Slowing price appreciation in several California housing markets has produced growing defaults in the state, according to ForeclosureS.com, a Fair Oaks, Calif.-based investment advisory firm.Alexis McGee, president of ForeclosureS.com, said notices of default totaled 10,247 in major Southern California counties in the third quarter, but only 3,150 in eight of the nine San Francisco Bay Area counties. "Defaults in California's southland are moving off the historic baseline because the housing markets there are finally cooling down," she said. Defaults are still low in the Bay Area because their price correction "had just barely begun," the company said. ForeclosureS.com can be found on the Web at http://www.foreclosures.com.
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
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The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
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The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
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The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
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Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
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Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16