Archive for December, 2012

Is a New Refinance Program On the Horizon for Underwater Homeowners With Non-GSE Loans?
By December 29, 2012 0 Comments Read More →

Is a New Refinance Program On the Horizon for Underwater Homeowners With Non-GSE Loans?

In the past year there have been rumblings about the need for a program like the Home Affordable Refinance Program (HARP) that allows underwater homeowners to take advantage of today’s historically low interest rates. Unfortunately, only loans owned by Fannie Mae or Freddie Mac are eligible for refinancing through HARP. That means up to half […]

Posted in: Features
Will a Flood of Foreclosures Drown Oregon’s Burgeoning Housing Recovery?
By December 28, 2012 1 Comments Read More →

Will a Flood of Foreclosures Drown Oregon’s Burgeoning Housing Recovery?

Just before Christmas, the Oregonian ran a story on foreclosure issues that the Legislature will face next session. The article claims that “a big wave of new foreclosures . . . which didn’t materialize in full force after last summer’s new regulations” “can’t be avoided forever” and “threatens to prolong the foreclosure crisis and hurt […]

Posted in: Features
By December 22, 2012 3 Comments Read More →

Fannie Mae Orders Servicers to Stop Issuing 1099s for Loans Sent to Collection

Fannie Mae issued Servicing Guide Announcement SVC-2012-27 this week that included changes to late notices, lien releases, and rules for issuing IRS Form 1099-C. When a lender cancels all or part of a mortgage loan (for example after a short sale), then the lender must report the cancelled debt on a 1099-C filed with the […]

Posted in: News and Events
By December 22, 2012 0 Comments Read More →

Bank of America Continues Its Reign As the Worst of the Worst

Bank of America took the number one top spot this week in two important categories: largest volume of seriously delinquent loans and most consumer complaints. Bloomberg reports that Bank of America holds $64 billion dollars in loans that are more than six months past due but not yet in foreclosure. That staggeringly large number is […]

Posted in: News and Events
Don’t Fix What Ain’t Broke: Why It Is Premature for the Legislature to Give MERS and the Banks a Bailout
By December 19, 2012 0 Comments Read More →

Don’t Fix What Ain’t Broke: Why It Is Premature for the Legislature to Give MERS and the Banks a Bailout

Even though the ringing of Santa’s sleigh bells is still another week off, there are two predictions for 2013 that one can confidently make. The first is that the state Supreme Court, if allowed to do its work, will bring finality to the MERS wars that have raged in Oregon. The second is that banks […]

Posted in: Features
By December 10, 2012 3 Comments Read More →

OPB Discusses the Foreclosure Resistance Movement

Oregon Public Broadcasting published an article today about the attempts by foreclosed homeowners to resist eviction. OPB interviewed the Austins, a couple who were foreclosed after defaulting on a mortgage loan. The Austins did not fight the foreclosure, but they and a group of dedicated volunteers with We Are Oregon are fighting the sheriff’s attempts […]

Posted in: News and Events
By December 5, 2012 0 Comments Read More →

National Mortgage Settlement Causes Temporary Decrease in Foreclosure Starts

Lender Processing Services reported today that foreclosure starts nationwide are down 21.9 percent in October thanks to the national mortgage settlement. LPS believes that the slowdown is temporary and does not indicate a long term trend. Unfortunately, the number of loans in default remains high. Nationwide 5.3 million loans are at least 30 days delinquent […]

Posted in: News and Events
By December 5, 2012 2 Comments Read More →

Ocwen Fails to Keep Promise to Reform Its Mortgage Servicing and Foreclosure Practices

In New York today, one of the largest servicers of distressed mortgages was called out by the state for failing to comply with its promise to clean up its mortgage servicing and foreclosure practices. Ocwen services more than 764,000 residential mortgages nationwide and is rapidly growing through acquisitions of large portfolios of servicing rights for […]

Posted in: News and Events
By December 4, 2012 0 Comments Read More →

Happy Holidays! Fannie and Freddie Temporarily Suspending Post-Foreclosure Evictions

This week Fannie Mae and Freddie Mac announced that they are suspending evictions for foreclosed properties with 1-4 units during the holidays. The suspension will run from December 19 through January 2 for Fannie and from December 17 through January 2 for Freddie. Pending legal proceedings will not be suspended during that time, but the […]

Posted in: News and Events
By December 4, 2012 1 Comments Read More →

The Disparate Impact of the Housing Collapse on Young Homeowners

This week Elliot Njus of the Oregonian reports on how an entire generation of young homeowners may find themselves trapped in underwater mortgages for the next decade, impacting the owners’ financial health, security, and future plans. According to the report, “nearly half of mortgage holders under 40 years old are upside down.” Read the full […]

Posted in: News and Events