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4th Circuit rules for Md. borrower in credit-reporting case
A mortgage lender must stop sending overdue-payment information to credit agencies once the debtor notifies the lender in writing why he or she believes the reported debt is not overdue, a federal appeals court ruled Tuesday in a case brought by a Temple Hills homeowner. The federal Real Estate Settlement Procedures Act and a related […]
Home foreclosures on track for 6-year low
LOS ANGELES — The U.S. is on track to end the year with the fewest homes repossessed by lenders in six years, a trend that should help limit the negative impact foreclosures have on home values. Lenders repossessed 36,964 U.S. homes last month, down 31 percent from July last year, foreclosure listing firm RealtyTrac Inc. […]
Obama pitches mortgage overhaul as housing rallies
PHOENIX — Buoyed by an improving housing market, President Barack Obama on Tuesday proposed a broad overhaul of the nation’s mortgage finance system, including winding down government-backed Fannie Mae and Freddie Mac. He declared that taxpayers should never again be left “holding the bag” for the mortgage giants’ bad bets. Obama outlined his proposals in […]
RealtyTrac: Home repossessions declined in June
LOS ANGELES — Fewer U.S. homes entered the foreclosure process or were repossessed by banks in June, the latest sign that the nation is shaking off its housing bust hangover. Lenders initiated the foreclosure process on 57,286 homes last month, the lowest level for any month in 7½ years, foreclosure listing firm RealtyTrac Inc. said […]
RealtyTrac: Home repossessions rose in May
LOS ANGELES — Lenders stepped up action last month against homeowners who had fallen behind on their mortgage payments, taking possession of more homes and initiating the foreclosure countdown clock on many others. Completed foreclosures jumped 11 percent nationally in May from the previous month, with monthly increases taking place in 33 states, foreclosure listing […]
New federal rules aim to curb risky mortgages
WASHINGTON — Federal regulators for the first time are laying out rules aimed at ensuring that mortgage borrowers can afford to repay the loans they take out. The rules being unveiled Thursday by the Consumer Financial Protection Bureau impose a range of obligations and restrictions on lenders, including bans on the risky “interest-only” and “no […]
News on foreclosure front almost all good
LOS ANGELES — U.S. homes are entering the foreclosure process at a slower pace than a year ago, and fewer properties are being repossessed by lenders, new data show. Between January and October, 971,533 homes were placed on the path to foreclosure, down 8 percent from the corresponding period last year, foreclosure listing firm RealtyTrac […]
Law blog roundup
Welcome to Monday and the start of the political convention season. Here are some things you probably will not hear during the next several weeks.
TransUnion: Late auto-loan payments fall in 2Q
LOS ANGELES — More Americans are making their car payments on time, a trend that has sent the rate of overdue auto loans to the lowest level on records dating back more than a decade. The rate of U.S. auto loan payments at least 60 days overdue fell in the second quarter to 0.33 percent. […]
Number of homes facing foreclosure rose in July
More U.S. homes started on the foreclosure path in July, as lenders tackled a backlog of mortgages gone unpaid even as they pulled back on home repossessions. The number of homes that received an initial notice of default — the first step in the foreclosure process — increased 6 percent in July compared to July […]
Late payments on mortgages hit 3-year low in 2Q
LOS ANGELES — U.S. homeowners are getting better about keeping up with their mortgage payments, driving the percentage of borrowers who have fallen behind to a three-year low, according to a new report. Still, the rate of decline remains slow, credit reporting agency TransUnion said Wednesday. The percentage of mortgages going unpaid is unlikely to […]
Vote set on writing bank settlement into Calif. law
SACRAMENTO, Calif. — California will become the first state to write into law much of the national mortgage settlement negotiated this year with the nation’s top five banks, if state lawmakers approve wide-ranging legislation on Monday. Majority Democrats say they have the votes to send the homeowner protection package to Gov. Jerry Brown despite opposition […]
