New rules are illuminating a once-shadowy market where servicers can be quick to modify loans and may have few qualms about principal reduction. Discounts or equity make such flexibility possible.
Image: Fotolia
Investors are moving their focus into California's less expensive, more rural areas, according to a California Association of Realtors survey.
Class action lawsuits have led to reforms to force-placed insurance practices, said Adam Moskowitz, a partner at Miami law firm Kozyak Tropin & Throckmorton.
The Federal Housing Finance Agency banned banks and mortgage servicers from accepting commissions on force-placed insurance policies issued by affiliated companies. At least one mortgage servicer, Ocwen Financial, has found a way around the ban.
Image: Fotolia
Just when you thought the exotic issues regarding residential default had all been discovered, discussed and litigated, here comes the so-called zombie foreclosure.
Image: iStock
Acquisitions of large portfolios of single-family rental properties are continuing at a rapid pace, even as investors concentrate on renovating, and filling vacancies in, their existing inventories.
Fannie Mae and Freddie Mac suffered "significant financial harm" from "excessively-priced" force-placed insurance, an inspector general's report says, advising their regulator to assess whether to sue banks and insurers for damages.
Already a subscriber? Log in here
Please note you must now log in with your email address and password.