into a bailout, with $250 billion placed into the hands of the Treasury, followed by $100 billion installments if necessary.
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Reaction to Bailout Proposal Runs the Gamut

As Congressional leaders continued to hash out details of a financial and mortgage market bailout on Thursday, it's pretty clear that response to the bailout proposal has been all over the map. Some say the proposal marks the end of American capitalism; others suggest that large-scale intervention is needed to preserve it. But nearly everyone seems to agree that something must be done. Rob from the poor and give to the executives?
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All Business at BofA: Countrywide Insider Gissinger Out

When the Countrywide Financial Corp. and Bank of America Corp. [stock BAC][/stock] merger was first announced, we have to confess that our first thoughts weren't about the servicing portfolio, or collateral performance or bond holder obligations. They were about corporate culture. BofA has long maintained the sort of buttoned-up banker's attitude traditional for such institutions, while Countrywide was -- well, let's just say they were California to BofA's New York.
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Quote of the Day

Heard during recent testimony by Treasury Secretary Henry Paulson to the House Financial Services Committee, regarding community banks' role in the proposed bailout: Paulson: “This is something we haven’t communicated so clearly about the program.” Frank: “There’s a lot of that going around.”
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Former WMC CEO Leads Acquistion of "High-Touch" Special Servicer

Vantium Capital Inc., a new private equity investment outfit headed up by former WMC Mortgage CEO Amy Brandt, said on Tuesday that it had joined the ranks of investors looking to snag a slice of the growing distressed mortgage business. The company snapped up Dallas-based Acqura Loan Services, a third-party special servicing platform established last year by former Option One Mortgage Co. exec David Vida.
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