Less than one year ago, former college basketball player Todd Leary was a well-known broadcaster on Indiana University radio broadcasts and was considered a pillar of the community in Indiana.  Two months ago he became a felon, having pleaded guilty to misappropriation of escrow funds in a title fraud case.  Yesterday he became a punchline after being arrested on burglary and theft charges for allegedly stealing appliances out of foreclosed homes.

Fannie Mae recently released an Announcement updating allowable time frames for foreclosures in four states and stating that it "will exercise its remedy to assess compensatory fees as deemed necessary."  Fannie expects uncontested foreclosures to be completed within its published time frames and servicers may be penalized for dragging their feet.  Will this lead to servicers pursing foreclosure more vigorously?  And, why aren't they foreclosing fast enough for Fannie Mae?

Delinquency rates were mixed in the second quarter for commercial/multifamily mortgage investor groups, according to the Mortgage Bankers Association's (MBA) Commercial/Multifamily Delinquency Report.

ALTA yesterday issued a statement on title insurance premiums for the 2nd quarter of 2010, based on preliminary data collected by the organization.  ALTA's figures show moderate declines in title insurance revenue from a year ago.

For decades, residents in one half of the Glen Cove subdivision in League City, Texas used a bridge along Seminole Drive over a canal running through their neighborhood to access a park just across the water.  But for the last four years, the half-demolished ruins of the bridge serve only as an eyesore and a reminder of a bitter legal battle between Glen Cove residents and the city.

The Mortgage Bankers Association today released its Weekly Mortgage Applications Survey for the week ending August 27, 2010, which showed a slight increase in mortgage volume from the prior week on increased refinance activity, as interest rates on mortgages once again hit all time record lows.  Purchase mortgage volume is a whopping 37% below year-ago levels, reflecting an extremely weak housing market despite the record low interest rates.

Fewer homeowners who have taken advantage of loan modification programs are redefaulting, according to a multi-state group of public officials and regulators in a report released last week.