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Loan Foreclosure March 31, 2008
• TOWERGROUP: LOSSES RESULTING FROM MORTGAGE FRAUD IN U.S. WILL REACH $2.5 BILLION IN 2008
Falling home prices and inappropriate mortgage underwriting have grabbed the headlines and much of the blame for mortgage credit woes in recent months. But the significant rise in mortgage fraud over the past 10 years is another important trend. New research from TowerGroup predicts that losses from mortgage fraud will reach $2.5 billion (USD) in 2008 and that comparable losses will continue for several years thereafter. TowerGroup anticipates that lenders will respond by deploying technology tools to assist in the detection and prevention of mortgage fraud and that their annual spending on such tools will reach several hundreds of millions of dollars in the next few years. -- TowerGroup,Information,Needham Massachusetts 03/28/2008
• NATIONWIDE DEFAULT INDUSTRY ASSOCIATION HOLDS SPRING CONFERENCE
REOMAC® Members Gather to Discuss Current Real Estate and Default Market -- REOMAC,Info,INDIAN WELLS ca 03/28/2008
• Foreclosure Listings Site Reports Decrease in Foreclosed Homes in San Diego
New Foreclosure Online, a Web site dedicated to foreclosed homes, has seen a recent decrease in the number of homes listed in San Diego County. -- New Foreclosure Online,Mike Cheslar,San Diego ca 03/28/2008
• MBA 2007 MARI Report Exposes and Explores Residential Mortgage Fraud Against Lenders in US
The Mortgage Bankers Association (MBA) today announced that the Mortgage Asset Research Institute, LLC (MARISM), a ChoicePoint® (NYSE: CPS) company, has completed its 10th Periodic Mortgage Fraud Case Report to MBA. The report examines the current state of residential mortgage fraud and misrepresentation in the U.S. based on participating subscribers\' reports to MARI. -- Mortgage Bankers Association of America,John Ferber,Washington District of Columbia 03/13/2008
• USA-Foreclosure.com, the nation’s only free online source for foreclosure listings, announced today that the site now hosts more than 10,000 homes available for auction.
“This is an exciting time for us at USA-Foreclosure.com,” said Chad Thornton, manager of the site. “Our growing database reflects the overwhelming increase in foreclosures throughout the United States. The site tracks local and regional foreclosure trends in varying real estate markets,” he added. -- Northwest Trustee Services, Inc.,Shannon Blood,BELLEVUE wa 03/05/2008
• MBA's Kempner: HOPE NOW Study Demonstrates Sheer Volume of Troubled Borrowers Being Helped by Servicers Across the Country
Jonathan L. Kempner, President and Chief Executive Officer of the Mortgage Bankers Association (MBA), issued the following statement in response to the study released today by HOPE NOW which found that since July 2007 approximately 1,035,000 homeowners have received loan workouts that have enabled them to stay in their homes. The study also found that loan modifications made up nearly 50% of subprime loan workouts in January compared to 35% in the fourth quarter and 19% in the third quarter of 2007. -- Mortgage Bankers Association of America,John Ferber,Washington District of Columbia 03/05/2008
• Refi Drop Drives Decline in Mortgage Apps, Purchase Applications Unchanged In Latest MBA Weekly Survey
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending February 22, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 665.1, a decrease of 19.2 percent on a seasonally adjusted basis from 822.8 one week earlier. On an unadjusted basis, the Index decreased 25.8 percent compared with the previous week and was up 5.1 percent compared with the same week one year earlier. -- Mortgage Bankers Association of America,Sarah Tinsley,Washington District of Columbia 02/28/2008
• Rachel Dollar, CMB Testifies on Mortgage Fraud
\"The impact of fraud, scams and deceptive practices on the elderly can be both psychologically and financially devastating\" -- Mortgage Bankers Association of America,John Mechem,Washington District of Columbia 02/14/2008
• MBA`s `Stop the Cram Down Resource Center` Puts a Price Tag on Bankruptcy Reform
A proposed change in the bankruptcy law that would allow bankruptcy judges to unilaterally change the terms of mortgage contracts would cost home buyers across the country hundreds of dollars every month and thousands of dollars a year, according to a new resource on MBA`s website: www.mortgagebankers.org/stopthecramdown . -- Mortgage Bankers Association of Ame,John Mechem,Washington District of Columbia 02/12/2008
