reo: Title problems may interfere with foreclosure actions.
- 09/20/10 09:11 AM
A recent court case in Florida signifies problems for banks wanting to foreclose. A bank filed for foreclosure and submitted an assignment of mortgage as basis for the case. The court found that the mortgage was carried on the books of Fannie Mae and, thus, didn't belong to the servicing bank. Apparently only Fannie Mae, the owner of the mortgage, had the right to foreclose, yet the servicing bank filed the case. The judge found that the servicing bank's actions amount to a knowing deception and are therefore fraud. How often does this type of fraud occur? Are there a large number of … (30 comments)
reo: Bank-owned Properties Hitting the Market at an Increasing Rate
- 09/17/10 05:49 AM
Fannie and Freddie now own more than 191,000 homes and they are foreclosing on homes at a higher rate than the homes are selling. They are warning lenders to reclaim homes quickly once the available foreclosure alternatives are exhausted. The two mortgage companies now own more than twice as many homes as they owned at the close of last year. New foreclosure actions are up to more than 150,000 in July according to the Wall Street Journal quoting LPS Applied Analytics. Some pundits think that this action will possibly be enough to start the housing market on its next leg down. … (0 comments)
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October 6
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