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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Foreclosure Sales Decline

Foreclosure sales declined for the second straight month, while foreclosure starts increased, according to HOPE NOW’s monthly mortgage industry data for May 2011. Foreclosure sales nationwide decreased 7 percent from 73,000 in April to 68,000 in the month of May, according to HOPE NOW’s data. Foreclosure starts increased 8 percent from 163,000 in April to …

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Home prices rose for the first time in a year

Home prices in the U.S. rose in April for the first time since last spring, the Federal Housing Finance Agency (FHFA) reported Wednesday. The agency’s House Price Index recorded a 0.8 percent seasonally adjusted increase between March and April – the first month-over-month gain since May 2010. The index is calculated using purchase prices of …

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Fannie Mae sees slight housing market improvement

Fannie Mae’s latest market outlook continues to call for a “modest improvement” in housing activity this year, although the prevalence of distressed properties on the market has led to renewed weakness in home prices and the industry’s shadow inventory looms large. The GSE’s chief economist notes that as the economic recovery approaches its two-year anniversary …

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