Completed Foreclosures Decline But Remain At Double Pre-Recession Levels

While completed foreclosures on residential homes totaled 40,000 for April and have been steadily falling monthly for the last four years, they are still nearly double their pre-recession average per month, according to CoreLogic's April 2015 National Foreclosure Report released Tuesday. Completed foreclosures, which are a measure of homes actually lost to foreclosure, declined by … Continue reading Completed Foreclosures Decline But Remain At Double Pre-Recession Levels

Representative Waters Asks HUD For More Transparency For Non-Borrowing Spouses on HECMs

U.S. Representative Maxine Waters (D-California) has written a letter to Department of Housing and Urban Development (HUD) Secretary Julián Castro asking for relief and more transparency for seniors participating in HUD's Home Equity Conversion Program (HECM). At the center of the issue is the fate of surviving non-borrowing spouses upon the death of the last … Continue reading Representative Waters Asks HUD For More Transparency For Non-Borrowing Spouses on HECMs

More than 1 million HAMP mods canceled

The 1 millionth Home Affordable Modification Program trial or permanent workout failed in July, according to the latest Treasury Department data released Thursday. A total of 770,834 borrowers failed to finish either a three-month trial or were determined to not qualify for the program from June 2010 through July 2012. Another 229,185 permanent modifications redefaulted … Continue reading More than 1 million HAMP mods canceled

Foreclosures edge up 1% on delays in judicial foreclosure states

Foreclosure filings on U.S. properties edged up 1% from July to August as stalled default activity in judicial foreclosure states caught up to borrowers in late summer, RealtyTrac said. The Irvine-Calif.-based company discovered 193,508 default, auction and bank repossession notices on U.S. properties in August. That's up 1% from July, but still 15% below August … Continue reading Foreclosures edge up 1% on delays in judicial foreclosure states

Ocwen reduces principal on old Saxon mortgages

Billions worth of mortgages once handled by Saxon Mortgage Services received more principal write downs since Ocwen Financial Corp. ($26.24 0%) took over the portfolio. Ocwen, now the largest subprime servicer in the U.S., completed its October 2011 acquisition of Saxon from Morgan Stanley ($17.08 0%) in April 2012. More than $22 billion in mortgages … Continue reading Ocwen reduces principal on old Saxon mortgages

Houses selling faster: National Association of Realtors

The amount of time it takes to sell a home is shrinking, according to a new measure by the National Association of Realtors. For traditional sellers, it’s in the range of historic norms, below the peak levels attained in 2009. The median time a home was listed for sale was 69 days in July, down … Continue reading Houses selling faster: National Association of Realtors

REO Saturation Rate Falls for First Time in 2012: Clear Capital

While home prices remained little changed, the REO saturation rate fell for the first time this year, according to Clear Capital’s Home Data Index Market report, which included data to the end of August. The REO saturation rate, which calculates the portion of REO sales relative to total sales, slipped 6.4 percentage points from the … Continue reading REO Saturation Rate Falls for First Time in 2012: Clear Capital

Congress will consider raising guarantee fees even more

Congress will consider raising the guarantee fees Fannie Mae and Freddie Mac charge to lenders in order to pay for tax cuts and avoid the coming fiscal cliff. Lawmakers voted last year to raise g-fees in order to pay for a previous round of tax cuts. The Congressional Budget Office estimated at the time the … Continue reading Congress will consider raising guarantee fees even more

Chase offers no doc refis, principal reduction

JPMorgan Chase ($36.30 0%) went from fast-tracking foreclosures to rubber stamping and pre-approving some borrowers for refinances and even principal reduction. The five largest mortgage servicers signed a $25 billion deal with federal prosecutors and 49 state attorneys general in March to settle foreclosure abuses and documentation problems in the past. Chase agreed to provide … Continue reading Chase offers no doc refis, principal reduction

Deadline to Request Independent Foreclosure Review Extended Again

The deadline to request an Independent Foreclosure Review got its second extension in less than two months. On June 21, the deadline was pushed back from  July 31 to September 30, 2012. Now, borrowers have until until December 31, 2012 to request a foreclosure review, the Office of the Comptroller of the Currency (OCC) and … Continue reading Deadline to Request Independent Foreclosure Review Extended Again