CitiMortgage launches program for distressed homeowners

Distressed Florida homeowners whose loans were financed by CitiMortgage may be able to stay put for a while and avoid the pain of foreclosure proceedings under a new program, the company said Thursday. The deed-in-lieu program – which, beginning Friday, will be tested in Florida and five other states – allows those facing foreclosure to remain in their homes for six months, in exchange for signing over their property deeds to CitiMortgage at the end of the period. It is designed “to help homeowners make a smooth transition into the next chapter of their lives,” according to a news release. Deed in lieu of foreclosure is a process in which homeowners give away their property to the lender, which then sells it to retrieve a part or all of the loan balance owed. While it may be welcome news for those facing the loss of their home, Weston-based foreclosure attorney Roy Oppenheim questions the timing. [Read the full article]

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Ladies and gentlemen, thank you very much for standing by and welcome to the MFA Mortgage Investments Fourth Quarter 2009 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will be given to you at that time. (Operator Instructions). As a reminder, today conference is being recorded. Good morning. The information discussed on this conference call today may contain or refer to forward-looking statements regarding MFA Financial, Inc. that reflect management’s beliefs, expectations and assumptions as to MFA’s future performance and operations. When used statements which are not historical in nature, including those containing words such as believe, expect, anticipate, estimate, plan, continue, intend, should, may or similar expressions are intended to identify forward-looking statements. All forward-looking statements speak only as of the date on which they are made. [Read the full article]

Another record year lies ahead though, as unemployment starts to have its effect. The post-boom states of California, Nevada, Arizona and Florida still contribute more than half of filings, but Utah, Idaho and Illinois are starting to see foreclosures surge. Fayetteville, Arkansas, has just appeared in the top 25 metropolitan areas.

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Another record year lies ahead though, as unemployment starts to have its effect. The post-boom states of California, Nevada, Arizona and Florida still contribute more than half of filings, but Utah, Idaho and Illinois are starting to see foreclosures surge. Fayetteville, Arkansas, has just appeared in the top 25 metropolitan areas.

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EVEN BEFORE THE EUROPEAN UNION’S promise Wednesday for its members to support debt-burdened Greece, public-sector employees took to the streets of Greek cities to protest austerity measures to deal with the government’s deficit.

Conspicuously absent, however, from the EU’s statement was mention of any concrete financial support. “Euro area member states will take determined and coordinated action if needed to safeguard stability in the euro area as a whole,” EU President Herman Van Rompuy said after the meeting of EU finance ministers in Brussels.

The statement, which emphasizes actions by “member states,” implicitly recognizes that the EU itself cannot bail out Greece. [Read the full article]

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