Obama’s Investigative Unit: Absolving Iniquities or Slowing Progress?

New York Attorney General Eric Schneiderman has reportedly been designated a co-chair of President Obama’s newly announced investigative team to probe the mortgage industry for past misconduct. In his State of the Union address this week, Obama announced the creation of “a special unit of federal prosecutors and leading state attorneys general” to examine the …

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Mortgage Default Risk Edging Toward ‘Normalcy’

Lenders and investors should expect defaults on mortgage loans currently being originated to be 31 percent higher than the average of loans originated in the 1990s, according to a new report from University Financial Associates (UFA). The UFA Default Risk Index for the fourth quarter of 2011 edged lower to 131 from last quarter’s revised …

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Industry’s Past-Due Mortgages Continue to Drop

How many homeowners in the United States are behind on their mortgage payments? It’s 6,373,000, according to Lender Processing Services (LPS). The number is staggering, but it’s actually on the decline, down from 6,397,000 as of the end of August, and 6,538,000 at the end of July. LPS offered the media an advance look at …

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Servicers’ Policies on Foreclosures in Bankruptcy Courts Being Examined

Eleven mortgage servicers recently received letters from two senators inquiring about their policies regarding foreclosures in bankruptcy courts. Sen. Patrick Leahy (D-Vermont), chairman of the Senate Judiciary Committee, and Sen. Richard Blumenthal (D-Connecticut), a member of the committee, sent the letters after a review by the Executive Office for the United States Trustee “revealed that …

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