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HUD Clarifies HAMP Credits Toward Settlement

February 22nd, 2012

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While some principal reduction on mortgages with government loan modifications can be credited towards the recent mortgage servicer settlement, the vast majority of loans modified under the federal program won’t be eligible.

The Department of Housing and Urban Development says that incentives paid to servicers under the Home Affordable Modification Program cannot be used as credit towards the massive mortgage servicer settlement announced on Feb. 9.

HUD was responding to a news article that an article in the Financial Times that, it says, argues HAMP subsidies are being used for credit under the settlement.

View full post on MortgageDaily.com – Mortgage News Headlines

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Inspector General Looks at GSE’s as Legal Costs Pass $100 Million

February 22nd, 2012

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Posted To: MND NewsWire

Both before and after they were placed into conservatorship the two government sponsored enterprises Fannie Mae and Freddie Mac (the Enterprises) spent large amounts of money to defend themselves and former senior executives in class action lawsuits and other legal matters. For example, in cases arising out of alleged accounting malpractices in the 2004 to 2006 period, Fannie Mae has advanced $99.4 million for the legal defense of three of its former senior executives. Furthermore, $37 million of those funds have been advanced since the conservatorship began and hence were taxpayer funds and Freddie Mac has paid $10.2 million in legal defense costs for former senior executives since it was placed in conservatorship. In both post-conservator instances the Federal Housing Finance Administration…(read more)

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View full post on Mortgage News Daily

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MERS Has Second Court Win in Month

February 22nd, 2012

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Posted To: MND NewsWire

For the second time in just under a month the Mortgage Electronic Registration System ( MERS ) has won a significant court victory. The company which serves as registration agent for major mortgage lenders is currently involved in multiple lawsuits throughout the country. It prevailed in one of these suits, a case filed the U.S. Court for the Western District of Kentucky on Tuesday when Christian County Clerk, by and through its County Clerk, Michael Kem; et al. v MERS; et al. was dismissed with prejudice. The county clerks had sued MERS and a group of MERS members under provisions of the Kentucky laws regarding the recording of deeds. The Plaintiffs asserted, on behalf of all of the state’s County Clerks that MERS had violated the statutes in order to avoid recording mortgages and paying the…(read more)

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A space on the mantel: Homes of Oscar nominees

February 22nd, 2012

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The movers and shakers of the movie-making industry have checked off most of the red-carpet events this awards’ season: Critics’ Choice Awards, Screen Actors Guild Awards and Golden Globes. Next up? The granddaddy of ‘em all: The Academy Awards.

View full post on msnbc.com: Real estate

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Home sales jump to fastest pace in almost 2 years

February 22nd, 2012

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Sales of previously owned homes surged in January to the fastest pace since May 2010 in another sign that the housing market is slowly making some headway against its longest dip since the Great Depression.