More and more people out there are not paying what they owe, whether it’s the mortgage check for this month or a home equity loan from a couple of years ago when they were feeling flush enough to splurge on cars, boats or whatever they wanted.
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Are there no consequences?
One foreclosure expert says they seem to come only from ”the [...]
Why so many are playing debt ‘roulette’ is a post from: Mortgage Insider
According to DataQuick’s monthly report for Orange County housing for February …
The number of defaults — first step to foreclosure — was 1,775 – that’s +13.8% vs. the previous month and -35.3% vs. a year ago.
Homeowners losing their homes through foreclosure numbered 600 – that’s -9.4% vs. the previous month and -22.1% vs. a year ago.
Other Orange County lending stats for last month, including the [...]
O.C. mortgage defaults up 13.8% is a post from: Mortgage Insider
Lennar Corp. announced today that it is acquiring a 40 percent interest in two portfolios of loans with an unpaid balance of $3.05 billion from the Federal Deposit Insurance Corp.
A subsidiary of Lennar, Rialto Capital Advisors, will conduct the day-to-day management and workout of the portfolios. The two portfolios include approximately 5,500 distressed residential and [...]
Lennar acquiring distressed mortgages is a post from: Mortgage Insider
The Internet continues to reverberate with the weekend’s news that the Mortgage Bankers Association has sold its Washington, D.C., headquarters for about half of what it paid for the high-rise three years ago.
According to the Wall Street Journal, the industry trade group sold its $79 million headquarters on Friday for $41.3 million, or 48 percent [...]
Mortgage bankers HQ now a short sale? is a post from: Mortgage Insider
I missed this yesterday from Bank of America:
Bank of America announced that it is the first mortgage servicer to sign an agreement formally committing to participation in the pending second-lien component of the federal government’s Home Affordable Modification Program (HAMP). The formal action follows a verbal commitment to the program made by Bank of America’s [...]
Fitch Ratings said today that delinquencies on commercial real estate loans that are backing mortgage securities known as CMBS closed 2009 at 4.71%.
“Though delinquencies have increased approximately five times from a year ago, they may not peak until 2012,” said Managing Director Mary MacNeill. “An increased amount of loans are coming due over the next [...]
I’ve been writing on this blog that housing short sales may become more popular this year as loan modification programs fail to help as many struggling homeowners as once hoped.
In a short sale, a homeowner sells for less than outstanding mortgage debt on a property.
In a recent story I wrote for the Register’s Sunday Business [...]
Latest in bad debt dumping from National Mortgage News:
The Federal Deposit Insurance Corp. is contemplating securitizing at least $10 billion of delinquent and underperforming whole loans belonging to failed banks in the first quarter, according to investment banking sources who have been briefed about the plan. These sources, requesting their names not be used, said [...]
Bloomberg reports:
The Federal Deposit Insurance Corp. barred the former controller of New Century Financial Corp., once the third-largest subprime lender, from working as a contractor for the agency after he was sued for alleged securities fraud, a person familiar with the matter said.
David Kenneally worked until this week at Mir Mitchell & Co., an Irving, [...]
Here’s what we know so far about the Obama administration’s loan modification program:
JPMorgan Chase said as of November 30 it has offered 199,033 loan modifications this year to homeowners under the plan, known as Home Affordable Modification Program, or HAMP. Of those, just 2% have completed the mod process. (Download the presentation HERE.)
And the company [...]
