robosigning: Is the real estate market awakening from its extended slumber? - 03/20/12 10:17 AM
The news is a source of information that is frequently mis-interpreted.  But in conversations with a few real estate agents around Indiana, it seems like everybody is busier.  Showings are up.  More offers are being made and accepted.  And I even heard one agent talking about how there might not be enough inventory for the recent increase in demand.
So what kind of headlines might we be reading in a few months?  If what we are seeing in Indiana is typical of much of the country, those headlines might be about the market rebounding from its lows, about increased sales and … (0 comments)

robosigning: A Tale of Two Tweets - No wonder the news is confusing - 04/14/11 05:57 AM
This morning on Twitter I saw a tweet saying that foreclosures have decreased quite a bit over prior data.  But the tweet right next to it was about how defaults have increased.  Most of us in the industry are aware of trends and realize that there are several factors at work that make both of these seemingly-contradictory items true.
But depending on how each story is presented, it could be perceived as encouraging news or discouraging news for the real estate market.  So almost any news item about the state of real estate needs to be read carefully.  It might contain only … (5 comments)

robosigning: 60 Minutes takes Repogate foreclosure fiasco mainstream - 04/04/11 03:49 AM
60 Minutes ran a story about the foreclosure fiasco and robo-signing scandal.  Most of us in the real estate business have been aware of some of these issues.  Several banks had foreclosure freezes last September.  Some tried to dismiss these issues as technical problems or paperwork glitches.
Anybody in the real estate industry should take a look at the 60 Minutes segment.  Since ths was aired by a major network, expect questions about this as you run into people.  High school students were hired to sign their name on piles of documents as Linda Green, supposedly vice president of several different … (6 comments)

robosigning: Congress starts hearings on mortgage servicing issues - 11/19/10 02:18 AM
On Thursday, the House had hours of hearings on robo-signing, chain of title and other mortgage servicing issues.  Recordings of these hearings can be watched online.  No longer is it necessary to just settle for some media 30 second summary comment about what these hearings were about.  It is possible to go online to the CSPAN website and watch for yourself.
Here is the link to the House Financial Services Commitee Hearings on Issues related to Mortgage Servicing.
 
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robosigning: Could REO sales resume with this agreement as a pattern? - 10/19/10 01:51 AM
Fidelity National will write title insurance for Bank of America foreclosed properties.  Bank of America has agreed to be responsible for settlements and costs related to court actions. This news was reported in an article in DS News.
Perhaps this will be a pattern agreement that will allow REO sales by many lenders to resume.  In my market area there were 140 REO's withdrawn from the market during the first half of October.  This trend could certainly affect the supply and demand balance.  But even if some of these properties return to the market, the number of new foreclosure listings in … (2 comments)

robosigning: So what are we or the press going to name this foreclosure fiasco? - 10/08/10 12:17 PM
Every scandal or crisis needs a name.  And as part of time-honored American tradition, that name should end in "gate" out of respect to the Watergate scandal of the early 1970's.  Watergate was so much more than a break-in at an office.  It extended to the cover-up, dirty tricks, and a string of related issues.
So to name this crisis it should be short and easy to remember.  In my part of the country foreclosures are often referred to as "repos" or "bank repos."  And the way the process works, banks often take possession of the property months before the actual … (5 comments)