U.S. judge slaps $1.3B fine on Bank of America (7/31/2014)
For the first time, a jury penalized a big lender for mortgage fraud. BofA was held accountable for actions committed by Countrywide, which it bought in 2008.
Owners suffer as they wait for loan modifications (7/31/2014)
Report: Hundreds of thousands of U.S. owners nationwide wait too long for modifications, leaving them in financial limbo that can last up to a year.
Fewer underwater homes regain equity in 2Q (7/24/2014)
RealtyTrac: 17% of homeowners were “seriously underwater.” It’s a marginal drop over the previous quarter but down from 26% in 2Q 2013.
U.S. files lawsuits against foreclosure relief firms (7/24/2014)
Three firms, including one in Fla., allegedly offered to help distressed homeowners but instead used “deceptive marketing tactics to rip off” consumers.
June foreclosures down 2% – lowest since July 2006 (7/17/2014)
RealtyTrac: June a “milestone” as foreclosure numbers drop to “levels not seen since before the housing price bubble burst in August 2006.” But Fla. still No. 1.
After Citigroup settlement, all eyes on Bank of America (7/15/2014)
The U.S. and BofA disagree over the next step, but many experts think it likely that BofA will also settle subprime mortgage disputes rather than go to trial.
Citigroup to pay $7B in subprime mortgages probe (7/14/2014)
The money includes $2.5B in consumer relief: construction financing, affordable housing, principal reductions and help for residential loans.
CoreLogic reports 47,000 completed foreclosures in May (7/8/2014)
It’s down 9.4% from year ago. Fla. had highest number (122K) of completed foreclosures for year ending in May; also 2nd highest in foreclosure inventory at 5.2%.
26K Floridians to get Ocwen foreclosure rebate (6/30/2014)
A.G. Bondi says claim forms for part of $125M will be sent to Fla.’s Ocwen borrowers who lost a home to foreclosure between Jan. 1, 2009, and Dec. 31, 2012.
Fla. is home to 1/3 of U.S. zombie foreclosures (6/26/2014)
The state has a high percentage of the nation’s empty homes. Its zombie homes – ones in foreclosure but not yet taken – sit on the market an average 411 days.
Limits on foreclosure sales stir a debate (6/18/2014)
Why can’t an owner buy his own home – for less money and a smaller mortgage – at a foreclosure sale? Many agree that the rules should at least be softened.
SunTrust settlement to benefit Floridians (6/18/2014)
Foreclosure settlement requires SunTrust to modify loans for some borrowers – including principal reduction and/or refinancing – as a result of alleged abuses.
RealtyTrac: U.S. foreclosure activity decreases 5% in May (6/10/2014)
Fla.’s foreclosure activity down 30% year-over-year, for 10th month in row, but had highest state foreclosure rate in U.S. – same as for past 8 months.
Foreclosures drop to lowest level since 2007 (6/2/2014)
CoreLogic: Between 2000-2006, the U.S. had about 21,000 foreclosure sales per year; in April it was 46,000 yearly. Fla. No. 2 for foreclosure inventory: 5.4%
RealtyTrac: Fla. still top state for foreclosures (5/15/2014)
Fla. foreclosure activity dropped 9% year-to-year in April, but at nearly three times the nat’l average, the state’s rate has led U.S. for the past seven months.
Loan servicers use different operating styles (5/5/2014)
The way banks handle distressed homeowners, such as through principal reduction or refinance, can vary depending on the company that’s servicing the loan.
March year-to-year sales up 1% in Fla., prices up 11% (4/24/2014)
RealtyTrac: Sales also rose 1% month-to-month, but sale prices declined slightly: 2%. Also, price increases have slowed in some cities that saw an early rebound.
Number of homes seriously underwater at two-year low (4/17/2014)
Fla. ranks second (31%) behind Nevada (34%) for high-negative-equity homes. Of those in foreclosure, 59% are seriously underwater, but 26% have some equity.
RealtyTrac: Fla. still No. 1 in foreclosure rates (4/10/2014)
One in every 407 Fla. homes with a mortgage is in some stage of foreclosure, and eight Fla. cities (200,000-plus population) are in the top 10 by metro area.
U.S. foreclosure inventory down 35% year-to-year (4/3/2014)
CoreLogic: Fla. had 118,000 completed foreclosures for the month – 136% more than second-place Mich.; as a percentage, its foreclosure inventory is second to N.J.
Report: Pre-foreclosure inspections fraudulent? (3/27/2014)
Fed agency says Fannie Mae and Freddie Mac’s mandated home inspections raise “serious quality control issues” and could possibly include fraudulent data.
Feb. foreclosures up for year, down for month (3/27/2014)
RealtyTrac: Orlando, Tampa, Miami tops for short sales and cash sales; Jacksonville for REOs; Lakeland, Miami for auctions; Cape Coral institutional investors.
CFPB ready to take on ‘zombies’ (3/18/2014)
Consumer Financial Protection Bureau: A zombie home – one in which a bank failed to legally follow through on foreclosure – unfairly hurts the owner’s credit score.
CoreLogic: 4M homes achieve positive equity in 2013 (3/6/2014)
In Fla., 28.1% of homes with a mortgage were underwater, with No. 1 Nev. at 30.4%. An additional 3.6% of mortgaged Fla. homes are barely above water.
Fla. had nation’s top foreclosure rate in Jan. (2/13/2014)
RealtyTrac: One in every 346 Fla. homes faced foreclosure – but fewer owners received first notices (down 33% year-to-year) as number of auctions rose 28%.