News

Government officials and mortgage industry leaders announced a major initiative Tuesday that is designed to stem the growing number of foreclosures on a national scale by streamlining loan modifications to put struggling homeowners into sustainable mortgages.

Governor Martin O’Malley of Maryland and Ocwen Financial Corporation, a servicer of subprime mortgages, have signed a compact that is designed to reduce foreclosures and keep Maryland homeowners in their homes.

A Colorado regulator who has led previous crackdowns on captive reinsurance agreements and sham affiliated business arrangements says she has grave concerns about the legality of real estate marketing agreements.

Foreclosures fell for the second month in a row in October to nationwide lows not seen since last February, according to the latest U.S. Foreclosure Index from ForeclosureS.com. Nationally, October pre-foreclosure filings — which can include notice of default and/or foreclosure auction — were down more than 10 percent from August’s highs, and nearly 7 percent from September’s numbers.

As mandated by the Housing and Economic Recovery Act of 2008 (HERA), as of October 1, the Federal Housing Administration (FHA) stopped accepting seller-funded down payments. The National Association of Realtors (NAR) recently issued a report warning about programs being created to get around this new requirement.

Fidelity National Real Estate Solutions (FNRES), a division of Fidelity National Financial Inc., announced today that it is now offering its MLS customers reInsight Tax, a new solution that generates more comprehensive neighborhood and public record data, the company said in a press statement.

Five financial trade associations released the results of an industry survey yesterday which examined more than 400 firms’ views of participation in the federal government’s Troubled Asset Relief Program (TARP).

Pending home sales in September fell on the heels of a strong gain a month earlier as credit tightened and economic conditions deteriorated, according to the National Association of Realtors (NAR). The association released its Pending Home Sales Index (PHSI) today, which is a forward-looking indicator based on contracts signed in September.

The Dallas-Fort Worth (DFW) Realtors group is the first local real estate association in the United States to offer the National Association of Realtors (NAR) Green Designation Course. Specifically designed for member Realtors, the course provides an in-depth understanding of what green means for every aspect of real estate: residential, commercial, and property management.

California Governor Arnold Schwarzenegger unveiled an aggressive proposal yesterday that he says will bring down foreclosure rates in the state by helping both borrowers and lenders modify existing home loans in ways that benefit both parties, and at the heart of his plan is a state-wide 90-day halt on foreclosure proceedings.