Ocwen Financial's executive chairman will step down as part of a settlement with New York's financial regulator, the Wall Street Journal reported.» Read More
Banks have tried everything to get the glut of vacant homes on the market under control, including flat-out giving them away. But when that doesn't work, what do you do? Rev up the bulldozer.
A new study found, "foreclosed homes go through more than a year of very high vacancy rates following the auction and are substantially more likely to be vacant up to 60 months after the foreclosure."
South Florida is the default capital of the country. Here in Miami-Dade County, one out of five households with mortgages is in foreclosure. Nearby Broward and Palm Beach counties are not far behind. Nearly 200,000 South Florida families are stuck in the mire of default the New York Times reports.
Fame ain't no thing for JPMorgan.
Tens of thousands of Bank of America’s most distressed borrowers could be evicted and lose their homes more quickly as a result of a proposed settlement between the bank, which is the country’s largest mortgage servicer, and investors in its troubled mortgage securities.
A settlement over foreclosure practices between the nation's five largest mortgage servicers and the states attorneys general will not be reached by next Tuesday.
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As millions of Americans struggle in foreclosure, big banks are going to borrowers who are not even in default and cutting their debt or easing the mortgage terms, the NY TImes reports.
Sales of existing homes fell 3.8 percent in May, not as deep a drop as some had forecast, to a seasonally adjusted annual rate of 4.81 million units.
Many distressed homeowners have spent years wondering when they’re going to get kicked out. But the backlog of foreclosures has provided a reprieve. In New York, for example, it would take 62 years to process them all.
Every time we get the monthly foreclosure numbers from RealtyTrac, I hear someone on TV say, 'Well, the problem is really only concentrated in a handful of states." Yes, the volumes are, the problems are not.
Delays in foreclosure proceedings and a new push by big banks and servicers to find foreclosure alternatives is drawing a new, albeit still troubling picture of the nation's real estate market.
Falling home prices may be plaguing the US economy, but they are candy to foreign investors, who already have a weak dollar on their side. Buyers from overseas spent roughly $41 billion on US residential real estate last year, a bump up from the previous year. US real estate agents report a surge this Spring especially, as foreign buyers see continued pressure on home prices and ample bargains.
A look at lessons the big bank learned from the housing crisis, with CNBC's Mary Thompson.
As big banks and Fannie Mae and Freddie Mac push foreclosures through the pipeline, the inventory of bank-owned properties is rising. They're offering incentives for buyers, but investors are getting squeezed out of the equation.
CNBC's Diana Olick has the detailson Fannie Mae offering new incentives to unload its inventory of over 150,000 REO properties and the foreclosure process taking longer in California.
The housing market in many US cities is performing better than recently released national data would suggest, leading some analysts and real estate brokers to express cautious optimism about the prospects for a recovery, reported the FT.
Keeping your fingers crossed for the housing market is just the tip of the iceberg. Prices have now fallen, on the S&P/Case Shiller Index, more than they did during the Great Depression.
Earlier this week, when we got the report of a bump up in sales of newly constructed homes, I cautioned that the home builders are still facing huge competition from distressed properties. Today we have some new numbers showing just how big and how widespread that competition is.
The best number out of today's report on sales of newly built homes is not the 7.3 percent bump up in signed contracts, it's the drop in inventories to a 6.5 month supply.