Real Estate News – September 6-7, 2011
The Federal Housing Finance Agency, which oversees mortgage giants Fannie Mae and Freddie Mac, is suing 17 of the nation’s largest lenders over about $200 billion in investment losses that severely battered Fannie and Freddie nearly three years ago (via REALTORMag):
Wells Fargo reports that 8,784 active trial or completed loan mortgage modifications were posted in July, down from 9,759 in June. As of July 31, 2011, Wells Fargo says it has completed or has in active trial 704,869 mortgage loan modifications since January 2009, up from 696,085 at the end of June (via loanrateupdate.com): http://bit.ly/oskd8v
Robo-signing has been around a lot longer than originally thought, and could jeopardize the legality over the deeds of tens of thousands of homes dating back more than a decade ago, the Associated Press (AP) reports (via REALTORMag): http://bit.ly/mYYwk6
A new foreclosure law that took effect Thursday provides Idaho homeowners with better information regarding their rights and ensures lenders provide ample notice of sales and respond accordingly with mortgage modification requests (via LoanSafe.org): http://bit.ly/rr7iHI
A Las Vegas man pleaded guilty Tuesday in connection with a scheme to fraudulently gain control of Southern Nevada condominium homeowners’ associations so they could direct business to a certain law firm and construction company, the Justice Department announced today (via lasvegassun.com): http://bit.ly/o0pnaW
Private pools deal with disabilities act, potential added cost (via ajc.com): http://bit.ly/oVtQtR
A U.S. appeals court dismissed a lawsuit against several mortgage lenders over home loans maintained within the industry’s private electronic database, according to a ruling (via Reuters.com): http://reut.rs/nLgDzv
Owners escape tax debt by rebuying foreclosed homes (via detnews.com): http://bit.ly/qvnpc9