Eureka Realty Network's (eurekarealtynetwork) Blog

Standard & Poor's verdict was pretty predictable but still sever: the volume of distressed residential properties in the country is the primary factor hindering a full recover in the housing market. The accelerated pace for default make the market unable to quickly absorb the excess volume and it...

TARP Special Inspector, Neil Barofsky published his report where he described the drawbacks and potential problems the bank bailout had created in regard to companies deemed "too-big-to-fail." The second topic analyzed in his report was the controversial Home Affordable Modification Program, desi...

There were reports suggesting that the FDIC is contemplating stricter requirements for banks that service loans and own second lien loans. The new requirement will force banks to disclose what potential ramifications a loan modification on the first loan would have on the second lien loan. Sheila...

The Massachusetts Supreme Court ruled the foreclosure is invalid, because the lenders had no proof of adequate paperwork to foreclose. "The bank failed to provide the required documents proving they are the holders of the mortgages at the time of foreclosure", Justice Ralph Gants said of the Mass...

State and federal regulators did not hold off before Christmas: they closed another batch of lending institutions over the weekend. A total of six community-based lenders closed their doors: three in Georgia, and one in Arkansas, Florida and Minnesota. This brings the number of bank failures for ...

Bank of America said it is now ending its foreclosure freeze and promised to get its act together after a series of sloppy home seizures prompted the lender to step back, put its foreclosures on hold and re-examine the whole process. "We have identified areas of our process that can be improved a...

The FDIC added another 31 banks to their so-called "Problem List", so now the list totals 860 institutions under the agency's watchful eye. The total assets of the banks on the FDIC watch list declined from $403 billion to $379 billion. This is the highest number of problematic institutions since...

The US Treasury Department released its latest figures regarding the Obama Administration's foreclosure prevention program. But the numbers aren't positive at all: troubled homeowners are dropping out the program at a faster rate than they are joining it. Borrowers receiving the HAMP help grew to...

A new proposal has been published by the members of the commission created by President Obama with the aim to shrink the federal budget deficit. The proposal comes from co-chairs of the National Commission on Fiscal Responsibility and Reform, Alan Simpson, a former Republican senator from Wyoming...

Ally Financials GMAC Mortgages started the line of lenders admitting to having problems in their foreclosure procedures that led to errors in legal affidavits. The robo-signing phenomenon led the company to put foreclosures and REO sales on hold in 23 states and dropped a shadow of doubt over the...