If the top-20 servicers are turning over their distressed loans at a 3.9% clip, that's a 25-month supply on average (and a boatload of free rent!). From HW: Carrington Mortgage Services liquidates distressed loans faster than any other subprime servicer, according to...
From HW: Bank of America converted 3,559 trial mods into permanent status through the Home Affordable Modification Program in August, down 18.6% from the 4,300 done July and less than half the amount done in June. BofA has totaled 79,859 permanent HAMP mods through...
From HW: Guidance for dealing with Fannie Mae and Freddie Mac is not included in the recently passed Dodd-Frank Act, and Edward DeMarco, acting director of the Federal Housing Finance Agency, which oversees the government-sponsored entities (GSEs) says there is no...
From HW: The amount of REO properties held by Citigroup reached $1.4bn in Q210, an 81% increase from the same time last year. In the second quarter of 2009, Citigroup held $789m in REO in North America. The latest total is a 10% increase from the $1.2bn in North...
Hat tip to MB, from the WSJ: Fitch Ratings forecasts that most borrowers who get lower mortgage payments under a federal government program will default within 12 months. Among those with loans that aren't backed by any federal agency, the redefault rate within a year...
NEW YORK (CNNMoney.com) -- Pressure is mounting on loan servicers and investors to reduce troubled homeowners' loan balances...but the two largest owners of mortgages aren't getting the message. Fannie Mae and Freddie Mac, which are controlled by the federal...
Hat tip to shadash, who is fuming: Bank of America wants to give struggling mortgage customers who are collecting unemployment benefits up to nine months with no mortgage payment. That's right. Zero payment. Customers would have to agree that, if they haven't found a...
From the W-S-J: After losing her condo in San Diego to foreclosure last year, Charissa Kolich thought that at least she was free of mortgage bills. But Wells Fargo & Co., which holds a home-equity loan made five years ago to Ms. Kolich, last month filed a lawsuit...
