Posted on

Real Estate News 2.20.14

Priceline for landlords may determine your next rent
“Your next rent hike may be determined by a sort of Priceline.com for landlords.”

Is the housing recovery losing steam?
http://finance.fortune.cnn.com/2014/02/19/is-the-housing-recovery-losing-steam/
“FORTUNE — 2014 was supposed to be the year that the construction industry finally took off.”

Jobless claims fall in February payrolls survey week
“(Reuters) – The number of Americans filing new claims for unemployment benefits fell last week, pointing to steadily improving labor market conditions, despite two straight months of weak hiring.”

Stevens: Give National Servicing Standards a Chance to Work
“Mortgage Bankers Association (MBA) President David H. Stevens congratulated mortgage servicers attending MBA’s National Mortgage Servicing Conference on Wednesday for surviving the past few years with the ‘staggering amount of change’ from new rules and regulations and the ‘intense scrutiny of policymakers, regulators, and the news media.'”

Can servicers bridge the trust gap with homeowners?
“It is hard to characterize the entire mortgage servicing industry, but the zeitgeist at the Mortgage Bankers Association’s National Mortgage Servicing Conference & Expo is that things are better now than they were two years ago.”

New U.S. housing regulator hears concerns on tight credit
“Feb 19 (Reuters) – The new regulator of Fannie Mae and Freddie Mac has made it a priority to meet with housing and real estate trade groups, the latest signal that he is taking their concerns about credit availability on board.”

Obama Officials Quiet on Refi Expansion
“Remarks by a top Obama administration official muddied the waters last week over whether the administration supports a key technical change to its signature home-refinancing program.”

Citigroup launches RMBS
“Citigroup (C) is releasing details of its second residential mortgage backed securitization since the housing recovery began.”

Waning Mortgage Refinancings Make New Deals Safer, Moody’s Says
“A trend of fewer homeowners refinancing their mortgages as interest rates climb is helping to curb sales of home-loan bonds without government backing. It’s also making new notes being issued safer, according to Moody’s Investors Service.”

Lawmaker Urges U.S. Regulators to Scrutinize Mortgage Servicers
“Representative Maxine Waters of California is urging federal banking regulators to scrutinize the sale of billions of dollars of mortgage-servicing rights to a fleet of specialty firms, a move that comes amid mounting concerns that some of the most vulnerable homeowners are facing fresh abuses in battles to save their homes.”

BofA $8.5 Billion Mortgage Settlement Delay Bid Rejected
“Feb. 19 (Bloomberg) — Bank of America Corp.’s $8.5 billion settlement with mortgage-bond investors won’t be delayed after American International Group Inc. and other objectors asked for a hearing to address loan modifications excluded from the accord, a state judge ruled.”

Average monthly house payments jump 21% in fourth quarter
“The estimated monthly house payment for a median-priced three-bedroom home purchased in the fourth quarter of 2013 — and that includes mortgage, insurance, taxes, maintenance, and subtracting the estimated income tax benefit — increased an average of 21% from a year ago in the 325 U.S. counties included in an analysis by RealtyTrac.”

Who says poor construction numbers won’t bend positive trajectory?
“U.S. home construction just cratered in January, dropping 16%, according to the U.S. Census Bureau.”

What did the Fed say that matters to the housing market?
“The big takeaway from the minutes of the Federal Open Markets Committee January meeting for the housing industry is that tapering is likely to continue apace, and that the Federal Reserve is throwing out its previous goal post of 6.5% unemployment in favor of an ill-defined mandate for continued quantitative guidance.”

What could boost the credit quality of Jumbo RMBS?
“Moody’s Investors Service’s exclusive client report “Slowdown in Mortgage Refinancing is Credit Positive for New Jumbo RMBS” charges that lower mortgage refinancing volume could lead to a higher proportion of purchase loans in new jumbo residential mortgage-backed securities, boosting the credit quality of the pools because purchase loans typically have lower default rates.”

Is HomeStreet getting back into jumbo mortgages?
“The residential mortgage side of the business for HomeStreet Bank is stalling.”

Why is the Miami real estate market burning so hot?
“Strong demand for real estate in the city styled the “Capital of Latin America” resulted in a third consecutive record sales year and two years of double-digit price appreciation.”

