Today’s news that may be of interest to you:
Higher Mortgage Limits Should Expire On Schedule, Donovan Says
Bloomberg | July 28, 2011
Limits on the size of mortgage loans backed by the U.S. government can return to pre-crisis levels without hurting the still-fragile housing market, Housing and Urban Development Secretary Shaun Donovan said.
Consumer Bureau Plans Enforcement Based on FTC’s ‘Stable’ Model
Bloomberg | July 28, 2011
The U.S. Consumer Financial Protection Bureau plans to follow enforcement procedures “based largely on the existing, stable model” used by the Federal Trade Commission, according to a document on the bureau’s website.
Metro Foreclosure Rates Decline Due to Processing Delays: RealtyTrac
DSNews | July 28, 2011
Eighty-four percent of the country’s metro areas experienced declines in foreclosure activity in the first half of the year, according to RealtyTrac’s Midyear 2011 Metropolitan Foreclosure Market Report released Thursday.
MERS Bows Out of Foreclosure and Bankruptcy Proceedings
DSNews | July 27, 2011
The organization has issued a policy update to its members stating that no foreclosure proceeding may be initiated in the name of MERS and no legal proceedings in a bankruptcy may be filed in the name of MERS.
Foreclosure Defense Attorney Infiltrates Ally Mortgage Unit
HousingWire | July 27, 2010
Ally Financial said it discovered a foreclosure defense attorney was working for its mortgage unit and pilfering confidential information on the company’s foreclosure operations.
Reports Confirm Decelerating Economy
The Washington Post | July 27, 2011
The latest evidence on the economy suggests that the tense standoff between Congress and the Obama administration over raising the debt ceiling is coming at a terrible time – not in a period of robust or even passable growth, but at a time the U.S. economy is barely eking out any expansion at all.
Consumer Agency Pick Cordray Lost Some, Won Some
The Washington Post | July 28, 2011
A soft-spoken man who pads around in socks and admires the writings of Supreme Court justice Louis Brandeis, Richard Cordray has run for office in his native Ohio nine times in the past 20 years, losing nearly as many races as he’s won.
Republican Debt Plan Faces Close Vote in Congress
Reuters | July 28, 2011
A bill to cut the deficit faces a nail-bitingly close vote in Congress as the top Republican lawmaker sought to quell an internal revolt and push his plan to avoid a ruinous default.
From the National Association of Realtors®:
Brokers Expect REOs to Trigger More Legal Disputes
Nearly 60 percent of real estate professionals say they believe REO-related disputes will increase over the next two years, according to a new NAR legal survey.
Nondistressed Prices Bouncing Back to 2009 Levels?
A dwindling shadow inventory and a drop in new foreclosure auction notices is putting less pressure on nondistressed home prices, according to a new report by CoreLogic.
Bank: ‘We’ll Reduce Your Loan, You Share Future Appreciation’
Through a new loan modification program rolling out in 33 states, Ocwen Financial Corp. will reduce the principal on the mortgage of delinquent borrowers and restore their equity, but home owners have to agree to let loan investors share in future appreciation when the market recovers.
Anthony V. Carollo / President
Stewart Title of Spokane
606 W. 3rd Ave.
Spokane, WA 99201
Direct Line: 509.321.3939
Direct Fax: 866.652.8834
Please remember to choose Stewart Title of Spokane on your next transaction!