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Recent Posts
- Our 150th Post: Ohio Supreme Court Holds Appeal of Planning Commission Order by Service of Summons by Clerk of the Courts on Administrative Agency Along with Notice of Appeal within Statutory Timeframe is Sufficient
- Federal Reserve chief has one recipe for housing market
- Distressed Property Sales Drop, Despite Push to Sell
- American home equity cut by one-third
- More lawmakers join major push to reduce QRM down payment
Archives
Monthly Archives: March 2011
Mortgage Market Reform
The debate in Congress is focused on how to safely and soundly remove unprecedented levels of government support from the mortgage market in order to bring in more private money. In 2010, the government backed 94% of all mortgages! There … Continue reading
Robo-Signing Scandal Continues
More details continue to leak out on a universal settlement to the robo-signing scandal being drafted by state and federal regulators. Potential terms include a $20 billion dollar modification fund, elimination of the dual track of foreclosure and modification process, … Continue reading
Foreclosure Settlement
On Thursday, the House Financial Services Committee took the first step toward eliminating two of the government’s underperforming programs for modifying mortgages. The House is expected to pass HR 830, the FHA Refinance Program Termination Act and HR 836, the … Continue reading
Household Worth Up $2.1 Trillion: A Positive for the Mortgage Market
Americans are beginning to gain ground against the worst recession in recent history as more and more economic indicators point to recovery. A new study from the Federal Reserve says household net worth in the U.S. soared $2.1 trillion during … Continue reading
Mortgage brokers challenge new compensation rules
Two groups representing mortgage brokers and other real estate industry professionals have filed suit against federal regulators over new rules governing loan officer compensation that are scheduled to take effect April 1. The Federal Reserve drafted the rules to implement … Continue reading
Republicans Object to Mortgage Settlement Proposal
House Republicans on Wednesday raised numerous objections to a draft proposal by state attorneys general to settle allegations that mortgage companies broke state laws when handling foreclosures. In a letter being sent to Treasury Secretary Timothy Geithner on Wednesday, the lawmakers said they … Continue reading
Obama Threatens Veto of Two Bills That Would Kill Housing Aid (Bloomberg)
The Obama administration threatened to veto two measures being pushed by U.S. House Republicans that would eliminate programs aimed at helping people who are struggling to pay their mortgages, the administration said. The House of Representatives is set to vote … Continue reading
Across the Nation: ‘Sovereign citizen’ cases on the rise (GA)
Federal authorities are seeing an increase in the number of foreclosed and unoccupied homes in metro Atlanta being seized by members of an anti-government group. “I’m not sure I can connect it with the economy, but we’ve seen a surge … Continue reading
NY Appellate Court Annuls Variance Denial Where Board Failed to Engage in Required Balancing Test
Petitioners had been granted an area variance to construct a roof over the deck on the side of their house. The Code Enforcement Officer determined that the petitioners exceeded the variance by using materials that at least temporarily enclosed the … Continue reading
Banks Face More Loan Write-Downs
U.S. banks received a 27-page proposal late Thursday from state attorneys general and several federal agencies that could require them to reduce loan balances of troubled mortgage borrowers, according to people familiar with the matter. The document, sent to the … Continue reading
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