O.C. sees a slight drop in foreclosures Average daily rate dropped from 107 in October to 99 in November. Foreclosure notifications in Orange County dropped about 25 percent between October and November, according to a report by ForeclosureRadar.com, which tracks foreclosures and auctions throughout the state. However, because there were fewer recording days in November [...]
San Francisco area Nov home sales up vs year-ago SAN FRANCISCO (Reuters) – Home sales in the San Francisco Bay area fell 13.3 percent in November from October, but were up from from year-earlier levels for the 15th straight month, according to a report from MDA DataQuick Thursday. The November figures also showed a rise [...]
Treasury Decides Not To Sell Citigroup Shares at a Loss Going with a Godfather reference, the New York Times today reports that, “Just when Vikram S. Pandit thought he was out, Washington is pulling him back in.” What really happened is that Citigroup (C) bungled its share offering, finding far softer demand for the $20.5 [...]
Citigroup Suspends Foreclosures: Grinch’s Heart Grows Three Sizes! After a dismal day attempting to raise money for its TARP exit, Citigroup needed a boost. What might shine a brighter light on the fallen financial super market? Maybe an anti-Goldman move – something that would show the public that the bank has a heart after all. [...]
Critical Home Affordable Modification Program Waiver Granted to Participating Servicers Effective today, a new critical Home Affordable Modification Program (HAMP) Waiver is granted to participating servicers, as detailed below. Permanent HAMP Waiver for Elimination of the 25% Trial Period Restart Rule #20091203 Supplemental Directive 09-01 (issued April 6, 2009) required borrowers to be reevaluated for [...]
Obama vs. the Banks: The Pressure Intensifies Beating on Wall Street makes political sense these days. The public is furious that big banks and Wall Street firms are once again making pots of money while Main Street suffers through 10% unemployment. With year-end bonuses soon to be handed out to financial executives, Obama and the [...]
Shadow foreclosures loom over market A new wave of foreclosures is expected to hit the Washington area as prime borrowers stumble financially under the weight of the economic downturn. Although foreclosure activity nationwide fell last month by 8 percent, November marked the ninth straight month in which more than 300,000 properties received foreclosure filings, according [...]
Report: Lenders increase cancellations of foreclosures in California but continue to take back troubled properties Fresh evidence that lenders are increasingly working with California’s troubled homeowners emerged today as a research firm reported that the average number of foreclosures canceled on a daily basis increased by 40% in November compared to October. Nevertheless, the average [...]
Few troubled mortgages being modified permanently Only 31,382 of more than 700,000 home loans in the federal program have been converted, data show. Reporting from Washington – Federal data released Thursday showed just how poorly banks are doing at turning the growing number of temporary loan modifications into permanent ones under the Obama administration’s effort [...]