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| Current Industry News |
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Bank of America's Barbara Desoer to Retire
Bank of America informed its staff Friday that Barbara Desoer will retire from the company in February.
In her current role as president of Bank of America Home Loans, Desoer helped manage the integration of the Home Loans business into Consumer Banking and oversees the servicing of the company’s more than 12 million mortgage customers who remain current on their accounts, as well as the mortgage origination side of the business. | Florida Bill Limits Banks' HOA Obligations
Among the provisions stipulated in Florida's newly revised House Bill 319 are enhanced specifications regarding banks' obligations to homeowner associations (HOAs). When a bank forecloses on a home, it potentially absorbs liabilities from unpaid homeowner or condo association fees, which are often compounded by late fees and attorney fees. Reps. George R. Moraitis and Fed Costello co-sponsored House Bill 319, providing banks clarification on just how much liability they incur. | New York AG Sues Three Largest Lenders Over MERS
New York Attorney General Eric Schneiderman has filed a lawsuit against the nation's top three mortgage lenders charging that their use of the electronic registry system MERS has resulted in deceptive and fraudulent foreclosure filings throughout New York's state and federal courts. The lawsuit alleges that employees of Bank of America, JP Morgan Chase, and Wells Fargo, acting as "MERS certifying officers," submitted court documents containing false information. MERS is also named as a defendant. | Outstanding Mortgage Balances Declined $30B Each Month in 2011
Each month of 2011, outstanding mortgage balances in the U.S. declined by an average of $30 billion, according to a recently released report from Moody's Analytics and Equifax. The report attributes the decline to defaulted loans being written off. Aggregate delinquency rose by 6 basis points in December to 6.12 percent, according to the companies' joint study. The rate remains in line with rates seen since April but has declined since a January high of 8.25 percent. | Economy Adds 243,000 Jobs in January, Unemployment Rate at 8.3%
In a report released Friday morning by the Bureau of Labor Statistics that could be described only as the Republicans' worst nightmare, the economy added 243,000 jobs in January the strongest month-to-month gain since last March as the unemployment rate fell to 8.3 percent. The unemployment rate, the number of people employed, and the number unemployed were at their best levels since President Obama took office in January 2009. Economists had anticipated about 155,000 new jobs in January. | States' Deadline for Decision on Robo-Signing Settlement Gets Pushed
It will be at least three more days before the industry learns how many and which states have agreed to the robo-signing settlement that was proposed last week. The deadline for state attorneys general to opt in has been pushed from February 3 to February 6. A spokesperson for Iowa Attorney General Tom Miller says at least one state requested an additional business day to come to a decision, so Miller, who is head of the states' negotiating committee, moved the cut-off date to Monday. | CoreLogic Records 4.7% Drop in Home Prices in 2011
Year-end data from CoreLogic shows home prices fell by 4.7 percent over 2011. It marks the fifth consecutive year the company has recorded an annual decline in residential property values. CoreLogic performed a separate calculation, which illustrates just how big an impact distressed sales are having on home prices. The company excluded all short sale and REO transactions from 2011 and found that when the distress factor is taken out, prices declined by just 0.9 percent. | Potestivo & Associates Announces New Hires
Rochester Hills, Michigan-based Potestivo & Associates recently announced the addition of two attorneys and a new director of information technology. Daren S. O'Connell will serve as an associate attorney supporting the firm's Michigan foreclosure department. Mary K. Atallah will serve as an associate attorney in the Michigan office supporting both the landlord/tenant and litigation departments. Daniel Bowen has been named the firm's new director of information technology. | Rates Give Back Last Week's Increases, Setting New Record Lows
Average mortgage interest rates have reversed from the upward blip reported last week. Declines this week completely erased the previous week's increases, as the average rate attached to the 30-year fixed-rate mortgage, 15-year fixed-rate mortgage, and 5-year adjustable-rate mortgage all settled in at new record lows, Freddie Mac reported Thursday. The GSE attributed the about-face to the fact that recent data on economic growth fell short of market projections. | Claims for Unemployment Insurance Improve as January Ends
First time claims for unemployment insurance fell 12,000 for the week ended January 28 to 367,000, reversing half of the increase of the previous week, the Department of Labor reported Thursday. Continuing claims for unemployment insurance fell 130,000 to 3,437,000 for the week ended January 21, the lowest level since August 2008. The total number of individuals receiving benefits was essentially unchanged at 7,670,452. This compares, though, with nearly 13.1 million people classified as unemployed by the Bureau of Labor Statistics in December. | Real Estate Professionals Feeling Brunt of Recession
The effects of the housing crisis are widespread, but nowhere do they hit home more than in the real estate community. Eighty-eight percent of real estate professionals in a recent survey said they have lost money since 2008 or are living off significantly less income. Many are dipping into savings to make ends meet. The survey of more than 800 real estate agents and brokers across the nation was conducted in January, and the results show that both personally and professionally, they have had to make significant sacrifices to adapt to the new environment. | National Servicing Standards Emerge in New Homeowner Bill of Rights
The mortgage servicing system is badly broken and would benefit from a single set of federal standards, according to White House officials. President Obama on Wednesday introduced what he's termed the Homeowner Bill of Rights - principles that he says will ensure borrowers and lenders are playing by the same common-sense rules. These rules address disclosures, conflicts of interest posed by investors and junior lien holders, assistance for at-risk homeowners, and safeguards to prevent wrongful foreclosures. |
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