New government rules will end the practice of foreclosure “dual tracking,” cases where borrowers enrolled in loan modification programs are simultaneously foreclosed. The new regulations give borrowers powerful new foreclosure protections and essentially require loan servicers to help prevent foreclosures in situations where borrowers are seeking modifications or short sales on a timely basis. As [...] Mortgage Foreclosure “Dual-Tracking” Abuses To End is a post from: OurBroker.com -- Refinance, Home Mortgage Loans & Rates, Home Equity Loan

The new class of Congress is carrying more student debt than ever before , according to an analysis by the Center for Responsive Politics. Financial disclosure forms reveal that dozens of federal lawmakers owe thousands in student debt. According to CRP, the total owed among 22 Democrats and 24 Republicans adds up to between $1.8 million and $4.3 million. The exact amount is unknown because members of Congress are allowed to report debts in ranges, CRP reported . In the summer of 2012, Sen. Marco Rubio (R-Fla.) made headlines when he revealed he still has his own student debt from his time in law school. The admission was surprising because many members of Congress are millionaires , and voters sometimes see the legislators as disconnected from middle-class struggles like the ever-increasing cost of college . CRP reports Rubio since paid off his debt , thanks to book sales. More members of Congress on key education committees are paying back student loans. Sens. Chris Murphy (D-Conn.) and Elizabeth Warren (D-Mass.), who both have student debt, are members of the Senate Health, Education, Labor & Pensions committee -- up from no members with student debt last year, CRP reports . Four members of the House subcommittee on higher education, all Republicans, have student loans to pay off. The 2012 GOP party platform called for an end to the federal student loan program . In January, a hoax claiming that children of Congress members do not have to repay their loans gained traction on Facebook. However, the disclosures show that at least 13 lawmakers took out either Parent PLUS loans or co-signed student loans for their family members and are still paying them back, CRP reported. According to the Annenenberg Public Policy Center, some full-time congressional staffers participate in a federal worker repayment program that helps pay down a portion of their debt from school. President Barack Obama and first lady Michelle Obama have noted that they made student loan payments...

An attempt by Fannie Mae to lower the cost of backup homeowners' insurance policies has been rebuffed by a federal regulator.

The Fed could disrupt markets if it sells lots of mortgage-backed securities, an official said.

27 Percent of Borrowers That Refinance Shorten Mortgage Term During Fourth Quarter

Funds Cite CMBS Top Bet After Subprime Gains: Mortgages Businessweek Hedge funds seeking the hottest trade of 2013 are turning to skyscrapers, shopping malls and hotels after last year's rebound in residential real-estate drove the industry's best gains. Boaz Weinstein, founder of Saba Capital Management LP, and Tom ...

Treasurys fell, pushing yields higher, as the Treasury Department plans to sell $32 billion in 3-year notes on Tuesday.

MERS Prevails over Frequently Used Stalling Tactic Once Again FOR IMMEDIATE RELEASE CONTACT: Jason Lobo  Phone: 703-652-1660 Email: jasonl@mersinc.org Reston, Virginia, February 12, 2013 -MERSCORP Holdings, Inc. today announced that Justice Arthur G. Pitts of the Supreme Court of the State of New York, Suffolk County, recently ruled in favor of Mortgage Electronic Registration Systems, Inc. (MERS) and other defendants, dismissing a one-count complaint alleging that MERS mortgage was unenforceable. In Ruiz v. MERS et al.,  Justice Pitts ruled that "various courts within this and other jurisdictions have interpreted the relationship of MERS and the lender as an agency relationship."  The borrower alleged that because MERS as mortgagee did not own or hold her promissory note, the mortgage and note were separated (or "split") which in turn voided the MERS mortgage - a frequently used and unsuccessful legal argument to forestall valid foreclosure proceedings involving MERS security instruments. In his ruling, Justice Pitts cited three prior court decisions from New York and two from other states discussing the MERS-Lender agency relationship.  "MERS was named a nominee by defendant Webster [Webster Bank, N.A., the original lender] as mortgagee for the purpose of recording the mortgage," he held.  "It is readily apparent that the intent of the lender and MERS was to establish a principal agent relationship and as such, not to split the debt and the collateral."  "Justice Pitts provided a clear definition of 'nominee' and noted that MERS was, 'in effect, a limited agent' for the lender, which granted MERS  the authority to act on its behalf as outlined in the MERS mortgage and MERS membership documents," MERSCORP's Director for Corporate Communications Jason Lobo said.  "MERS' authority as mortgagee and nominee is plainly written in...

U.S. stock index futures indicated a lower open on Tuesday, as shares in Europe and Asia lacked momentum ahead of the U.S. President's State of the Union address.