Are the states going to come after servicers again?
“The weather didn’t stop them – or maybe it drove them—but more than 1,200 attendees made it to this year’s Mortgage Bankers Association’s National Mortgage Servicing Conference in Orlando. That’s roughly the same as last year, according to Dawn Williams, who organizes the conference for the MBA.”

REAL ESTATE: It’s getting tougher to buy a house
“Inland Southern California has pushed past the affordability level that allows median income households to buy a house, a new report from RealtyTrac suggests.”

Online Real Estate Service Trulia Relaunches Its Mobile Apps
“Just ahead of the spring house hunting season, the online real estate service Trulia today launched a major redesign of its flagship mobile apps for iOS and Android.”

Boise’s newest real estate boom tops the nation
“BOISE – Boise real estate agents are currently reporting the biggest housing boom in the nation.”

HUD AND CENSUS BUREAU ANNOUNCE NEW RESIDENTIAL CONSTRUCTION ACTIVITY IN JANUARY
“WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau today announced the following new residential construction statistics for January 2014…”

Fixed Mortgage Rates Tick Up
“MCLEAN, VA–(Marketwired – Feb 20, 2014) – Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates up slightly for the second week in a row.”

10 Secrets to Landing a Foreclosure Bargain in 2014
“At the risk of sounding self-serving, we here at RealtyTrac earnestly contend that 2014 will represent one of the best years in recent memory for a low-risk, high-reward foreclosure purchase.”

Auction.com and NAHREP Partner to Advance Homeownership
“Auction.com and the National Association of Hispanic Real Estate Professionals (NAHREP) are joining forces to advance sustainable Hispanic homeownership.”

Increased Inventory Slows Home Value Growth
“In a report released by Zillow, national home values rose just .2 percent in January from December. Inventory rose in 22 of the nation’s 35 largest metros, and helped slow down the rising value of homes.”

Posted on

Real Estate News 2.12.14

Commercial Real Estate Investors “Cautiously Optimistic” As the Future Unfolds, According to New Outlook Report
“WASHINGTON (February 12, 2014): Commercial real estate investments are expected to produce generally solid returns in 2014, according to the authors of Expectations & Market Realities in Real Estate 2014—The Future Unfolds, an annual forecast report released by Real Estate Research Corporation (RERC), Deloitte, and the National Association of Realtors®(NAR).”

House approves ‘clean’ debt limit after Republicans drop demands
“(Reuters) – The House of Representatives narrowly approved a one-year extension of federal borrowing authority on Tuesday after Republicans caved into President Barack Obama’s demands to allow a debt limit increase without any conditions.”

SPECIAL REPORT: MBA Delivers Cautious Economic Outlook for 2014; Financing Hits Highest Level Since ’07
“Mortgage originations for multi-family and commercial real estate in the last quarter of 2014 reached the highest volume achieved since 2007, according to the Mortgage Bankers Association (MBA). Multi-family financing, in particular, has returned to levels last witnessed at the peak of the market.”

MBA: Credit loosens as lenders adjust to QM
“The mortgage credit availability index ticked slightly higher in January and increased 1.85% from 110.9 in December to 113.0 in January, the latest Mortgage Bankers Association report said.”

Homebuyers Get Break as Loan Rates Defy Fed Tapering: Mortgages
“Ashley Underwood is taking advantage of the unexpected drop in mortgage rates by rushing to buy her first home before they go up again.”

Jumbo Loans Loom Large in Luxury Housing Market
“The view of the Pacific Ocean from the San Joaquin Hills in the California community of Newport Coast is extraordinary. So, when Mohammad Taghavian started looking for a new home four years ago, he knew exactly where he wanted to be. The housing market, however, wasn’t so cooperative.”

Late-Payment Rate on Mortgages Falls in 4Q
“U.S. homeowners are doing a better job of keeping up with mortgage payments, a trend that has reduced the rate of late payment on home loans to the lowest level in more than five years.”

Homebuyers Get Break as Loan Rates Defy Fed Tapering: Mortgages
“Ashley Underwood is taking advantage of the unexpected drop in mortgage rates by rushing to buy her first home before they go up again.”

Insurers’ Appetite for CRE Lending Spans Booms and Busts
“Life insurers got burned in the big commercial real estate bust of the 1990s. But as the sector emerges from a smaller Great Recession-era bust, insurers are showing no indication of ‘once bitten, twice shy.'”

