Wow.

Via Commenter Nate (and sure to be all over the rest of the interweb at lightspeed): www.youwalkaway.com (more…)

Eliminating Mortgage Fraud Losses

BasePoint Analytics LLC released a White Paper that discusses how mortgage companies can reduce losses resulting from mortgage fraud. Mortgage bankers need to identify misrepresentations as "fraud," instead of just ignoring them and approving the loan anyway. The company called on originators to focus more on the role of underwriting in approving good loans while avoiding unacceptable risk. In addition, a process should be established to handle and, when relevant, challenge repurchase requests.. (more…)

Groups Attack Mortgage Bankers

Ocwen Financial, reportedly the fourth-largest U.S. subprime servicer, is being targeted by the Association for Community Organization for Reform Now, which engaged in national and overseas protests, with the goal of demanding that the servicer adopt a set of best practices principles that will modify loans to allow borrowers willing to make payments to remain in their homes. A group of subprime borrowers in Minnesota filed a class action suit against Mortgage Electronic Registration Systems Inc. for allegedly skipping legally required steps in the foreclosure process, the Center for Responsib (more…)

RealtyTrac Report Confirms Foreclosures Skyrocketing

RealtyTrac� an Irvine, California based firm that bills itself as
the “leading online marketplace” released its 2007 U.S. Foreclosure
Market Report on Tuesday which revealed that, during 2007, more than
2.2 million foreclosure filings were logged against 1.3
million properties nationwide.

While the whole year was bad, the month of December
was even worse…