Vermont still better than most, but 7 million distressed mortgages drag on US

first_imgThe Mortgage Monitor report released by Lender Processing Services, Inc. (NYSE: LPS), a leading provider of mortgage performance data and analytics, indicates that signs of stabilization in the nation’s home loan delinquency and foreclosure rates remain largely neutralized by the more than 7 million loans in distress.According to the Mortgage Monitor report, the number of loans 90 or more days delinquent (including pre-sale foreclosure) declined 112,184 from 4,186,627 to 4,074,443 between March and April, with the total number of non-current U.S. loans plus REO (Real Estate Owned by banks, etc) just over 7.3 million (extrapolated to represent total mortgage market).Conversely, deterioration ratios remain high, with two loans rolling to a “worse” status for every one loan that has improved and the overall volume of loans moving from delinquent to current status declined to a three-month low supported primarily by “artificial cures” associated with HAMP modifications. In addition, newly delinquent loans (current at year-end and 60 or more days delinquent as of April) have declined from the 2009 levels but still remain extremely high from a historical perspective, particularly within prime product.Other key results from LPS’ latest Mortgage Monitor report include:Total U.S. loan delinquency rate: 8.99 percentTotal U.S. foreclosure inventory rate: 3.18 percentTotal U.S. non-current* loan rate: 12.17 percentStates with most non-current* loans:Florida, Nevada, Mississippi, Arizona, Georgia, California, Illinois, New Jersey, Michigan and Rhode IslandStates with the fewest non-current* loans:North Dakota, South Dakota, Wyoming, Alaska, Montana, Nebraska, Vermont, Colorado, Iowa and Minnesota*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.Note: Totals based on LPS Applied Analytics’ loan-level database of mortgage assets.LPS manages the nation’s leading repository of loan-level residential mortgage data and performance information from nearly 40 million loans across the spectrum of credit products. The company’s research experts carefully analyze this data to produce dozens of charts and graphs that reflect trend and point-in-time observations for LPS’ monthly Mortgage Monitor Report.To review the full report, listen to a presentation of the report or access an executive summary, visit is external).About Lender Processing ServicesLender Processing Services, Inc. (LPS) is a leading provider of integrated technology and services to the mortgage and real estate industries. LPS offers solutions that span the mortgage continuum, including lead generation, origination, servicing, workflow automation (Desktop), portfolio retention and default, augmented by the company’s award-winning customer support and professional services. Approximately 50 percent of all U.S. mortgages by dollar volume are serviced using LPS’ Mortgage Servicing Package (MSP). LPS also offers proprietary mortgage and real estate data and analytics for the mortgage and capital markets industries. For more information about LPS, visit is external).SOURCE Lender Processing Services, Inc. JACKSONVILLE, Fla., June 1, 2010 /PRNewswire-FirstCall/last_img read more