Manhattan’s Big Banks Resist Lure of New Office Towers
“As Manhattan developers plan millions of square feet of office towers featuring the most modern amenities, some of their biggest potential tenants have decided they’re better off staying in their current homes.”

Mortgage REITs See Bargains in Competitors’ Shares
“Of all the real-estate investment trusts slammed by the stock market since interest rates began rising last year, few were hit as hard as REITs that invest in government-backed mortgage bonds.”

Zillow: Bulk home sales will boost housing
“The Zillow Home Price Expectations Survey, a pool of opinion from 110 economists, predicts housing market demand will gently ease through the next few years.”

Inspector General: Fannie Mae should implement repurchase late fees
“The Federal Housing Finance Agency’s office of inspector general found in its audit of how the government-sponsored enterprises (GSEs) handled aged repurchase demands that FHFA did not sufficiently evaluate whether to implement a repurchase late fee program at Fannie Mae.”

5 tips to help sell a home on Instagram
“There is a fair number of social media platforms out there, from Facebook to Twitter to Vine.”

Strike three for flood insurance premium hike delay
“Republicans stopped an effort to force a vote on H.R. 3370, which would delay pending flood insurance premium hikes under the National Flood Insurance Program.”

Mortgage apps reverse course, decrease 2%
“Mortgage applications slightly dropped after a light uptick last week and decreased 2% from a week prior, the latest Mortgage Bankers Association said.”

BofA, Goldman among banks facing $16 billion in fines
“NEW YORK (MarketWatch) — The settlements of lawsuits so far with major banks pave the way for some $16 billion in additional penalties to be paid by banks including Bank of America and Goldman Sachs Group over mortgage securities sold to government-seized housing giants Fannie Mae and Freddie Mac.”

Real Estate Matters | Condo boards should think twice about limiting rentals
“I have a condo that I purchased in 2007 when my daughters were going to college. They have both graduated and moved on. Unfortunately, the property values have fallen and there have been a lot of foreclosures in the complex.”

How To Manage The Stress Of A Real Estate Transaction And Not Kill Your Deal
“We always hear from clients that this real estate closing will be simple.  When I hear that, I cringe because even under the best of circumstances I know that clients will experience a bit of stress as they move from contract to closing.  Change produces stress.  To be sure, some handle the process better than others and it is difficult to predict who will hold up better – but stress always exists.”

If investors bail on housing, what then?
“Investor demand, large and small, put a floor on home prices after the housing crash and ignited a recovery. While institutional investors made up a small percentage of those home buyers, they have garnered the most attention because of the bulk purchases they made and because they are a new entrant to the housing market. The concern now is what will happen if and when they decide to pull out?”

Why hedge funds lack women in charge
“Whitney Tilson is the managing partner of the hedge fund firm Kase Capital Management, which he founded more than 15 years ago. Mr. Tilson is also the co-founder of Value Investor Insight, an investment newsletter, and the Value Investing Congress, a biannual investment conference.”

Chanos up as many shorts stumble
“In November, a small band of battered short sellers couldn’t have been more excited about the opportunity to make money from what they saw as wildly overvalued stocks. One, John Fichthorn of Dialectic Capital Management, said it was the ‘best opportunity I will see in my life.'”

Housing plans piling up: Which will get built?
“Sacramento’s new home market has yet to fully revive from its recession-induced coma, but that hasn’t stopped developers around the region from jostling to get new housing projects approved so they can be first in line to tap pent-up buyer demand.”

Big spending, fewer results for homeless
“If you want to be depressed about government spending, look no further than the $127.5 million San Diego County’s government funnels to programs that are supposed to help homeless people stay off the streets.”

Posted on

Real Estate News 2.11.14

Scary 1929 market chart gains traction
“CHAPEL HILL, N.C. (MarketWatch) — There are eerie parallels between the stock market’s recent behavior and how it behaved right before the 1929 crash.”

Metro Areas See Solid Home-Price Growth, Some Markets Facing Affordability Issues
“WASHINGTON (February 11, 2014) – The lion’s share of metropolitan areas continued to experience strong year-over-year price growth in the fourth quarter, according to the latest quarterly report by the National Association of Realtors®. A companion metro area annual affordability report shows less favorable conditions, particularly in the West.”

