There is a great post on the Ohio Association of Independent Title Agent's (OAITA) blog - Ohio Supreme Court Says No to Equitable Subrogation.  The Ohio Supreme Court last week refused to apply the doctrine of equitable subrogation to save a lender from a "missed" mortgage when it refinanced the borrower's first mortgage.  My personal opinion - that is good news!

After reaching the top of the title insurance industry, it appears that Fidelity National Financial (FNF) has decided to diversify.  While many of us in the title business have been tightening our belts, trying to make it through the nation's worst housing crisis since the Great Depression, Fidelity has been bargain shopping in bankruptcy courts.  Soon, they may be offering you a side of fries with your title policy.

There are rumors floating around that the Obama Administration will order Fannie Mae and Freddie Mac to forgive a portion of homeowners' mortgage debt - at least those that are currently underwater.  If true, it could happen as soon as this month.  It is difficult to tell how well such a move will received.  On one hand, Wall Street got its bailout and many are wondering what good that did for the average homeowner.  On the other, the many people who did not borrow more than they could afford may not like seeing irresponsible borrowers getting let off the hook for their poor decisions. 

Last year, I wrote a blog about The North Jersey Practice.  It was about an appellate case that held that an underwriter was responsible for an attorney's theft of funds - even though the attorney sole his client's money before the title company got involved. I wrote at the time, "I would expect a reversal on appeal."  And I was right...

Undeterred by the several states that have banned the use of private transfer fees, Freehold is apparently still trying to find a way to securitize them.  The Wall Street Journal has reported that Freehold has approached several Wall Street banks to develop the securities, but has not yet struck a deal.

I recently read an article on HeraldNet entitled Real Estate Attorneys Worth the Expense.  As a real estate attorney, I naturally like to read things like that.  Having been in the title business for many years before going to law school, I am left with the impression that nobody believes they need an attorney in a real estate transaction.  Though the article makes a good point... something really caught my attention and made my jaw drop.

Homeowners, finally fed up with unfulfilled promises of HAMP modifications, have filed suit against Wells Fargo in the U.S. District Court in Massachusetts.  As is common across the county, lenders are placing homeowners in HAMP trial period plans and even after the homeowner complies with all of the terms of the plans they are denied a permanent modification. 

The end of May, federal unemployment benefits began to expire leaving 1.2 million jobless Americans cut off.  The House passed a bill providing a six-month extension, but the Senate has not been able to pass such legislation... despite three attempts.  All of the Senate Republicans have blocked the effort. 

This will certainly worsen our already troubled economy as well as pile on to our crippled housing market.  One economist has noted that we may be setting the stage for a Third Depression.  While our Congressman are busy playing politics, Americans are suffering... and it is going to get worse.

With so many homeowners in foreclosure, there are plenty of potential victims for scammers to prey on.  They are easy to find and desparate enough to be willing to try anything.  It is a dream come true for con artists who have a plethora of scams to run on unsuspecting homeowners who are in need of help.  The myriad of government programs, often complex in nature, make it easy for them to make their scam sound legitimate.  Homeowners need to be aware of the variety of schemes designed to rip them off.

The Home Affordable Modification Program (HAMP) has been less than a stellar success.  Very few of those who have been through the modification process have been getting permanent modifications.  Often times, they go through a very lengthy application process and trial period plan only to find out that they don't qualify and are then even further behind in their payments.  Now, there is hope for many of them.  The Alt Mod program may finally spur the number of modification that was originally anticipated by HAMP.