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�� Massachusetts Sees Decrease in Bankruptcy Filings Michigan Combined years experience: 40+ According to data from the Warren Group, Chapter 7, Chapter 13, and Chapter 11 bankruptcy filings in Massachusetts saw double-digit decreases year-over-year in 2012. Bay State Chapter 7 bankruptcy filings decreased 18 percent over a one-year period after numbering 11,964 in 2012, down from 14,716 in 2011. Chapter 7 filings accounted for more than 74 percent of Massachusetts��� bankruptcy filings in 2012, according to the Warren Group. Chapter 13 bankruptcy filings also saw a significant decrease and fell 17 percent to 3,991 in 2012, down from 4,813 in 2011. Chapter 11 filings dropped 29 percent to 152. Chapter 11 bankruptcy is typically used by businesses and allows them to restructure their debt. The total for Chapter 7, Chapter 13, and Chapter 11 bankruptcy filings reached 16,107 in Massachusetts, representing an 18 percent decrease from 19,744 in 2011. Michigan rank: 38 90+ Day Delinquency Rate Foreclosure Rate december 2012 2.73% Unemployment Rate 1.53% 8.9% year ago 3.39% 2.45% 9.3% percent point change -19.5% -37.7% -4.3% Top County BranCh CounTy 90+ Day Delinquency Rate december 2012 3.17% Foreclosure Rate 2.83% year ago 3.15% 4.00% percent point change 0.4% -29.4% Top Core-Based Statistical area ColdwaTer, MI 90+ Day Delinquency Rate Foreclosure Rate december 2012 3.17% 2.83% year ago 3.15% 4.00% percent point change 0.4% note: -29.4% 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 December 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary December 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. Jerry Takis c: 248.755.5600 Caryn Jensen c: 248.320.5760 jerry@takishomes.com cjsellsre@comcast.net o: 248.681.8300 www.legacy4u.com IN THE NEWS TARP Watchdog Says Treasury Lacks ���Concrete��� Plan for Ally���s Exit In a report, a taxpayer watchdog agency accused Treasury of lacking a ���concrete��� plan to help Ally pay back taxpayers and move toward financial stability. ���Four years after its first government bailout, Ally still owes taxpayers $14.6 billion, and Treasury has no concrete exit plan that balances repayment to taxpayers with Ally���s financial stability,��� the Office of the Special Inspector General for Troubled Asset Relief Program stated in the report. Although Treasury made three investments in the Detroit, Michigan-based financial institution, totaling $17.2 billion, the report says Treasury never required Ally to ���spell out a plan��� to address issues surrounding Residential Capital, Ally���s mortgage arm that caused most of the company���s losses. Ally, formerly known as GMAC, was at one time one of the nation���s largest subprime lenders. According to the report, Treasury���s lack of a plan to address the subprime mortgage component going into the GMAC investment may be the main reason why Ally remains in TARP. Initially, Treasury did plan to pay back taxpayers through a public sale of stock, but in May 2012, ResCap filed for bankruptcy, which led to the delay of the initial public offering. In a letter from Treasury, Timothy G. Massad, assistant secretary for the department���s Office of Financial Stability, explained the strategic initiatives for Ally���s exit include VISIT US ONLINE @ DSNEWS.COM the Chapter 11 ResCap bankruptcy and the sale of Ally���s international operations, ���which will generate cash that can be used to repay Treasury.��� ���As these two key initiatives are completed, Treasury will be able to monetize its remaining investment through a sale of its stock (either through a public or private sale) or through further sales of assets,��� Massad stated. zipLogix, AnyMeeting Release Web Conference Service In Michigan, zipLogix, the creator of zipForm���the real estate industry���s leading contract software���announced the release of a new Web conferencing service powered by AnyMeeting, a leader in small business Web conferencing. As part of the partnership, AnyMeeting will provide zipForm users a co-branded Web conferencing tool, called zipConsult, integrated with zipForm 6 Professional. Existing users have instant access to features including video conferencing, built-in conference calling, screen sharing, video sharing, and support for up to 200 participants. The integration includes the ad-supported version of the software (available at no additional cost), or users can upgrade to an ad-free version for an additional monthly fee. ���The zipConsult product expands the feature set up zipForm and enables our users to easily meet online, review documents, and close more deals,��� said Walt McDonald, chairman at zipLogix. ���AnyMeeting is the ideal solution to power this service with their strong focus and commitment to the needs of small business.��� ���We are very excited to be empowering real estate professionals across North America to meet online, share, and collaborate,��� said AnyMeeting president and CEO Costin Tuculescu. ���Brokers and agents represent an important segment of the small business market, which is our focus at AnyMeeting.��� STAT INSIGHT 50.32% Potential increase in fraud on mortgage applications in Flint, Michigan from Q2 2012 to Q3 2012. Source: Kroll Factual Data 93