What We're Hearing

In a few weeks California's 90-day foreclosure moratorium will expire and then servicers can pull the ripcord and start filing the appropriate paperwork to take over the real estate securing delinquent loans. According to ForeclosureRadar.com, in Orange County (California) mortgage "notices of default" totaled 2,002 in April, a 21% decline from the same month a year ago, and 23% from March. Lenders foreclosed on 573 houses and condos, down 49% from a year ago but up 52% from March. As The Orange County Register, pointed out: banks typically file a notice of default (NOD) after a borrower misses three or more monthly payments. NODs initiate the foreclosure process. Orange County was home to many subprime lenders including the granddaddy of them all: Ameriquest Mortgage, the brainchild of the late Roland Arnall…