Real Estate News – June 24, 2011

Banks negotiating with state attorneys general over foreclosure practices would be sued if a settlement isn’t reached, two of the state officials leading the talks said (via

Four charged in fraud scheme targeting homes in foreclosure (via

Two Michigan counties, Oakland and Ingham, are suing some of the biggest players in the mortgage industry for what one official called a “fraudulent conspiracy” to avoid paying state and county property transfer taxes (via

Federal Reserve Chairman Ben Bernanke has a recipe for helping the housing market: Modify more loans and speed up foreclosures to get rid of a glut of distressed properties clogging the system (via

Recent data shows the percentage of strategic defaults is on the decline, but still account for nearly one-fifth of serious mortgage delinquencies. Furthermore, the share of strategic defaulters in the jumbo mortgage space is actually growing (via