Wednesday , 30 September 2020

DS News

DS News

Freddie Mac to Seek Punitive Damages in Deloitte Lawsuit, Report Says

By Brian Honea Freddie Mac sued Deloitte for $1.3 billion in a Florida court in September 2014 with regards to fraudulent mortgage loans the GSE purchased from Taylor Bean & Whitaker, according to reports. Freddie Mac says it would not have purchased those mortgage loans from Taylor Bean if Deloitte, which audited Freddie Mac from 2002 to 2009, had paid …

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Report: Foreclosure Rate in Judicial States More Than Triple That of Non-Judicial States

By Brian Honea The foreclosure rate in judicial states was more than triple the rate in non-judicial states in January (2.4 percent compared to 0.7 percent, according to CoreLogic). New Jersey, a judicial foreclosure state, led the pack in foreclosure rate with 5.2 percent of all residential homes with a mortgage in some state of foreclosure during January. Second was …

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Indiana AG Urges Lawmakers Not to Eliminate Foreclosure ‘Settlement Conferences’

By Brian Honea Indiana Attorney General Greg Zoeller is trying to stop legislation that would eliminate a consumer protection known as the “settlement conference,” which is a homeowner’s final recourse before their home goes to foreclosure, according to an announcement on Zoeller’s website. The post Indiana AG Urges Lawmakers Not to Eliminate Foreclosure ‘Settlement Conferences’ appeared first on DSNews. Via:: …

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Fed OIG’s Report on Alleged Discrimination Within CFPB Made Public

By Samantha Guzman The Federal Reserve Inspector General made his findings of the investigation of discrimination in the Consumer Financial Protection Bureau (CFPB) public Monday, stating the CFPB has made progress in combatting discrimination, but still was work to do. Last week, legislation was introduced to replace the director of CFPB with a five-person committee to combat the alleged overreach …

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Foreclosure Inventory Drops By One-Third Year-Over-Year

By Brian Honea Completed foreclosures have totaled approximately 5.5 million nationwide since the height of the financial crisis in September 2008 and have totaled approximately 7 million since homeownership peaked in the second quarter of 2004. January’s foreclosure rate of 1.4 percent, meaning 1.4 percent of all residential homes with a mortgage nationwide are in some state of foreclosure, was …

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MCS: Challenges of Servicing FHA Mortgages Are ‘Real, But Not Insurmountable’

By Brian Honea In the February 2015 Mortgage Industry Outlook Report released last month by the Collingwood Group and the Five Star Institute, 39 percent of survey respondents who service Federal Housing Administration (FHA) mortgages said that the biggest challenge in servicing those loans was fulfilling the Agency’s property preservation requirements. The post MCS: Challenges of Servicing FHA Mortgages Are …

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Treasury’s Efforts Recover Another $30 Million in TARP Funds for Taxpayers

By Brian Honea The U.S. Department of Treasury recovered approximately $30 million for taxpayers through the sale of First BanCorp common stock, according to an announcement from Treasury on Monday. The post Treasury’s Efforts Recover Another $30 Million in TARP Funds for Taxpayers appeared first on DSNews. Via:: Treasury’s Efforts Recover Another $30 Million in TARP Funds for Taxpayers       

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North Carolina Bill Would Permit Homeowners to Exclude Forgiven Mortgage Debt from Taxes

By Brian Honea A bill approved by a committee in the North Carolina House of Representatives would allow distressed homeowners to omit forgiven principal mortgage loan debt when reporting tax income at the end of the year, according to a media reports. The post North Carolina Bill Would Permit Homeowners to Exclude Forgiven Mortgage Debt from Taxes appeared first on …

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