While principal reductions, loan workouts and loan modifications have not slowed the rate of foreclosure from bursting the “housing bubble”, the FHA has posted better than average numbers on their home loans. The FHA is the “only game in town” … Continue reading
08/24/2010 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. … Continue reading
08/23/2010 Despite the continued efforts of mortgage giants Fannie Mae and Freddie Mac to find sustainable workout solutions for delinquent borrowers – and the fact that their loan modification activity has indeed increased significantly this year – the analysts at … Continue reading
08/12/2010 When the Treasury Department released its latest progress report for the Home Affordable Modification Program (HAMP) in late July, it showed the redault rate for permanently modified loans to be around the two percent mark – 5.9 percent 60 … Continue reading
08/19/2010 The number of “permanent” Home Affordable Modification Program (HAMP) mortgage modifications completed by Bank of America through July has reached more than 76,000; a number that BofA claims continues to lead the industry. In addition, nearly 100,000 Bank of … Continue reading
The U.S. housing market continues to send mix signals. More homes continue to enter foreclosure but the number of homeowners carrying so-called “under water mortgages,” declined in the second quarter, Zillow.com reported Monday. 21.5% of homeowners owed more on their … Continue reading
08/19/2010 About half of the loans held by Fannie Mae and Freddie Mac come from the nation’s four largest banks – Bank of America, JPMorgan Chase, Wells Fargo, and Citi. Lately, the GSEs have become more aggressive in forcing originators … Continue reading
08/18/2010 The industry has completed about 975,000 permanent loan modifications so far in 2010, according to estimates released this week by the HOPE NOW Alliance. While critics of the loan modification program are abundant, the programs will obviously help more … Continue reading
Congress has just come up with an extra $1 billion to help people who can’t pay their mortgage because of unemployment or a medical problem. Under this new Emergency Mortgage Relief program, eligible homeowners who are at least three months … Continue reading
08/13/2010 Foreclosure activity in California was again mixed last month, according to a locally based firm that tracks every foreclosure action in the state, ForeclosureRadar. The company’s latest California market report shows that foreclosure filings and cancellations dropped in July … Continue reading