Construction Equipment Rentals Boom
“MOLINE, IL—As reported yesterday in GlobeSt.com, panelists at the recent Mortgage Bankers Association’s Commercial Real Estate Finance/Multifamily Housing Convention & Expo said that construction lending has increased to levels not seen in decades. And in another sign of a US economic rebound, construction and industrial equipment rentals have also soared, according to data just published in the American Rental Association’s ARA Rental Market Monitor™.”

NAR: Rising home prices infringe affordability
“The vast majority of metropolitan areas continued to experience strong year-over-year price growth in the fourth quarter, the latest quarterly report by the National Association of Realtors revealed.”

NAR’s chief economist said what about the housing market?
“Lawrence Yun, chief economist at the National Association of Realtors, caught HousingWire’s eye with his recent remarks at the Alabama Commercial Real Estate conference.”

MBA: Credit loosens as lenders adjust to QM
“The mortgage credit availability index ticked slightly higher in January and increased 1.85% from 110.9 in December to 113.0 in January, the latest Mortgage Bankers Association report said.”

How community banks will reign in 2014
“Despite some small lenders choosing to shut the door on originating mortgages, community banks could have just the right kind of leverage to succeed in 2014’s lending environment.”

2014 predictions: Redfin goes public and more
“Monday marked the one-month anniversary of the implementation of the Consumer Financial Protection Bureau’s Qualified Mortgage rule.”

Boehner backs down, says House to vote on ‘clean’ debt-limit hike
“WASHINGTON –  House Speaker John Boehner, in an abrupt shift, announced Tuesday that the House would vote on an increase in the nation’s borrowing cap without any strings attached.”

Fed’s Plosser ‘worried’ about not raising rates
“Charles Plosser, president of the Federal Reserve Bank of Philadelphia, said Tuesday history is not on the side of the central bank when it comes to raising interest rates in a timely manner, and the risk is financial markets will force its hand.”

Former foreclosure attorney in jail
“VISTA — A former attorney who pleaded guilty to stalking, trespassing and other charges related to his work for clients facing foreclosure admitted Monday that he violated his probation.”

Your Homeowner’s Insurance Is Soaring Thanks to Hail From 5 Years Ago
“Brutal storms—including some that hit quite a few years ago—are causing rates on homeowner’s and flood insurance policies to skyrocket.”

U.S. Economic Confidence at Lowest Level Since December
“WASHINGTON, D.C. — The Gallup Economic Confidence Index dipped to -18 for the week ending Feb. 9 — the lowest weekly reading so far in 2014. The index is similar to the -17 measured during the prior two weeks and January’s monthly average of -16. Americans’ confidence in the economy has been falling since it reached this year’s weekly high of -13 in early January. The index was 10 points more positive in early February 2013 than it is now.”

‘Nonpracticing entity’ or ‘patent troll’? Property Disclosure Technologies sues 13 real estate companies
“More than a dozen real estate companies — including Re/Max, Century 21 and Keller Williams — have been hit with patent infringement lawsuits by a company that does not maintain a website or offer any products or services but holds patents on a ‘real estate disclosure reporting method.'”

Posted on

Real Estate News 1.22.2014

Home building at historic levels in some cities

“Home building is recovering faster in some cities than in others, just as home prices are.”  

Should Mortgage Giants Pursue Borrowers Who Walked Away?

“If any company captures the zeitgeist of the housing collapse, it might be YouWalkAway.com. Started in 2007, the California-based firm helps underwater homeowners — those whose houses are worth less than what they owe on their mortgage — decide whether they should stop paying on their loans. If borrowers choose to default, the company’s advisors then walk them through the foreclosure process.”  

Specialty Servicers Face Trouble

“Nationstar Mortgage is further along in developing its origination capacity than Ocwen Financial and Walter Investment Management, according to a new report by Moody’s Investors Service.”  

The fight over shrinking origination volume

“Although mortgage originations continue to contract, lenders are still open for business. And while community banks may seem at risk of losing out in this competitive space, that’s simply not the case, industry veterans claim.”  

Wage Gains Prove Elusive Even as U.S. Job Market Rebounds

“Employers will probably boost payrolls and the jobless rate is projected to keep sliding in 2014 as the U.S. economy strengthens. The one element missing will be bigger wage gains.”  

The most overvalued housing market in America

“Housing markets resting on the laurels of juiced up home prices may be at risk in 2014 if those dramatic price swings are not supported by economic fundamentals.”  

