Today’s News Synopsis:
FHA extended HARP until June 30, 2012. The Supreme Court of New York ruled in favor of MERS, confirming it’s ability to foreclose on a mortgage and assign it. An attorney general accused Meredian Financial of tricking homeowners into believing it was their current mortgage company and took fees for refinancing services that never transpired. California home values decreased 4.25% for the year ended January, according to MDA DataQuick.
In The News:
Mercury News – “Peninsula keeps adding housing, but few moving in” (3-12-11)
“The 2010 U.S. Census report released last week shows that San Mateo County added just 10,453 housing units in the past decade, and two-thirds of the extra homes are empty”
Housing Wire – “BarCap expects minimal secondary market impact from HARP extension” (3-14-11)
“The Federal Housing Finance Agency extended HARP for one year. The program launched in March 2009, allowing borrowers to refinance their Fannie Mae and Freddie Mac mortgage out of negative equity and into a lower-rate mortgage. The program is now set to expire June 30, 2012.”
Wall Street Journal – “Fannie, Freddie Probe Focuses on Disclosure” (3-14-11)
“A Wells notice indicates that the SEC staff is preparing to recommend civil enforcement actions and gives individuals the opportunity to persuade regulators against such an action. Similar notifications have been sent to at least two other officials who worked with Mr. Mudd at Fannie, according to people familiar with the matter.”
Housing Wire – “New York Supreme Court upholds MERS ability to foreclose” (3-14-11)
“The Supreme Court of the State of New York ruled in favor of Mortgage Electronic Registration Systems last week, validating the company’s ability to foreclose on a mortgage and assign it.”
Housing Wire – “Internet whistle-blower e-mails show loose link to Bank of America” (3-14-11)
“An activist internet group called Anonymous dumped a string of confidential, internal Balboa Insurance Group e-mails online Monday morning. The group is claiming the correspondence reveals improprieties in how the firm handled mortgages — even possibly hiding foreclosure tracking information — while Balboa was still under the Bank of America umbrella.”
Orange County Register - “Minn. prosecutor sues Costa Mesa mortgage firm” (3-14-11)
“The Minnesota Attorney General’s office is suing a Costa Mesa mortgage firm, saying that the company, Meredian Financial Corp., duped homeowners into believing it was their current mortgage company, then took fees for refinancing services that never transpired.”
Housing Wire – “Some government backing beneficial to multifamily REITs: Moody’s” (3-14-11)
“A Treasury Department reform plan that creates a fee-based emergency fund to support the mortgage market in times of crisis is the best plan for multifamily real estate investment trusts, according to Moody’s Investors Service (MCO: 31.96 -1.24%). The plan is one of three possible mortgage market reforms outlined by the Treasury in February.”
Orange County Register – “Calif. home prices’ biggest fall in 14 months” (3-14-11)
“Statewide values were down 4.25 percent for the year ended January vs. a 2.6 percent year-to-year drop in the previous month. The last time California prices were falling at a faster rate was 14 months earlier — November 2009, when year-to-year depreciation ran 4.78 percent.”
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