The Wall Street Journal broke a story last week that the AG group and major servicers are nearing agreement on a new plan that would allow under water mortgagees to refinance. The plan, reportedly, will not include any extensive principal forgiveness element, a strategy that has been a major roadblock for agreement on a robo-signing [...]
Lenders are now filing suit against each other in an effort to force buy back of mortgage-backed securities that have shown a high rate of default. The latest in the litigation spree is Well Fargo’s suit against JP Morgan Chase to force the latter to buy back $558 million in bad mortgage-backed securities. JP Morgan [...]
Troubled homeowners with a mortgage owned by Chase may qualify for some valuable benefits if they agree to a Short Sale rather than letting the home go into foreclosure. These homeowners for whom JPMorgan Chase is actually the lender, not just the servicer, may qualify for the Short Sale Outreach program where Chase will pay up to $30,000 and forego any deficiency in exchange for the homeowner agreeing to a Short Sale. The Lender promises to deal with this sale in an expedited fashion.
Each year Mortgage Daily ranks the largest mortgage originator and the largest mortgage servicer.
In 2009 the top originator was Wells Fargo, based in San Francisco. The mortgage arm of the bank, Wells Fargo Home Mortgage, is located in Des Moines, IA. Wells Fargo originated over $100 billion in loans during 2009. Bank of America is the second largest lender in loan originations.
The Treasury Department has taken Wells Fargo, Bank of America and JPMorgan Chase to task for their approach to distressed homeowners and their applications to the Home Affordable Modification Program (HAMP).
JP Morgan Chase has added 8,000 loan officers and other staff to help process loan modifications more quickly with the intention of significantly reducing the number of its loans that go into foreclosure.
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