The heat is on, as mortgage servicers make an appearance in a Congressional hearing on foreclosure procedures this week. And banks and other mortgage servicers, who rarely place the blame of failed loan modifications on investors, are now singing to a different tune. A top mortgage official in a major mortgage servicer opts to highlight the role of investors in failed loan modifications.
Wall Street investors, says Bank of America’s top mortgage official Barbara Desoer, are at fault in the ballooning number of homeowners losing their properties. She says, “Bank of …

It is something that’s been abuzz in the real estate world for quite some time now: major banks and mortgage lenders freezing foreclosure proceedings amidst talks of fraud and robo-signing. The delay in foreclosure is supposed to be used to review the policies and procedures behind foreclosure proceedings. Lifting on the foreclosed properties, banks now come to their defense and are calling the recent mess a mere ‘technicality’.
Some weeks ago, banks like GMAC Mortgage and Bank of America have announced that they are suspending foreclosures because of issues of fraud …

A Capital Economist analyst wrote, “A double-dip in both housing activity and prices is underway. Prices are likely to fall for the next 12 months, while activity will remain weak for at least three years.” And that’s enough to instill fear in most (if not all) Americans. This is probably why a foreclosure moratorium is feared to spur that said double-dip – which is why the recent development on foreclosure freezing may be seen as a positive thing by real estate insiders.
Three weeks ago, Bank of America implemented a stoppage …

National Community Stabilization Trust president Craig Nickerson said, “You can’t be successful in neighborhood stabilization unless you control all the pieces on the chess board.” And with the latest program participated by major mortgage lenders, state and local governments will get a bigger chance to control the chess pieces.
Housing Secretary Shaun Donovan announced the First look program, which will allow communities to look at foreclosed properties 48 hours before they go on the market. The same program will also let communities buy these properties at 1% discount. This gives them …