In late March, HousingWire reported the Federal Housing Finance Agency would expand its suite of mortgage modification tools for Fannie Mae and Freddie Mac servicers. As of July 1st, the Streamlined Modification Initiative is in effect, in order to encourage servicers...
Bank of America Corp. has amassed $64 billion of mortgages that are at least six months delinquent and have yet to enter foreclosure, more than twice the amount held by its four largest competitors combined. The loans are monitored as part of February’s $25 billion...
From HW: Borrowers will likely stay current on their mortgage after a principal write-down whether they share future equity returns with the bank or not, according to new shared appreciation program data. Select borrowers can receive a principal reduction from Ocwen...
From NMN: The Senate Finance Committee approved a bipartisan bill before summer recess that would extend the Mortgage Forgiveness Debt Relief Act through 2013. The debt relief law spares homeowners who receive principal reductions on their mortgages from being hit...
An excerpt from this article in HW: To provide relief more quickly under the settlement, Chase executives are addressing the borrower fatigue with a letter sent to borrowers notifying them that their loan was refinanced into a new mortgage with a lower interest rate....
Hopefully this will signal the winding down of the government's bailout attempts - maybe just another year or two of flailing? From HW: Mortgage servicers started just 16,321 three-month Home Affordable Modification Program trials in June, the fewest since the...
From the latimes.com: WASHINGTON — After a lengthy review, a key federal regulator said Tuesday he would not allow Fannie Mae and Freddie Mac to lower the amount some underwater homeowners owe on their mortgages despite new financial incentives from the Obama...
This is excerpted from the wsj.com and includes the paragraphs on how profits are determined. The homeowner is left at 100% LTV, old investors lose their shorts, new investors make 20% to 30%, and the guy who thought of it rakes in 4-5 points per deal: Tapping the...
From MND: California's proposed Homeowner Bill of Rights, originally proposed by the state's attorney general Kamala Harris and covered here has been modified extensively following what the Center for Responsible Lending (CRL) calls six weeks of intense negotiation...
Are government programs finally starting to solve the housing crisis? From HW: The number of refinanced Fannie Mae and Freddie Mac mortgages nearly doubled in the first quarter as the largest banks launched the expanded Home Affordable Refinance Program. Servicers...
