Thursday, August 23, 2012

Mixed Foreclosure Trends

July 2012 California Foreclosure Sales were up 10.4 percent over last month, while still down 41.7 percent vs. July 2011. California Notice of Defaults were basically flat showing an increase of 1.4 percent vs. June 2011, and a 12.3 percent increase vs. July 2011. In Arizona, July 2012 Foreclosure Filings were down 29.2 percent vs. June 2012 and down 28.2 percent vs. June 2011. Arizona Foreclosure Sales saw an increase of 27.5 percent vs. June 2012, and a decrease of 41.7 percent vs. 2011. It is normal to see monthly fluctuations in both directions on a month-to-month basis, thus it is critical to look at the monthly trends over time to get a clear picture of the Foreclosure marketplace. For more information on Foreclosure Trends and a Free Foreclosure Report, email your request to yulondaevans@dot-re.com or visit my website here.

Saturday, March 17, 2012

Mortgage Fraud Up 20% over Last Year – CA Stays Near Top

Even as the housing market struggles to maintain upward momentum, a new report from the Financial Crimes Enforcement Network indicates that mortgage fraud complaints have risen sharply from the same period one year earlier.

According to the report, the top five states with fraud reports by per capita and in the third quarter were Hawaii, California, Nevada, Florida and Delaware.

Financial institutions filed 19,934 suspicious activity reports involving mortgage loan fraud in the three months ended Sept. 30, up from 16,567 in the same period of 2010, according to FinCEN.

Nearly 62% of the filings in the quarter involved suspicious activity that began at least four years ago. Last year that figure was at 24%. The alleged fraud mostly comes from mortgage repurchase demands and filings during the height of the housing boom.

The enforcement network found that 5,728 reports filed in the third quarter, 29% of the total, included activity that occurred between October 2009 and September 2011.

In January, President Barack Obama announced the formation of a mortgage fraud task force headed by New York Attorney General Eric Schneiderman.

The top five counties for fraud reports were Santa Clara County, Calif.; Honolulu; Orange County, Calif., San Bernardino County, Calif. and Palm Beach County, Fla.

“As housing markets look to recover, criminals persist in their efforts to prey on struggling homeowners, while financial institutions continue to uncover apparent fraud as they work through their portfolios of earlier mortgages now in default,” FinCEN Director James Freis said. “FinCEN will continue to monitor these reports and work closely with law enforcement to help them track illicit actors.”

Source: Re Insider


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Sunday, February 26, 2012

Bank of America Cuts Pipeline to Fannie Mae

Bank of America, Corp will stop selling new mortgages to Fannie Mae as the result of a dispute over the way Fannie Mae is handling repurchases. In November Bank of America said it would not cooperate with a new Fannie Mae policy that would require it to take back loans if an insurer dropped coverage. The Bank of America and the government-controlled mortgage giant are in talks to resolve the dispute according to a Bloomberg source but the Bank will cut off the loan supply this month.

Bank of America told its investors last August that Fannie Mae's
policies on private mortgage insurance cancellations or rejections
might result in higher repurchase expenses for the Bank. The numbers
of companies that write this insurance have been dwindling. One of the largest insurers, PMI Corporation, was seized by Arizona regulators last fall and their guidelines have been tightening. According to Bloomberg the insurers have been voiding policies for errors including inflated appraisals or improperly documented borrower data.

Bank of America will continue to sell its loans to Freddie Mac, the other government sponsored enterprise, and Ginnie Mae and may keep, at least temporarily, some of the loans on its own balance sheet.

Bank of America has incurred what is estimated to be $42 million in expenses from loans it assumed when it took over the failing
Countrywide Mortgage Corporation in 2008. The fallout from that take-over is continuing and the Bank of America is involved in many lawsuits over Countrywide's lending practices and the quality of loans those practices produced. It was among the lenders participating in a $25 billion settlement with federal agencies and 49 of the states' attorneys general, and in a filing yesterday the Bank said it was "reasonably possible" that additional losses from litigation may reach $3.6 billion.

Bloomberg quoted David Felt, a former deputy general counsel at the Federal Housing Finance Agency, the conservator of both Fannie Mae and
Freddie Mac who said of Bank of American's action, "I don't know if Fannie really cares; it's the largest mortgage purchaser in the world, and if Bank of America turns to Freddie Mac instead, that's like a different subsidiary of the same company."

"This decision will not affect the credit available to ourcustomers," Jerry Dubrowski, a spokesman for the bank, said in an e-mailed statement. "We will rely on other sources of liquidity to continue to ensure we are lending to our customers and supporting the housing-market recovery."

source:
Anthony Marshall
Mortgage Banker
NMLS # 277365
DRE # 01177701



Yulonda Evans

(510)385-2823

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