How does the CFPB handle mortgage complaints?

“Life in the Consumer Financial Protection Bureau-age is well underway, and it seems the bureau’s Director Richard Cordray is becoming more forthright on how his agency approaches consumer complaints.”  

Why foreclosure filings are falling in California?

“Foreclosure starts fell to an eight-year low in California during the fourth quarter, as the state continued benefiting from rising prices, more aggressive foreclosure prevention efforts and higher home prices, says John Walsh, president of DataQuick.”  

Wells Fargo sells $39 billion MSR portfolio

“Wells Fargo & Co. (WFC) subsidiary, Wells Fargo Bank, has signed an agreement to sell Ocwen Loan Servicing (OCN) a $39 billion portfolio of residential mortgage servicing rights, with approximately 184,000 loans linked to the transaction.”  

The fight over shrinking origination volume

“Although mortgage originations continue to contract, lenders are still open for business. And while community banks may seem at risk of losing out in this competitive space, that’s simply not the case, industry veterans claim.”  

The most overvalued housing market in America

“Housing markets resting on the laurels of juiced up home prices may be at risk in 2014 if those dramatic price swings are not supported by economic fundamentals.”  

Who will feel credit squeeze in 2014?

“CoreLogic’s economists take a look at what shaped residential mortgage financing in 2013 and what that means for 2014 in the company’s January MarketPulse report.”  

U.S. Treasury Opposes Extending Cutoff Date for HARP Refinancing

“The U.S. Treasury opposes allowing borrowers with mortgages originated after mid-2009 to become eligible for the Home Affordable Refinance Program, the agency’s chief housing-finance adviser said.”  

BlackRock Lawyer Criticizes Government Mortgage-Loan Settlements

“To revive the U.S. mortgage-bond market, investors need more protections to restore their confidence, according to a lawyer who works on behalf of BlackRock Inc. (BLK) and Pacific Investment Management Co.”  

New Loan Safeguards Leave Path for Higher-Risk Borrowers

“Nick Wormald, a 29-year-old plumber with good credit, said he was shut out of the housing rebound until he asked the government for help.”  

COACHELLA VALLEY: Real estate heating back up

“It’s no secret commercial growth sputtered in the Coachella Valley in the downturn. White-knuckled business folks hunkered down or shifted into bigger, more visible or more cost-effective commercial space. Investors swooped in to deal with distressed inventory. All got ready for an upturn.”  

Real estate’s least sexy sector is red hot

“Amazon.com’s latest move—to anticipate what you want to buy and start shipping it before you even buy it—could be a big boon to a sector that is already seeing huge gains. Industrial warehouse space, once a dud in real estate, is now closing in on prom queen status, as more retail goes online and as the housing market recovers.”  

China Set to Continue Shopping Spree for Real Estate

“Chinese real-estate investors made a name for themselves abroad in 2013, picking up big-ticket projects from New York to London, and that momentum is poised to pick up this year.”  

Foreclosures fell to 8 year low in 2013

“Foreclosures and default notices in San Diego County in 2013 dropped to their lowest total since 2006, the year before the official start of the Great Recession.”

Posted on

Real Estate News 1.14.2014

9 ways real estate will change this year
“Each year, HSH.com details the important factors most likely to influence the mortgage and real estate markets in the coming year. While it seems we have made our way out of the turbulent times that have bounced the market around for the last few years, there is still plenty of uncertainty ahead.”

Minimum wage hike could mean a raise for all
“When New Jersey increased its minimum wage this year, Dolores Riley gave raises to all 16 employees at her childcare center. But it wasn’t because they were all making $7.25 an hour.”

Wells Fargo profit beats estimates; mortgage loans slump
“(Reuters) – Wells Fargo & Co (WFC.N) reported a better-than-expected 11 percent jump in fourth-quarter profit, though mortgage financing was at its slowest in five years, and the bank’s shares fell in morning trading.”

Lenders fear squeeze from mortgage rules
“Financial institutions are pressing Congress and federal regulators to scale back sweeping new mortgage rules for fear they could impede the housing market’s recovery.”

5 ways the jumbo mortgage market will change in 2014
” Big changes are coming to jumbo mortgages.

Wealthy home buyers signed up for these loans in droves last year because of their low rates and flexible repayment options. The total dollar amount of originated private jumbo mortgages—which exceed $417,000 in most parts of the country and $625,500 in pricey housing markets such as New York and San Francisco—was on track to be the highest since 2007.”

