Real Estate News – August 9-10, 2011

HAMP: Mortgage Modifications Slow To Trickle Under Obama Anti-Foreclosure Program (via

The Federal Reserve pledged for the first time to keep its benchmark interest rate at a record low at least through mid-2013 to revive a recovery that’s “considerably slower” than anticipated (via

Wells Fargo Looks to Leave Behind Wachovia Mortgage Suit (via

A new ordinance in Chicago that requires lenders to pay maintenance costs for the upkeep of abandoned properties is under fire, with legal experts saying the ordinance violates lenders’ 14th Amendment right to equal protection (via REALTORMag):

A New Jersey foreclosure by Deutsche Bank was overturned by a state appellate court panel yesterday because the bank could not show it possessed a debt note for the house when it moved to foreclose in 2008 (via

The nascent recovery in U.S. commercial real estate may be cut short as Europe’s debt crisis and Standard & Poor’s credit downgrade of Treasuries send borrowing costs to their highest in more than a year (via

Neighborhood Looks To Ban Sex Offenders (via