News

Fairfax, Virginia-based CGI Group Inc., a provider of information technology and business process services, announced on Tuesday the launch of a collections microsite focused on helping banks turn rising delinquencies into recoveries.

Over the past several weeks, New York’s JP Morgan Chase has opened the doors to 24 loan modification centers across the country, setting up shop in some of the cities hardest hit by the nation’s sweeping foreclosure crisis.

An alliance of Florida consumers, lenders, realtors, and builders said on Friday that they will aggressively petition state leaders to allow first-time home buyers to use the new $8,000 federal tax credit as upfront cash for a down payment – a move they say would spur Florida’s sluggish housing market and stimulate the state’s lagging economy.

Single-family home prices in Connecticut tumbled 17.1 percent in February compared to the same month in 2008, according to a report released today by The Warren Group, a provider of real estate data for the New England area.

President Barack Obama announced three new nominations for posts at the Department of Treasury over the weekend. He has selected Michael S. Barr as assistant secretary for financial institutions; Helen Elizabeth Garrett for assistant secretary of tax policy; and George W.

Cities across the country say they are seeing a disturbing new practice when it comes to foreclosures – more and more, banks are opting not to take possession of foreclosed properties because the costs of maintenance, repairs, and legal fees outweigh the still-declining value of the property.

The FDIC announced last week that it is seeking public comment on its Legacy Loans Program (LLP). The FDIC and the Department of the Treasury unveiled the LLP last Monday as part of the administration’s Public-Private Investment Program (PPIP).

Mortgage giants Fannie Mae and Freddie Mac may soon have a new mission, according to a report published by _The Wall Street Journal:http://online.wsj.com/article_email/SB123837208039067699-lMyQjAxMDI5MzM4MDMzNzAyWj.

Real property research provider RedVision announced on Friday that it has acquired New York’s Real Property Technologies, LLC, parent company of Barretta Realty Skyline:http://www.brsonline.

The Association of Community Organizations for Reform Now (ACORN) announced last week that a recent survey it conducted signals hope on the horizon for struggling homeowners facing foreclosure. The activist group said it surveyed all major mortgage servicing companies in the nation, and has found that at least 76 percent of outstanding mortgage loans are serviced by companies who have committed to implementing the Obama administration’s Making Home Affordable loan modification program.