Friend or Foe? Mortgage Rules Show 2 Faces
“The home loan industry now has to adapt to new mortgage rules that offer borrowers much needed protection against lender abuses and reckless lending standards. But the changes may not please all borrowers.”

U.S. Posts Record December Surplus on Fannie Mae Payments
“The U.S. posted a record December budget surplus as higher payroll taxes, payments from Fannie Mae and Freddie Mac, and a declining unemployment rate helped improve the government’s finances.”

Credit standards going easy on jumbo mortgages
“Despite overall originations hitting the lowest level since 2010, the past year witnessed a significant increase in the volume of home equity loans and lines of credit, in addition to originating the best-performing mortgages on record, the first report from Black Knight Financial Services, previously known as Lender Processing Services, found. For jumbo mortgages, however, it’s a completely different story.”

Fannie Mae launches second risk-sharing transaction
“Fitch Ratings released a pre-sale report expecting to rate the risk-sharing portion of the Fannie Mae Connecticut Avenue Securities at triple-B.”

Investors in PennyMac gain larger stake
“A group of investors acquired enough of a stake in PennyMac Financial Services (PFSI) to prompt a series of new filings with the Securities and Exchange Commission.”

Slump in retail sales and more economic predictions coming this week
“The Commerce Department will release its retail sales report for December at 8:30 a.m. ET Tuesday, but early warning signs show that it’s likely to show a holiday slump.”

How bad will QM hurt homeowners and home buyers?
“The House Financial Services Committee will hold Tuesday morning the second in a series of meetings on the effects of the Consumer Financial Protection Board’s Qualified Mortgage rule, a rule that only went into effect two business days prior to the scheduled hearing.”

Report: Delinquencies Dip, Lines of Credit Rise
“Home equity loans and lines of credit are on the rise, as delinquencies continue to plummet across the nation, according to recent research from Black Knight Financial Services. The data and analytics division of the company—formerly the LPS data and analytics division—released its November Mortgage Monitor Report, which found that total delinquencies are at extremely low levels in every product category.”

Wells Fargo Economists’ Outlook at Odds with Recent Home Price Data
“What’s ahead for housing in 2014? The economics team at Wells Fargo Securities is forecasting a pull-back in investor activity, and with the fundamentals underlying housing demand, job and income growth, and household formations making only modest strides in a relatively thin market, they say to look for modest gains in home sales and residential construction with price appreciation decelerating back into the mid to low single digits.”

GSE Forecasts ‘Continued but Measured Housing Recovery’ in 2014
“Recent trends in new home sales suggest the housing sector will double its contributions to the country’s economic growth in 2014—though the outlook for existing-home sales isn’t as bright.”

The Bullish Economic Story May Be On The Verge Of A Change
“The 10-year Treasury yield closed Monday at 2.82%, below the 2.88% level where it closed on Dec. 18, when the Federal Reserve announced it would begin tapering down its quantitative easing program.”

These Skinny Micro Housing Designs Would Let You Live Between Buildings
“With more and more people choosing to live in cities, there is less and less affordable housing available, meaning that some municipalities are trying out things like micro-housing or relaxed zoning laws to meet up with the demand.”

Berkshire County real estate seller using drones
“RICHMOND, Mass. (AP) — A Berkshire County real estate company is using a new tool to market its high-end properties — aerial drones.”

From offices to shopping centers, commercial real estate in high demand
“Coming off one of the strongest years on record, Houston’s commercial real estate market is poised for more growth in 2014, industry experts said today.”

China to Establish System for Tracking Real Estate Ownership
“SHANGHAI—China plans to establish a national system for tracking real-estate ownership and sales transactions, a key step in its effort to tame a property sector that threatens to price many Chinese out of the housing market.”

Progress has been slow in cleaning up mortgage mess
“After multiple enforcement actions, lawsuits and multibillion-dollar settlements, state and federal regulators are making sluggish progress in their efforts to prod banks to help mortgage borrowers.”

Richmond seeks partners for plan to seize mortgages using eminent domain
“After months of trying, members of the Richmond City Council have been unable to muster the supermajority of votes they need to enact a controversial plan to use eminent domain to seize underwater mortgages and slash the amounts that borrowers owe.”