Monday, March 15, 2010
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Below are excerpts of some of the industry specific news which are updated daily.  NAMFS is committed to providing our membership with this timely information so be sure to log in for access to the complete articles.

  
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3/15/2010 6:05 PM
In a report that may be considered numerical ammunition to the argument that short sales are heating up faster than modifications, Equator announced that it ushered along more than 125,000 short sale transactions, from November to February, since launching an automated short sale platform. Comparatively, the 113 servicers participating in Home Affordable Modification Program (HAMP) [...]


3/15/2010 3:50 PM
The National Association of Realtors (NAR) is contesting claims, made by the Appraisal Institute last week, against the use of broker price opinions (BPOs) in the upcoming Make Home Affordable Foreclosure Alternatives (HAFA) short sale program. NAR asserts that when it comes to short sale valuations, BPOs are the best option out there. HAFA begins April [...]


3/15/2010 3:29 PM
GMAC Mortgage (GMACM) is going forward with plans to separate its mortgage-collections master account, in hopes that it may resolve some of the issues surrounding the $6bn of residential mortgage-backed (RMBS) securities currently under review for possible downgrade. Moody’s Investors Service previously raised concerns that, in the event of bankruptcy, the use of a [...]


3/15/2010 3:02 PM
With delinquencies rising on Federal Housing Administration-insured loans, banks are expected to repurchase billions of dollars of such loans this year from the Government National Mortgage Association. These purchases require huge up-front outlays, but taking the delinquent loans back on to their balance sheets enables banks to stop making regular principal and interest payments to bond [...]


3/15/2010 2:53 PM
Senator Christopher Dodd (D-CT), chairman of the Senate Banking Committee, unveiled details of a new bill to Congress today that would establish the controversial Consumer Financial Protection Agency (CFPA). In addition to forming the CFPA, the bill would merge the Office of Thrift Supervision (OTC) and the Office of the Comptroller of the Currency (OCC). The [...]

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