Former Fannie, Freddie Chiefs Accused of Securities Fraud

The U.S. Securities and Exchange Commission charged six
former Fannie Mae and Freddie Mac executives with securities fraud
Dec. 16, The New York Times reported. The complaint was filed in
U.S. District Court in Manhattan.

Fitch: Staggering Backlog of REO Homes Facing Foreclosure

The number of real estate-owned homes currently facing
foreclosure is staggering, according to Fitch Ratings, and disposal
of distressed properties will depend largely on strategies taken by
the Federal Housing Finance Agency during the next two years,
National Mortgage News reported Dec. 15. Distressed sales currently
make up 25 to 35 percent of total home sales and that number is
growing, according to the ratings agency.

Foreclosure Reviews May Force Borrowers to Relinquish Claims

Independent consultants working for the Office of the
Comptroller of the Currency and the Federal Reserve are beginning
to review nearly 4.5 million foreclosure filings, and their
findings could help mortgage servicers avoid future borrower
claims, HousingWire reported Dec. 13. If consultants find that
borrowers have been harmed by improper foreclosure processes and
those borrowers receive remediation, they would not be able to
bring additional claims against mortgage servicers.

AI in the News: Designated Member Named Chief Appraiser

Frank O'Neill Jr., SRA, of the Connecticut Chapter of the
Appraisal Institute, received widespread media coverage Dec. 15 of
his recent appointment as chief appraiser for San Diego-based
DataQuick.

Nevada Attorney General Sues Lender Processing Services

Nevada Attorney General Catherine Cortez Masto filed suit
against Lender Processing Services, alleging falsification of
foreclosure documents, HousingWire reported Dec. 16. According to
HousingWire, Matso said the lawsuit is the result of a lengthy
investigation into LPSs default servicing support practices,
including allegedly deceptive statements. The Attorney General also
said that LPS workers were required to execute or notarize as many
as 4,000 foreclosure documents each day.

NAHB Index Shows Improving Homebuilder Confidence

Homebuilder confidence improved for a third consecutive month
in December, according to data from the National Association of
Home Builders/Wells Fargo Housing Market Index released Dec. 19.
The index now sits at its highest point since May 2010.

Government Missed Chance to Repair Housing Crisis: Trulia

The federal government has repeatedly failed to find a fix to
the housing crisis and no meaningful resolution to the crisis is
likely to occur in 2012, according to a survey released Dec. 14 by
real estate data firm Trulia.

Knowledge of Market Key to Preventing Delays: The Appraisal Journal

The appraisal process can cause delays in a propertys
development or sale, according to an article published Dec. 14 in
The Appraisal Journal, which reinforced the need to have appraisers
with local market knowledge provide reliable opinions of value
especially in the current market. The Appraisal Journal is the
quarterly technical and academic publication of the Appraisal
Institute, the nations largest organization of real estate
appraisers. Project Delay Economics, by Randall Bell, MAI, looks at
what can happen to the value of property when a real estate
transaction or project is delayed. Delays can arise from any number
of reasons, from construction issues to legal issues.

Commercial Debt Holds Steady at $2.4 Trillion in Third Quarter

Commercial/multifamily mortgage debt remained relatively
steady in the third quarter compared to the previous quarter as
three of the four major investor groups increased their holdings,
MBA NewsLink reported Dec. 14.

FHFA Again Delays Implementation of Data Program

The Federal Housing Finance Agency has delayed implementation
of a key component of the Uniform Mortgage Data Program for the
fourth time since the program was initiated three years ago, the
agency announced Dec. 14. Lenders and appraisers now have until
July 23, 2012, to implement the UMDPs Uniform Loan Delivery
Dataset, according to the agencys news release. ULDD
implementation, previously scheduled to go into effect March 19,
2012, now allows for voluntary implementation April 23,
2012.

Banks Ask CFPB to Give Up Right to Sue

In exchange for banks participation in a proposed
multi-billion dollar foreclosure abuse settlement, the institutions
demanded that the Consumer Financial Protection Bureau forego the
right to sue over select mortgage originations, The Wall Street
Journal reported Dec. 14.

LPS: Delinquent Mortgages Spike in November

The number of delinquent mortgages rose to 8.15 percent in
November, up from 7.93 percent in October, according to data
released Dec. 19 from analytics firm Lender Processing Services.
The company recorded 6.26 million homes either delinquent or in
foreclosure in November.