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2012
TUESDAY JUNE 12
Treasury Confirms That HAMP Being Used for Settlement Relief "Most offensive part of settlement, when they talk about accountability. It makes me angry. Same TARP program, they get credit when they put a mortgage through HAMP. The way HAMP works is incentive based system, pays servicers and banks to reduce [principal]. If Im a bank, I reduce a loan on my portfolio. Why is CA State Bar Making its Job Protecting Consumers HARDER? In a nutshell, the California State Bar, supposedly in an effort to protect homeowners, last September started interpreting the state law known as SB 94, as prohibiting lawyers who agree to help homeowners get their loans modified, from being paid until the very end of the process. When is the end of the process? I have no idea.

Court Unlikely to Favor Homeowner in Florida Foreclosure Case: Moody's If a lender produces a fraudulent document when attempting to foreclose on a borrower, should lenders be able to voluntarily dismiss the foreclosure then re-file the case after fixing the error? The answer to this question is currently being decided by the Florida Supreme Court, which heard arguments May 10 for a case titled Roman Pino v. Bank of New York Mellon.

CoreLogic Reports 66,000 Foreclosures Nationally in April

Completed

According to the report, there were 66,000 completed foreclosures in the U.S. in April 2012 compared to 78,000 in April 2011 and 66,000* in March 2012. Since the start of the financial crisis in September 2008, there have been approximately 3.6 million completed foreclosures across the country.

Bank Loan Bundling Investigated by BidenSchneiderman: Mortgages Attorney General Eric Schneiderman and Delawares Beau Biden are investigating banks for failing to package mortgages into bonds as advertised to investors, three months after a group of lenders struck a nationwide $25 billion settlement over foreclosure practices. The states are pursuing allegations that some home loans werent correctly transferred into securitizations.

NY hearings foreclosure

on

'forced'

insurance

in

Premiums for so-called force-placed insurance have more than tripled since 2004, producing enormous profits for insurers and the banks that take out policies when a homeowner fails to maintain coverage required by the mortgage, according to New York regulators. In some cases, the premiums are "exponentially higher" than regular homeowners insurance and can push homeowners into foreclosure.

Fannie Mae doesn't need taxpayer aid for 1st time in about 4 years Fannie Mae reported a $2.7 billion firstquarter profit Wednesday, versus a net loss in the same quarter last year of $6.5 billion. The company's comprehensive income of $3.1 billion was enough for Fannie Mae to pay the government a first-quarter dividend of $2.8 billion for its stake in the mortgage company.

Allys Mortgage Unit, ResCap (GMAC), Files for Bankruptcy The division, Residential Capital, sought Chapter 11 protection in federal court in Manhattan. In a news release, ResCap emphasized it would continue its daily operations without interruption, including servicing home loans. ResCap has cast a long shadow over its parent company. The unit was considered a primary reason Ally failed the Federal Reserves stress test.