Real Estate News – May 7, 2011

In an ongoing effort to harness homeowners associations, the House passed a bill today that would prevent HOAs from banning religious displays on owners’ doors (via

Wells Fargo & Co on Friday raised its worst-case estimate for litigation losses by 42 percent to $1.7 billion because of its exposure to foreclosure-related legal issues (via

The Obama administration’s signature foreclosure-prevention program has helped about 587,000 U.S. homeowners avoid losing their homes, far short of a goal set out at the program’s launch more than two years ago, according to data released Friday (via

Hawaii Gov. Neil Abercrombie signed into law a measure Thursday that will help homeowners at risk of losing their homes to foreclosure (via

The Obama administration and state officials are expected to offer the nation’s five largest mortgage firms updated terms next week in ongoing negotiations over a settlement regarding the firms’ faulty treatment of borrowers, according to three people with knowledge of the government plan (via

Title companies in Detroit are canceling some closings on REO transactions following a court decision that could also jeopardize thousands of foreclosures already sold in the city, real estate professionals say (via REALTORMag):

JPMorgan Chase & Co., the only Wall Street bank to remain profitable throughout the financial crisis, is in “advanced” negotiations to resolve its piece of a broader U.S. Securities and Exchange Commission investigation into how mortgage-linked securities were packaged and sold as the housing market unraveled (via

Implications of FHA’s role in mortgage market (via

Two banks have agreed to invest in a Detroit neighborhood as part of a mortgage discrimination settlement with the federal government (via

‘Squatter Rent’ May Boost Spending as U.S. Mortgage Holders Bail (via