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1. Bank of America Suing Mortgage Insurer
2. Bank of America Testing Short Sale Program
3. Fannie Mae/Freddie Mac loan modifications increase in 2nd Quarter

RISMEDIA, November 12, 2010—(MCT)—Union County, N.C., homeowner Barry Lancett signed two agreements with a national lender this year to modify the terms of his mortgage but still received a disturbing piece of paperwork: a foreclosure notice. “A deputy comes to your door and delivers it in front of the community,” said Lancett, who later avoided foreclosure but is still dealing with lingering issues. “It was humiliating, to say the least.”

His experience is one of the biggest frustrations for…

The Federal Housing Finance Agency has released its report on May foreclosures, short sales and loss mitigation efforts. Completed short sales were at their highest reported level yet for Freddie Mac and Fannie Mae. Freddie completed 3,000 and this was on par with the previous month. Fannie Mae had 7,000 short sales, a 1,000 short sale increase over April.

According to the report, foreclosure prevention and loss mitigation efforts at these two government-sponsored agencies were led by short sales and…

The billion dollar Making Home Affordable plan is being pointed at by bond investors and officials within the Treasury Department as eternally flawed. A consensus seems to be forming that there must be forced handling of second mortgage debt and lowering of loan balances for non-equity borrowers.
In an article read recently on Bloomberg.com, investors agreed that without principal balance reductions versus simple payment reductions and wipe-outs of second mortgage debt there would be profound implications on financial markets.Read more