Items Tagged with 'Open Season'

ARTICLES

  • Default mortgage servicing needs to get into 'the cloud'

    Depending on which statistics one accepts, there are somewhere between 2.5 million and 7 million homes lurking in the shadow inventory. There are roughly another million homes already in the REO process. But the default servicing industry appears to be largely unprepared for the houses that will enter the default, foreclosure and REO queue in the coming months.
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  • 'Do no harm' on conforming loan limits

    Unless Congress acts, we will soon embark on an ill-timed test of the strength of the nation’s housing market and private mortgage finance system. On Oct. 1, government support for mortgage lending is scheduled to drop in dozens of metropolitan areas containing more than two-thirds of the U.S. population. Although our research indicates this change will affect only a very small segment of the overall housing market and is consistent with longer-term policy goals, efforts to revive the economy would be better served by maintaining current support for mortgage lending.
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  • Mr. Mortgage Banker, tear down this wall!

    For those of you old enough to remember, the title of this piece is an adaptation of President Ronald Reagan’s Brandenburg Gate speech in West Berlin, Germany, in which he said “Mr. Gorbachev, tear down this wall!”  The wall in question was the Berlin Wall.  Here is an excerpt, compliments of Wikipedia:
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  • Why a foreclosure moratorium is no longer an option

    A foreclosure moratorium is one of those suggestions that sounds like a good idea. And, for borrowers currently in foreclosure or seriously in default on their loans, a moratorium would provide a temporary reprieve. Unfortunately, for the overwhelming majority of those borrowers, a moratorium would do nothing to change the ultimate outcome of the foreclosure process, it would simply be delaying the inevitable.
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  • Is mortgage finance due to repeat the sins of the past?

    My data company, Legalprise, tracks and traces foreclosures, analyzing the substance of the cases rather than just the volume of filings. There are more than 1 million cases in our database, with almost 100 million pieces of supporting public records data. I'm one of a small group that helped identify the patterns of well known foreclosure fraud. These patterns of fraud point to a deeper problem with the housing finance market. They raise deep public policy concerns, which need to be addressed if we can ever find a genuine bottom to the housing market.
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  • The Obama administration’s regulatory capture

    As an economist, I know one simple truth: every legislative and regulatory decision has implications for jobs and output. Hence, policies like mandating mortgage modifications and forgoing access to energy resources in the Outer Continental Shelf and the Gulf of Mexico have inextricable economic consequences.
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  • Process serving reform calls for renewed transparency, integrity and innovation

    The last few months have been a distressing time for the mortgage service industry, partly due to some inexcusable and unacceptable process serving practices. While it is clear that some process servers have not lived up to the highest possible ethical standards in doing their jobs, the breakdown has been magnified as many process serving companies have washed their hands of indignities and claimed to have no responsibility for their errant, subcontracted process servers’ actions.
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  • Increased transparency with the new GFE comes with increased cost

    When trying to explain a lack of investor understanding, one of the more popular bloggers in the financial space uses the same headline for every entry: “They just don’t get [fill-in name of the stock].” Critics say the same confusion sometimes exists in the mortgage industry – particularly when it comes to good faith estimates (GFEs). A year ago, when the new RESPA rules went into effect, originators and lenders warned that it would be unworkable and would create a logistical and legal nightmare for lenders. But that didn’t happen.
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