This blog has moved over to ClearingTitle.com.
If you are interested in Pennsylvania title insurance, visit our PA Title Insurance Blog.
Other places that you can find me (Dave):
Sites:
Community First Abstract – Pennsylvania title insurance
www.davewirsching.com (blog)
www.whyaboutmarketing.com (marketing)
If you’d like to connect:
I’m moving this blog to its own URL: ClearingTitle (www.clearingtitle.com). I’m also moving to the Blogger platform.
For those who use Feedburner, I’ve already updated the feed. If you use another tool to follow this blog, please update your feed to the new URL.
I won’t be migrating the older posts from this blog – but I will leave this blog open for the next 60-90 days.
Thanks,
Dave
I’m twittering - see the RSS to the right.
Wachovia this AM – another lender talking about borrowers walking away from the mortgages, and acting surprised.
This is the housing industry’s fault. We’ve told people that a house is more than a roof over your head, it’s an investment. We loaned them money like it was a margin account – based on the asset value, not on ability to pay the loan.
Guess what – they are treating it just like an investment. When you are underwater on an investment, you get out, take your lumps and move on. We shouldn’t be surprised homeowners are doing the same.
More on the Philadelphia Foreclosure Moratorium. The Philadelphia Business Journal (paid) is reporting that:
….[the] foreclosure steering committee that includes lawyers representing lenders and homeowners as well as social service agencies, said owner-occupied residential properties will not be sold at the May sheriff’s sale. But all other properties will proceed to a sale. The owner-occupied properties will be put on a special track intended to help borrowers with free legal advice and housing counseling.
A novel approach to avoid saving investors and speculators. Should be interesting to see how it works.
Posted in News
News outlets are reporting that the Philadelphia City Council passed a measure (non-binding) calling for a moratorium on mortgage foreclosures. In response, the Sheriff has cancelled the April Sheriff’s Sale. At least a temporary reprieve.
ACORN estimates approximately 3,200 loans made in Philadelphia during 2006 are likely head down the path to foreclosure.
I’ll post more as it comes available.
The Ledger.com (Lakeland, Fl) is reporting another Florida defalcation.
The only question is why was this problem allowed to run for over a year after is was discovered? 2 year old agency. Owner used the company as an ATM. Old Republic stuck with the clean up.
Tanta, who writes for one of the best economic / mortgage lending web sites out there, Calculated Risk, has an excellent review of the proposed new Fannie rules for appraisals. I think her analysis is spot on, and she goes one step further to point out another suspect relationship in the lending industry:
1. So much for “synergy.” I only hope that if this puts a stop to large lenders buying appraisal firms (and destroying appraiser independence), we can next move on to large lenders buying title companies (and destroying escrow officer independence).
Thanks Tanta!
From the Orlando Business Journal (paid):
A Tavares company is one of 23 Central Florida firms and/or individuals under investigation by the state for title insurance fraud.
The Florida title fraud cases being investigated so far this year involve agents misappropriating escrow funds, says state Chief Financial Officer Alex Sink’s office.
John Corbett, law enforcement captain for the department, declines to share any details about the 23 local fraud investigations…….
Twenty three in one state is not a small number.
The participants and those who regulate them appear unwilling/unable to police the real estate industry. As reformers begin to despair, hope for reform comes from an unexpected source: the multitude of civil cases, both large and small, that in aggregate may motivate the leaders of the real estate industry to clean up their mess. Continue reading