Board okays insurance disclosure form

first_imgThe Bar should study providing CLE support, either separate courses or incorporated in other CLE classes, for insurance defense lawyers. “We need to have some CLE effort for insurance defense lawyers so they can be zeroed in to the unique ethical concerns and conflicts that occur when they are assigned to represent a policy holder,” Bianchi said. The recommendation was referred to the Bar’s CLE Committee. The Standing Committee on UPL should examine insurance company practices to see if attempts to control litigation go too far and violate UPL rules. “Insurance companies have a right to control costs,” Bianchi said. “The real issue is at what point does it become excessive and at what point does it invade the lawyer’s duty to provide independent judgment.” Board okays insurance disclosure form Associate Editor A proposed disclosure form for insurance policy holders who are sued and an implementing rule have been unanimously approved by the Board of Governors. The board also approved recommendations from the Insurance Practices Special Study Committee to explore special CLE courses for insurance defense lawyers. The board also ordered the committee’s findings referred to the Standing Committee on the Unlicensed Practice of Law, to examine whether some insurance company practices violate UPL rules, and to the state Department of Insurance, in case the department feels further action is needed to protect consumers. The action comes after the special committee spent a year studying how insurance companies select and oversee attorneys who represent policy holders when they are sued. Board member and committee Chair David Bianchi said the rule change and disclosure form came after the committee held public hearings and received extensive input from the industry. “We looked at whether or not the practices of certain insurance companies in the state of Florida interfere with the insurance defense lawyers’ ability to practice, whether the practices of certain insurance companies are so controlling they interfere with the lawyers’ ability to exercise independent judgment, whether or not they raise UPL questions and whether or not they compromise the quality of the defense of the case,” Bianchi said. Another concern, he added, was potential conflicts with the attorney representing both the insurance company and the policy holder. Courts around the country are split on the representation issues, including a recent ruling from the Montana Supreme Court that insurance lawyers represent only the policy holders, Bianchi said. He added that the Florida Supreme Court has never directly addressed that issue, although it was mentioned in a 1969 opinion. The insurance industry, Bianchi continued, reads that opinion as “there is a co-client relationship, also known as a tripartite relationship in Florida and because they are a co-client, they have a right to participate [in the defense] and they can tell the defense counsel what to do and they have a right to be treated the same as the insured.” The committee drew up the disclosure form because, “We decided after all of this. . . that the best thing we could do as a starting point was to at least tell the insured who finds himself or herself on the end of a lawsuit. . . what the rules of engagement are,” Bianchi said. “The committee was unanimous in feeling that if we do nothing else, we ought to tell the defendant there are litigation guidelines, the lawyers may be serving two masters.” The rule amendment would implement a proposed consumer form developed by the committee. Both had been tentatively approved at earlier board meetings. Bianchi said he hopes the rule amendment will be submitted to the Supreme Court as part of the Bar’s annual rule amendment package. The form will be given to policy holders when they are sued and the insurance company appoints a lawyer, either on its payroll or an outside counsel, to defend them. The form explains what to expect, including that the attorney must protect their confidences. Bianchi hailed the form as unique in the country, and said many other states are interested in following the Bar’s lead. The only change to the proposed rule was a sentence added to the comment specifying the rule was not intended to apply to workers’ compensation cases. Bianchi said that was not part of the committee’s charge and workers’ compensation cases are covered by different laws. Board member William (Dude) Phelan initially objected to the change, saying workers’ comp defense lawyers are facing the same types of problems as tort, personal injury and product liability insurance defense lawyers. He dropped his objection after Bianchi and other special committee members said the change wasn’t intended to prevent the Bar from studying that issue later, only to end any confusion over to whom the disclosure form and proposed new rule applies. Besides approving the rule change and disclosure form, Bianchi said three more things need to be done, and the board approved all three recommendations. They are: Board okays insurance disclosure form July 1, 2000 Gary Blankenship Associate Editor Regular News A copy of the special committee’s final report is available by calling the Bar’s UPL office at (850) 561-5680. The report is also posted on the Bar’s website at or click here. The committee’s final report and the information it assembled should be provided to the Florida Department of Insurance, to see if the department feels further action is needed to protect policy holders. last_img read more

Ghana League Cypher: Just about time for Bashir Hayford to exit Ashantigold

first_imgAshantiGold have brilliantly picked up from where Asante Kotoko left it with regards to big stories and dramatic headlines in Ghana Premier league.Kotoko’s woes may not be entirely over but Ghana  league Cypher centered on the Ashanti Gold crisis. Won the league five months ago with power to add, just one win in six games this season, below par performances and  everything to suggest the team has lost its mojo, signing on fees not paid,Head Coach owed,management unsure of improving financial support ,and  supporters demanding answers.These issues were looked at dispassionately alongside review of games on matchday seven and preview of day 8 and 9 fixtures.Click link to watch this week’s edition of the Ghana league Cypher anchored by JOY Sports George Addo Jnr   –Follow Joy Sports on Twitter: @JoySportsGH. Our hashtag is #JoySportslast_img read more