TENALERT
March 26, 2010
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NEWS ALERT

6 Housing Trends in a Still-Shaky Market

The drama is nearly over. After a decade of extremes -- the ebullient highs of the real estate boom, then the devastating lows of the bust -- calmer forces are beginning to prevail in the housing market. In this quieter environment lie new challenges and opportunities for homebuyers, sellers, owners, and investors. To come out on top, though, you need to understand the key trends shaping the shifting market.

CNN Money

Study: Many Workers Facing High Housing Costs

Housing has become more affordable for police officers, teachers and other workers, but homeownership remains out of their reach in many major markets, according to a new study.

New York Times

BofA to Offer Home-Loan Forgiveness

Bank of America Corp. launched a program Wednesday that will offer mortgage-principal forgiveness worth about $3 billion to 45,000 borrowers.

Biz Journals

FHA Mortgage Delinquencies Dropped in February

The share of recent loans backed by the Federal Housing Administration that are seriously delinquent fell in February to the lowest point since last summer, reversing an alarming increase in the agency's default rate.

The Washington Post

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COMPLIANCE/LEGAL ALERT

ILLINOIS
Illinois Expands Application of Predatory Lending Database Program and Requires Notice of Foreclosure be Sent to Municipalities

INDIANA
Indiana Amends Pre-Suit Notice

MAINE
Maine Delays Effective Date of Secure and Fair Enforcement for Mortgage Licensing Act of 2009

MARYLAND
Maryland Amends Mortgage Lender Law Rules

Maryland Amends Mortgage Originator Law Rules

NEBRASKA
Nebraska Enacts Reverse Mortgage Loan Provisions Under the Residential Mortgage Licensing Act

NEW MEXICO
New Mexcio Enacts Mortgage Foreclosure Consultant Fraud Prevention Act

OREGON
Oregon Amends Notice to Tenants of Property Subject to Foreclosure

WASHINGTON
Washington Requires Licensing of Residential Mortgage Loan Servicers Under the Consumer Loan Act

WISCONSIN
Wisconsin Creates Agency Between Mortgage Brokers and Borrowers

More Compliance Updates

FACT

18% of delinquent borrowers are making a strategic decision to default

Experian

Quote of the Day

"Americans now view their home primarily as a place to live, not as an investment."

Nicolas Retsinas, Joint Center for Housing Studies

FRAUD ALE

Guilty Plea in Giant Mortgage Fraud Case

A Minnesota man indicted for allegedly running one of the largest mortgage fraud schemes in state history reversed his earlier plea Tuesday and pleaded guilty to two of the 27 charges against him in federal court.

StarTribune.com

Rosofsky and Trap of Nations Housing Modification Center, Featured in ABC News Investigation, Charged with Bilking Desperate Homeowners

Federal prosecutors have indicted two San Diego men featured in an ABC News investigation for their role in allegedly defrauding desperate homeowners trying to modify their mortgages.

ABC News

 
DID YOU KNOW?

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TenA conducts the industry's most comprehensive Servicing Q.C. audits. TenA has additionally incorporated all servicing audit questions and rules into its SecondLook Servicing Software to assist those firms that prefer to audit internally. Whether you choose to outsource or audit internally, TenA Q.C. is the right choice! Call 1-800-255-TenA for more information.  

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EVENTS

National Fraud Issues Conference 2010

MBA's National Fraud Issues Conference 2010 is the one forum each year where industry professionals can learn about the issues related to the growing incidence and complexity of mortgage fraud. Learn how to protect your company from being victimized and get an in-depth look at issues that cut across departments and industries. April 25-28, Chicago, Ill. Visit a TenA representative there!

Legal Issues and Regulatory Compliance Conference 2010

MBA's Legal Issues and Regulatory Compliance Conference 2010 is the premier place to learn about all the legal and regulatory developments facing the industry. In this time of enormous change, this is a "must-attend" conference on mortgage related legal and regulatory issues. May 2-5, Coronado, CA. Visit a TenA representative there!

View Events Calendar

TenAlerT is provided as a courtesy to TenA's clients and is not intended to constitute legal advice or counsel. Information contained herein is derived from various public sources and TenA is not liable for any errors, omissions or interpretations relating to the content of the publications.
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