A foreclosure agency suggested borrowers may be more encouraged to strategically default due to the expectation that little will be changed when it comes to policies on housing and the economy. Strategic default occurs when a borrower stops making mortgage payments on a property he or she can afford. Typically, strategic defaulters are also underwater. … Continue reading YouWalkAway Explores Politics of Strategic Default
Month: November 2012
BofAML: Ocwen, Nationstar may develop mortgage lending platforms
Ocwen Financial ($34.66 0%) and Nationstar Mortgage Holdings ($29.36 0%) could develop mortgage lending platforms in 2013-2014, a Bank of America Merrill Lynch ($9.76 0%) analyst predicted in a conference call on Wednesday. While Ocwen and Nationstar are known for servicing, BoAML senior financial services analyst Ken Bruce predicts mortgage originations will become a "much … Continue reading BofAML: Ocwen, Nationstar may develop mortgage lending platforms
Rekon’s Lien Release Software Sees Increased Short Sale Use
Lien release backlogs likely as short sales increase; servicers face recording challenges as GSE guidelines effective November 1 make the short sale process easier and speedier By Rekon Technologies Rekon Technologies Last modified: 2012-11-27T15:36:06Z Published: Tuesday, Nov. 27, 2012 - 7:35 am Copyright 2012 . All rights reserved. This material may not be … Continue reading Rekon’s Lien Release Software Sees Increased Short Sale Use
Out-of-sync mortgage laws create housing recovery hurdle
Mortgage laws vary state by state creating a convoluted process that is stalling a full housing recovery, a new study from the W.P. Carey School of Business at Arizona State University said this week. The study suggests states with relatively short foreclosure processes have since moved on from the housing crisis, while states with foreclosure … Continue reading Out-of-sync mortgage laws create housing recovery hurdle
FHA splits REOs from pre-foreclosures
The audit for the Federal Housing Administration found the mutual insurance fund short a projected $13.48 billion. However, it could have been worse, if not for the separation of REOs and pre-forelcosures on FHA books. Capital resources for the year was negative $2.34 billion, which was impacted by five factors including an estimated decrease of … Continue reading FHA splits REOs from pre-foreclosures
Freddie Mac Offers Winter Bonus to Agents Who Sell Its Homes
Agents who sell HomeSteps homes, or Freddie Mac-owned residences, are eligible for winter bonuses. Freddie Mac announced it will pay a $1,000 bonus to a selling agent and $500 to listing agents as part of a winter promotion. The promotion lasts until February 28, 2013 and is applicable in 20 states. To be eligible for … Continue reading Freddie Mac Offers Winter Bonus to Agents Who Sell Its Homes
BofA offers 30,000 borrowers $4.75 billion in principal reductions
Bank of America ($8.99 0%) approved 30,000 mortgage customers for principal reductions on first-lien mortgages with a total value of $4.75 billion as part of its consumer-relief mandate under the national mortgage servicing settlement program. Bank of America executives participated on a teleconferenced update to the settlement. They said that, through September, BofA completed or … Continue reading BofA offers 30,000 borrowers $4.75 billion in principal reductions
Falling REO inventory dries up foreclosure discounts
Falling REO inventory dries up foreclosure discounts By Kerri Ann Panchuk • November 12, 2012 • 4:35pm Some metro areas across the U.S. are experiencing steep discounts on foreclosed properties – upwards of 27% in some cases – but the overall mark-down is not as deep as it seems, Zillow said in a new report. … Continue reading Falling REO inventory dries up foreclosure discounts
September mortgage delinquencies higher: LPS
The national mortgage delinquency rate rose 7.7% from August to September, making it the largest monthly late payment increase in four years, according to Lender Processing Services. LPS made that conclusion in the company's September Mortgage Monitor report. The data analytics firm punctuated its research with a note saying the recent rise in delinquencies still … Continue reading September mortgage delinquencies higher: LPS
Fannie Mae pleased with REO bulk sale pilot
Chief Financial Officer Susan McFarland of Fannie Mae spoke with HousingWire about the government-sponsored enterprise third quarter results and its REO bulk sale pilot. The pilot is deemed a success and Fannie Mae may plan on using bulk sales to resolve more REOs. McFarland would not give specifics, but added that it is keeping REO … Continue reading Fannie Mae pleased with REO bulk sale pilot
The Law Office of Beth Mann, P.C. 