Collection Recon

CSC Teams with Quandis to Offer Expanded Mortgage Default Management Services

Posted on 08. Mar, 2012 by Collections Recon.

FALLS CHURCH, Va.–(BUSINESS WIRE)–

CSC (NYSE: CSC – News) today announced it has teamed with Quandis to offer CSC’s EarlyResolution clients and prospects a new short sale tracking and fulfillment portal to accelerate processing cycles. This benefits consumers who wish to sell their homes instead of foreclosing and reduces losses for mortgage investors. EarlyResolution is CSC’s lending default management system, which, together with the complementary functionality from Quandis, will enhance coordination across the entire mortgage loss mitigation life cycle, including short sales, helping mortgage servicers to improve communications and provide a single point of contact for borrowers.

Continue Reading

Fannie Mae Wants Another Bailout

Posted on 05. Mar, 2012 by Collections Recon.

Fannie Mae is in trouble again and asking taxpayers to come to the rescue. On Wednesday, the mortgage behemoth reported $2.41 billion in fourth-quarter losses and is asking the federal government to help cover its deficit to the tune of $4.57 billion, according to the Washington Post.

Continue Reading

Equifax uncovers $400M in mortgage fraud

Posted on 22. Feb, 2012 by Collections Recon.

Consumer-credit company Equifax uncovered roughly $400 million worth of mortgage fraud in Canada last year, an “eye-opening” number industry experts estimate represents only a fraction of the cheating taking place in the country’s real-estate market.

Continue Reading

Consumer protection bureau opens mortgage complaint hotline

Posted on 12. Dec, 2011 by Collections Recon.

Reporting from Washington— Got a beef with your mortgage lender? Is your bank unresponsive when you complain that your escrow account is fouled up and making your monthly payments needlessly high?

Continue Reading

Ally’s GMAC Is Sued by Insurer Over $1.2 Billion in Mortgage Securities

Posted on 02. Dec, 2011 by Collections Recon.

Units of Ally Financial Inc., the auto and home lender that received a government bailout, were sued by Financial Guaranty Insurance Co. for allegedly misrepresenting the quality of mortgage loans underlying securities that Financial Guaranty insured.

Continue Reading

Lisa Madigan sues 4 companies, alleging mortgage rescue scams

Posted on 30. Sep, 2011 by Collections Recon.

Illinois Attorney General Lisa Madigan filed lawsuits against four Chicago area companies and attorneys alleging they conducted fraudulent mortgage rescue or loan modification schemes that illegally charged consumers for little if any help to avoid foreclosure.

Continue Reading

JPMorgan Chase CEO: ‘We Have Made a Lot of Mistakes’

Posted on 18. May, 2011 by Collections Recon.

At least one protester was handcuffed by police as more than 400 protesters surrounded each entrance to the Chase campus in Columbus, Ohio. The annual meeting of shareholders is the latest major bank gathering to be targeted by New Bottom Line. In an effort to raise awareness and force banks into complying with a federal directive to modify mortgages, protesters have recently targeted Bank of America and Wells Fargo as well.

Continue Reading

Global Debt Registry (GDR) Responds to CBS 60-Minutes Segment on the Failure of Documentation in Mortgage Backed Securities – “A Proven Solution Already Exists.”

Posted on 07. Apr, 2011 by Collections Recon.

Wilmington, DE April 7, 2011 — Global Debt Registry (GDR) has a solution to fix the documentation issues raised in the broadcast of 60 Minutes on CBS, Sunday, April 3, 2011. GDR’s patent pending solution is designed to facilitate both legally rebuilding existing faulty mortgage titles that have been securitized and to properly record all such assignments for past and future transactions. Our solution will give peace of mind to investors, regulators, consumers, and bank participants. Once broadly implemented, GDR’s solution will:

Continue Reading

Consumers Choose to Pay Credit Cards vs. Mortgage

Posted on 05. Apr, 2011 by Collections Recon.

A New Horizon Credit Counseling Notices A Change in the Pattern Due to Result of the Recession

Fort Lauderdale, Fla. – A study just released by the credit reporting bureau TransUnion shows a shift in consumer credit card paying habits as a result of the recession. The new pattern finds consumers more likely to pay their credit card charges before they pay their mortgage; and this trend has occurred for the last three years in a row. Steven Stark, General Counsel and COO for A New Horizon Credit Counseling Services, stated “This just confirms what we have seen among our clients; they would prefer to default on their over leveraged mortgages in favor of paying off their credit card balance.” Stark added, “This change in the traditionally expected payment priority is clearly related to home devaluation and high unemployment”.

Continue Reading

Freddie Mac Announces K-012 Offering of Approximately $1 Billion in Multifamily Securities

Posted on 05. Apr, 2011 by Collections Recon.

MCLEAN, Va., April 4, 2011 /PRNewswire/ — Freddie Mac (OTC: FMCC) today announced a new offering of Structured Pass-Through Certificates (“K Certificates”), multifamily mortgage-backed securities. The company expects to offer approximately $1 billion in K Certificates (“K-012 Certificates”), which are expected to price the week of April 4, 2011, and settle on or about April 27, 2011.

Continue Reading