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Servicers Asked to Consider a $21,000 “Cash for Keys” Option
After reports that the largest mortgage servicers, some attorneys general, and even some government agencies are not comfortable with the terms in the servicer proposal, there has been renewed effort to try to come to a solution that works for all parties. The proposal was given to servicers with the intent of revising and coming […]
Continue reading...Goldman’s Litton Loan Servicing Up for Sale
21. March 2011
Word on the street is that Goldman Sachs is looking to sell off its mortgage servicing arm, Texas-headquartered Litton Loan Servicing. The New York Times says Litton never proved to be the distressed mortgage cash-cow that Goldman had hoped, while the Wall Street Journal reports that the servicing unit is indeed unprofitable at the moment. […]
Continue reading...GSEs Instruct Servicers to Help Unemployed Through State Programs
1. November 2010
Fannie Mae and Freddie Mac have both issued notices to servicers that they must work closely with state housing finance agencies to provide mortgage assistance to homeowners who’ve lost their jobs. The Treasury Department has awarded $7.6 billion for housing agencies in certain states to develop programs that provide temporary relief to unemployed homeowners. Effective […]
Continue reading...Nation’s Biggest Banks Each Hold over $20B in Foreclosures: Report
22. October 2010
By: Carrie Bay New data released this week shows that the nation’s largest banks are holding monstrous volumes of soured home loans. Not only has the housing crisis left major lenders knee-deep in an ocean of non-performers, but added exposure to early delinquencies means they could sink even deeper. According to an analysis by Weiss […]
Continue reading...Foreclosures Sales, REO Inventories Increase Along West Coast: Report
19. October 2010
By: Carrie Bay ForeclosureRadar has released its September market report, and the company’s data shows that both foreclosure sales and inventories of bank-owned properties are on the rise throughout the West Coast states of Arizona, California, Nevada, Oregon, and Washington. Five major mortgage servicers have announced that are suspending certain foreclosure activities in various states. […]
Continue reading...Paperwork Missteps to Prolong Foreclosure Crisis in Certain States
7. October 2010
By: Carrie Bay Three major mortgage lenders have halted foreclosures in states where the process is handled through the court system after suspicions surfaced that employees did notfollow legal procedures in preparing the required documentation. GMAC Mortgage was the first to do so, followed by JPMorgan Chase and then Bank of America. Analysts warn that […]
Continue reading...S&P: $460B Shadow Inventory Will Take 41 Months to Clear
30. September 2010
By: Carrie Bay It’s no secret that the volume of distressed residential properties is weighing heavy on U.S. housing markets and is prolonging any meaningful recovery. Of even greater concern is the industry’s growing backlog of homes thatneed to be liquidated and resold but have yet to make their way to the market – that […]
Continue reading...Foreclosure Starts Hit Highest Level Since January: LPS
27. September 2010
By: Carrie Bay The August Mortgage Monitor report released Friday by Lender Processing Services, Inc. shows that foreclosure starts are continuing to accelerate, with the GSEs displaying more aggressive timelines on early stage delinquencies. Last month, the Florida-based company tracked 282,528 newly initiated foreclosures. That’s 1 percent above the number of new foreclosure cases the […]
Continue reading...Report: More Than a Third of Americans OK with Strategic Default
20. September 2010
By: Carrie Bay With housing woes capturing front-page headlines in the United States, the odds of distraught homeowners becoming even more frustrated and opting to abandon their mortgage obligations has become a growing concern within the industry. Still-falling property values are pushing more homeowners underwater, and the social stigma attached to foreclosure is steadily eroding […]
Continue reading...Dodd-Frank Reform Act Includes Stricter Rules for Appraisals
1. September 2010
By: Heather Hill Cernoch The Dodd-Frank Financial Reform Act includes new appraisal management rules as well as stricter laws and firmer penalties for lenders. The bill’s appraiser independence standards will give lenders new options on managing appraisers, and lenders are scrambling to evaluate options to decide what will benefit their businesses. “With an October deadline […]
Continue reading...Housing Supply and Demand Won’t Balance until 2012:
31. August 2010
By: Carrie Bay Moody’s Investors Service says it expects home price appreciation to be “soft” for the next couple of years. The company says there were 1.8 million more vacant homes sitting on the market than what is considered the norm at the end of the second quarter. According to Moody’s, this imbalance of supply-and-demand, […]
Continue reading...LPS Reports a Jump in Foreclosure Starts in July
30. August 2010
By: Carrie Bay The Mortgage Bankers Association (MBA) offered the industry a ray of hope when it reported Thursday that foreclosure starts were down nearly 10 percent in the second quarter, but the brightness quickly faded when Lender Processing Services (LPS) released its own dataset. MBA’s numbers were based on data through the end of […]
Continue reading...Foreclosures and Late-Stage Delinquencies Drop
27. August 2010
By: Carrie Bay Foreclosure starts dropped during the second quarter and the inventory of homes in the process of foreclosure fell for the first time since 2006, the Mortgage Bankers Association (MBA) reported Thursday. Loans 90 days or more past due, the largest share of delinquent mortgages, also decreased. MBA Chief Economist Jay Brinkmann says […]
Continue reading...Chase Moves to Speed Loan Mod Evaluations
26. August 2010
By: Carrie Bay Chase, the consumer and commercial banking arm of New York’s JPMorgan Chase & Co. says it “remains committed to helping customers avoid foreclosure.” In an announcement issued Wednesday, the bank outlined several key initiatives it has undertaken to better serve borrowers who are struggling with their mortgage payments. Over the last 18 […]
Continue reading...Nearly Two-Thirds of Delinquent Mortgages Untouched: Study
25. August 2010
According to a new report from state attorneys general and bank supervisors from across the country, more than 60 percent of homeowners with seriously delinquent loans are still not involved in any form of loss mitigation with their servicer. The ratio is disconcerting considering the group also found that one of servicers’ primary loss mitigation […]
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28. March 2011
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