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Properties near GlobalFoundries hit with mortgage foreclosure

By Michael DeMasi

The land where two real estate developments were proposed near the GlobalFoundries computer chip plant could be foreclosed on by a lender.

Sunmark Federal Credit Union filed notices in Saratoga County, New York, seeking to foreclose on mortgages for land where 22 townhouses were proposed next to Ellsworth Commons on Route 9, and for six acres to the south where a large, mixed-use development called Blacksmith Square hasn’t been built.

The mortgage on the townhouse land is $1 million, according… …read more

From:: biz journal foreclosures

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Gold futures settle at a seven-week low

Gold futures settled at their lowest level in seven weeks on Wednesday as overall gains in the U.S. dollar and equities continued to dull the metal’s investment appeal. Prices for the yellow metal tallied a 4.4% loss during a six-session losing streak. Gold for June delivery fell $5.40, or 0.4%, to settle at $1,223.80 an ounce.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

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Here are the top 5 reasons some homeowners are still underwater [Infographic]

As the housing market approved and prices rose over the last few years, the number of borrowers that owe more on their home than it’s worth fell dramatically, as RealtyTrac notes that 12% of homes with a mortgage are still underwater. But with nationwide home prices rising 47% since bottoming out in February 2012, why are there still so many underwater borrowers? Here are the top five reasons. …read more

From:: Real Estate Wire

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OCC Terminates Wells Fargo Consent Order

A federal consent order against Wells Fargo Bank, N.A., over its mortgage servicing practices has been terminated — though not without a penalty.

The Office of the Comptroller of the Currency issued consent orders in April 2011 against 14 servicing-related entities — including Wells Fargo Bank.

The consent orders required the servicers and service providers to immediately correct deficiencies that were identified in quarterly regulatory reviews.

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From:: Financing

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Vanguard names Michael Rollings finance chief

Vanguard on Wednesday named Michael Rollings as chief financial officer, replacing Managing Director Glenn Read, who will remain on the firm’s 11-person senior leadership team. Rollings was most recently executive vice president of MassMutual Financial Group. Vanguard had more than $3.5 trillion in assets under management as of April 30.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

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Home Purchase Financing Applications Climb

Fueled by an acceleration in purchase financing activity, the volume of overall applications for new residential loans moved higher on a week-over-week basis.

The number of prospective mortgage borrowers who applied for a new home loan in the week ended May 20 increased by 2 percent from a week earlier.

That seasonally adjusted metric was according to the Market Composite Index. The index reportedly is a measure of mortgage loan application volume.

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From:: Financing

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OCC terminates Wells Fargo’s mortgage servicing restrictions

The OCC announced on Wednesday that it lifted mortgage serving requirements on Wells Fargo now that it is in compliance with the requirements of the Independent Foreclosure Review. Wells Fargo is the most recent bank in a group of six to have its requirements lifted. But Wells Fargo didn’t come out of this unscathed and must pay a $70 million civil money penalty for previous violations of the order. …read more

From:: Real Estate Wire

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OCC terminates Wells Fargo’s mortgage servicing restrictions

The OCC announced on Wednesday that it lifted mortgage serving requirements on Wells Fargo now that it is in compliance with the requirements of the Independent Foreclosure Review. Wells Fargo is the most recent bank in a group of six to have its requirements lifted. But Wells Fargo didn’t come out of this unscathed and must pay a $70 million civil money penalty for previous violations of the order. …read more

From:: Real Estate Wire

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Mortgage servicer Ocwen cleared of misconduct alleged by bond investors, report says

Mortgage servicer Ocwen Financial has been cleared of wrongdoing in a multi-billion dollar lawsuit brought by mortgage bond investors including BlackRock and Pimco, according to reports by HousingWire. Ocwen had fought the charges and claimed that the investors wanted to keep underwater homeowners from accessing a government loan modification program that would reap lower cash flow. On Wednesday, Ocwen released documents prepared by valuation experts Duff & Phelps which found no evidence of the negligence and misconduct alleged by the bond investors.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News