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VISIT US ONLINE @ DSNEWS.COM A recent monthly report showed the FHA has taken in more than 126,000 refinance applications under the streamlined program, along with projections that it could see close to 224,000 by year-end. STAT INSIGHT -0.8% Decline in Iowa's home price indexes—both including and excluding distressed sales—for the month of May when compared to readings from 12 months earlier. Source: CoreLogic Kansas rank: 36 90+ Day Foreclosure Unemployment Delinquency Rate RateRate may 2012 2.33%2.15% 6.1% year ago 2.33%2.14% 6.7% percent point change 0.1% 0.1%-9.0% Top County LINN COUNTY 90+ Day Delinquency Rate Foreclosure Rate may 2012 3.65%4.16% year ago 3.67%4.06% percent point change -0.3%2.4% Top Core-Based Statistical Area TOPEKA, KS 90+ Day Delinquency Rate Foreclosure Rate may 2012 3.32%2.33% year ago FROM THE BENCH Kansas Court Upholds MERS as Acting Agent in Foreclosure Case The Kansas Court of Appeals ruled in favor of U.S. Bank and rejected an appeal of wrongful foreclosure by a borrower, Merscorp Holdings, Inc., announced in June. The borrower in the case, U.S. Bank vs. Howie, argued that Mortgage Electronic Registration Systems, Inc., (MERS) split the mortgage and the note, making the foreclosure invalid. Judge Tom Malone rejected the borrower's claim. "We conclude that the plain language of the Mortgage herein provided sufficient and undisputed evidence that MERS was acting as an agent of U.S. Bank at all relevant times," Judge Malone wrote on behalf of the three-judge panel. "Because MERS was acting as an agent of U.S. Bank, the Mortgage and the Note were never severed and U.S. Bank, as present holder of both the Note and the Mortgage, was entitled to foreclose on the Mortgage." The borrower relied on a previous decision stemming from the case Landmark vs. Kesler. However, the Court of Appeals said the decision from the Kansas Supreme Court regarding that specific case did not address whether the mortgage and note were split, but was limited to matters surrounding Kansas civil procedure. "This Kansas Court of Appeals ruling mirrors five other rulings from the United States Bankruptcy Court for the District of Kansas, all of which said that the note and mortgage were never split because MERS is an agent of the note holder," said Merscorp Holdings' VP of corporate communications Janis L. Smith. "This failed and meritless theory has been solidly rejected in Kansas," Smith continued. "Furthermore, the Court of Appeal's distinguishing of Landmark supports what we have long argued, that Landmark does not support the argument that MERS mortgages are unenforceable." Kentucky rank: 19 90+ Day Foreclosure Unemployment Delinquency Rate RateRate may 2012 2.81%3.71% 8.2% year ago 2.75%3.52% 9.6% percent point change 2.2% 5.3%-14.6% Top County MCCREARY COUNTY 90+ Day Delinquency Rate Foreclosure Rate may 2012 3.00%9.18% year ago 5.96%6.97% percent point change -49.6%31.7% Top Core-Based Statistical Area HUNTINGTON-ASHLAND, WV-KY-OH 90+ Day Foreclosure Delinquency Rate Rate may 2012 2.77%5.41% year ago 2.88%4.26% percent point change -3.7%27.1% note: The 90+ Day delinquecy rate is the percentage of outstanding mortgage loans that are 90plus days delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the May 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary May 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. Louisiana rank: 24 90+ Day Foreclosure Unemployment Delinquency Rate RateRate may 2012 3.46%3.22% 7.2% year ago 3.58%3.46% 7.4% percent point change -3.3%-6.9% -2.7% Top County ST. BERNARD PARISH 90+ Day Delinquency Rate may 2012 Foreclosure Rate 5.97%6.11% year ago 6.26%6.78% percent point change -4.6%-9.9% Top Core-Based Statistical Area NEW ORLEANS-METAIRIE-KENNER, LA 90+ Day Foreclosure Delinquency Rate Rate may 2012 3.79%4.25% STAT INSIGHT year ago 3.21%2.17% 3.89%4.69% percent point change note: percent point change 3.4%7.7% -2.3%-9.3% The 90+ Day delinquecy rate is the percentage of outstanding mortgage loans that are 90plus days delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the May 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary May 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. Difference between Kansas' first-quarter home prices and peak price levels. Source: BMO Financial Group note: The 90+ Day delinquecy rate is the percentage of outstanding mortgage loans that are 90plus days delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the May 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary May 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. 89