Permanent Loan Modifications Difficult To Achieve

The Making Home Affordable Program has begun trial modifications for more than 650,000 eligible borrowers since being launched in February.  According to data released by the Treasury Department, 1 in 5 eligible homeowners has enrolled in the program.  Almost 900,000 borrowers have been offered trial modification plans and servicers have distributed over 2 million request [...]

Making Home Affordable?

A new study out from the Federal Reserve Bank of Boston concluded that “lenders expect to recover more from foreclosure than from a modified loan”. The reason?  Only about 30% of homeowners that fall behind on their mortgage payments are able to start paying again without lender intervention.  When loans are modified, 30% to 45% [...]

Democrats Say Lenders Are Falling Short

Four U.S. Democrats introduced legislation on Wednesday that would slow record high foreclosure rates and stabilize the housing market. “This bill will force lenders to modify qualified mortgages, create a homeowners assistance program and give states a bigger role in mediation efforts, says Senator Dick Durbin (D), adding, voluntary efforts to keep families in their [...]

Mortgage Delinquencies Continue to Increase

The Office of the Comptroller of the Currency and the Office of Thrift Supervision report that mortgage delinquencies are still rising, and re-defaults of modified mortgages are high and rising quickly. The report covers two-thirds of all U.S. mortgages. Over 40% of loan modifications are at least 2 months delinquent within 8 months. 32% the [...]

« Previous Page

• Sponsor

• Recent Posts

  • Lenders Want More Credit Information
  • Federal Reserve Targets Big Banks
  • The Impending Reform of Fannie Mae and Freddie Mac
  • Tax Credit Helps Homes Sales Increase
  • Baltimore Sues Wells Fargo, NAACP Backs Off

• Archives

  • 2011
  • 2010
  • 2009
  • 2008

• Blogroll

  • Debt Consolidation Solutions
  • Mortage Lenders