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ยป IN THE NEWS Indiana Sees Uptick in Foreclosure Filings, Decline From Previous Year Indiana saw a nominal increase in foreclosure filings from January 2013 to February 2013, even though filings are down as a whole year-over-year, according to RealtyTrac. The state ranks No. 14 on the conpany's list of states with the highest foreclosure filings from month-to-month. As of February 2013, Indiana had a total of 954 REOs available, an increase of 3.32 percent. However, foreclosure filings were down by 9.93 percent from February 2012. This trend is in line with national data. REOs decreased 11 percent form the previous month and were down from February 2012 by 29 percent, making it the lowest levels since September 2007. Experts estimate that the growth will continue and then slowly begin to burn out over the next two years. rank: 25 90+ Day Delinquency Rate Foreclosure Rate January 2013 1.68% Unemployment Rate 2.58% 5.0% year ago 1.79% 2.97% 5.4% year-over-year change -5.8% -13.1% -7.4% Top County FranklIn CounTy 90+ Day Delinquency Rate January 2013 2.26% Foreclosure Rate 8.02% year ago 4.50% 7.38% year-over-year change -49.9% 8.8% Top Core-Based Statistical area ClInTon, Ia 90+ Day Delinquency Rate Foreclosure Rate January 2013 3.41% 4.13% year ago 3.58% 4.04% year-over-year change -4.7% Kentucky rank: 32 90+ Day Delinquency Rate Foreclosure Rate January 2013 2.23% rank: 26 Unemployment Rate 1.75% 5.5% 2.4% 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 January 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary January 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. 90+ Day Delinquency Rate Foreclosure Rate January 2013 2.57% 2.41% 2.22% 5.9% 2.64% 3.56% -6.8% -2.4% -28.3% Top County Powell CounTy Foreclosure Rate 90+ Day Delinquency Rate January 2013 Foreclosure Rate January 2013 4.41% 3.07% 6.59% year ago 3.02% year ago 4.13% 4.07% year-over-year change -24.0% -7.1% Top County BourBon CounTy 2.30% 8.5% year-over-year change -21.6% 90+ Day Delinquency Rate 7.9% year ago year-over-year change -7.6% Unemployment Rate 2.55% year ago 5.79% year-over-year change 6.8% -24.6% 13.8% Top Core-Based Statistical Area Top Core-Based Statistical Area ATChiSon, KS MounT STerling, Ky 90+ Day Foreclosure Delinquency Rate Rate January 2013 90+ Day Delinquency Rate Foreclosure Rate January 2013 3.54% 3.32% 3.24% 5.74% year ago 3.32% year ago 3.46% 3.21% year-over-year change 6.6% 6.68% year-over-year change -4.1% 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 January 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary January 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. FROM THE BENCH Iowa note: Kansas VISIT US ONLINE @ DSNEWS.COM 1.0% -14.1% 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 January 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary January 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. FROM THE BENCH Judge Rules In Favor for MERS, CitiMortgage Court of Appeals Sides with MERS in Kentucky Recording Fee Suit Judge Janice Miller Karlin of the U.S. Bankruptcy Court in Kansas rejected a plaintiff's use of the "split the note" theory and ruled in favor of the defendant, CitiMortgage, Merscorp Holdings, Inc. (MERS) announced. In the case Hamilton v. CitiMortgage, Inc. (In re Kunze), the plaintiff argued that the mortgage and the note were split at the time the homeowner filed for bankruptcy. According to court documents, when the plaintiff filed for bankruptcy in June 2009, Ginnie Mae held the beneficial rights of the note, CitiMortgage acted as the servicer of the note, and MERS held the mortgage. MERS explained the "split the note" argument alleges that when a mortgage and note are not held by the same entity, the note is unsecured and therefore invalid. A three-judge panel of the U.S. Court of Appeals for the Sixth Circuit affirmed a U.S. District Court dismissal of a case against MERSCORP Holdings, Inc. (MERS), and 15 of its members. County clerks representing Christian and Washington counties in Kentucky filed suit against MERS, alleging the defendants established MERS to allow members to avoid recording mortgage assignments and to evade paying recording fees to county clerks. According to the opinion, the District Court for the Western District of Kentucky decided the clerks have no private right of action against the defendants for their alleged violation of a state statute that requires mortgage assignments to be filed for recording with the county clerk's office. 93