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

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

GSEs expected to unload delinquent loans after Treasury change

Analysts expect Fannie Mae and Freddie Mac to begin unloading more distressed mortgages from their portfolios after the Treasury Department accelerated their wind down. Both government-sponsored enterprises will now be required to cut their retained portfolios by 15% annually over the next several years until hitting $250 billion. Treasury increased this from a 10% annual … Continue reading GSEs expected to unload delinquent loans after Treasury change

Treasury aims to speed up Fannie, Freddie payback

The Treasury Department directed Fannie Mae and Freddie Mac to come up with a plan to replace their quarterly dividend payment with all profits going forward. The government-sponsored enterprises can only pay a 10% quarterly dividend on the preferred stock the government owns, according to its conservatorship agreements. As they begin to earn profits again, … Continue reading Treasury aims to speed up Fannie, Freddie payback

HOPE NOW Reports 385K Loan Mods in First Half of 2012

The first half of 2012 saw more than 385,000 permanent loan modifications for struggling homeowners, HOPE NOW reported Tuesday. The voluntary, private sector alliance of mortgage professionals and non-profit counselors released its June 2012 data, showing that 385,468 homeowners received permanent loan modifications for the first half of the year. This statistic brings the total … Continue reading HOPE NOW Reports 385K Loan Mods in First Half of 2012

Freddie Mac: Shadow Inventory Unlikely to Bring Down Prices

Freddie Mac isn’t afraid of shadows. The GSE released its U.S. Economic and Housing Market Outlook for August on Wednesday, examining recent trends in home price indices and speculating on the impact of shadow inventory on home prices. The Freddie Mac Home Price Index (HPI) for the country showed a 4.8 percent gain in the … Continue reading Freddie Mac: Shadow Inventory Unlikely to Bring Down Prices

Fannie Mae to end foreclosure mediation program in Florida

Fannie Mae will no longer require mortgage servicers and attorneys in Florida to determine whether a borrower is eligible for a meeting with the bank before filing a foreclosure beginning in October. The government-sponsored enterprise developed the policy in August 2010 after the Florida Supreme Court required servicers to meet with delinquent borrowers in active … Continue reading Fannie Mae to end foreclosure mediation program in Florida

FHFA Expresses ‘Significant’ Concern Over Eminent Domain Proposal

FHFA issued a notice Wednesday to warn of the controversial use of eminent domain recently proposed in San Bernardino County. In San Bernardino County, officials are considering the use of eminent domain to seize underwater mortgages. The mortgages would be taken at fair market value, and then restructured into new loans with terms reflecting the … Continue reading FHFA Expresses ‘Significant’ Concern Over Eminent Domain Proposal

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