By Jacob Passy – National Mortgage News
Foreclosure starts in January rose to their highest level in 13 months, even as the national mortgage delinquency continued to fall, according to data from Black Knight Financial Services.
Total foreclosure starts increased 5.5% from December to 94,300, a 0.2% increase from the year prior, Jacksonville, Fla.-based Black Knight said in its “first look” monthly mortgage data report.
Within the same period, however, the national delinquency rate fell to 5.56% in January, a 1.41% drop from December and a more than 11% dip from January 2014.
The mortgage analytics firm found that more than 2.8 million properties were 30 or more days delinquent, but not in foreclosure, a decrease of 327,000 from the same period in 2014. The number of properties 90 or more days past due also decreased year-over-year, this time by 177,000 properties to more than 1.1 million. [read more]
By Globe Newswire
Ocwen Financial Corporation (NYSE:OCN), announced today that its subsidiary, Ocwen Loan Servicing, LLC (“Ocwen”) and Nationstar Mortgage LLC, an indirectly held, wholly owned, subsidiary of Nationstar Mortgage Holdings Inc. (NYSE:NSM) (collectively “Nationstar”), have signed an agreement in principle for the sale by Ocwen of residential mortgage servicing rights on a portfolio consisting of approximately 81,000 performing loans owned by Freddie Mac with a total principal balance of approximately $9.8 billion. Subject to a definitive agreement, approvals by Freddie Mac and FHFA and other customary conditions, Ocwen and Nationstar expect the transaction to close by March 31, 2015 and the loan servicing to transfer in April 2015. [read more]
By Aimee Picchi – CBS MoneyWatch
Almost four out of 10 Americans are living on the edge of financial ruin, given rainy-day funds that either match or are lower than their credit card debt.
About 24 percent have more credit card debt than emergency savings, while another 13 percent have neither credit card debt nor emergency savings, a new survey from Bankrate.com found.
While Americans have never been particularly great savers, at least in recent decades, many workers are finding it harder than ever to sock away money for emergencies. That’s because wages have been stagnant or falling for most. The country’s lowest-paid workers are the only segment to see a significant pay gain last year, thanks to minimum wage hikes.
“People don’t have enough money for unplanned expenses, and if they have more credit card debt than emergency savings, it’s a double whammy,” said Bankrate chief financial analyst Greg McBride. “In the event of unplanned expenses, their options are limited.” [read more]
By Mandelman – Mandelman Matters
This won’t take long. It’s not like I want to write about this topic. It’s just that I feel obligated to say something here, because if you’re reading the mainstream news… or the lack of mainstream news… it could seem that the foreclosure crisis is now behind us… AND IT’S NOT.
In fact, I can tell you that it’s not even close.
Maybe the mainstream media has simply gotten tired of the topic. And it’s not like they’ve ever had a particularly good handle on what’s going on in real life when it come to foreclosures in general. So, perhaps I shouldn’t be surprised at the latest coverage, or lack thereof.
But I am surprised.
As recently as September of last year, RealtyTrac has been reporting that the crisis is “well behind us.” In its U.S. Foreclosure Market Report™ for August 2014, were reported on 116,913 U.S. properties in August, an increase of 7 percent from the previous month but still down 9 percent from a year ago. [read more]
By Clouded Titles
WFTV-TV is reporting that Osceola County, Florida homeowners who feel they were victimized by a fraudulent foreclosure have been told by Florida 9th Circuit State Attorney Jeff Ashton to file a formal complaint with the Osecola County, Florida Sheriff’s Department. The news piece comes in the wake of a release of a 738-page (not including table of contents or 15 cases of certified exhibits) report involving a Forensic Examination of the real property and court records commissioned by the Clerk of the Circuit Court of Osceola County, Florida, Armando Ramirez.
The first of what is expected to be many of the victims are expected to head to the Osceola County Sheriff’s Department and file a formal complaint against their foreclosing lender, asserting complaints of fraudulent documents and other issues. [read more]