CoreLogic has estimated that there slightly over 11 million home mortgages that are under water as of the fourth quarter of 2010. The under water mortgage number is 3% ahead of the 3rd quarter of 2010 and represents about 23.1% of all U.S. homes.
The Office of the Comptroller of the Currency, represented by acting Comptroller, John Walsh, has also broken rank with the Administration on the subject of the payouts being levied on the lenders caught in the robo-signing scandal.
In a speech before the Midwest Housing Finance Conference in Park City, Utah Federal Reserve Governor, Sarah Raskin, said that servicers must do more to improve the sagging housing market, especially in communities that have been hit heavily by foreclosure. She cited the failure of the housing market to recover as the single biggest drag on the economy right now.
The HOPE NOW alliance of major lenders just celebrated its fourth year of helping homeowners to modify their loans. A total of 1.65 million homeowners have received loan modifications through November 2010.
The new Fannie Mae WaysHome page helps homeowners decide what to do when they begin to have trouble paying the mortgage. Users are presented with different roles that they can play in an interactive movie about different kinds of distress situations. If the homeowner is not sure which situation is closest to their own they [...]
The December HAMP Scorecard shows that the major loan servicers have failed to act on 266,136 delinquent mortgages. These loan modifications have either been canceled out of trials or failed to qualify for a modification as of October. The backlog has increased 22% since the first report on failed trials and loan modification requests in July. As of October 1.5 million loans have either failed to go past trial or never qualified in the first place.
In a settlement with California’s Attorney General, Jerry Brown, Wells Fargo agreed to earmark $2 billion for mortgage modifications for nearly 15,000 California homeowners. Another $32 million will be paid out to approximately 12,000 homeowners who have had their Wells Fargo home loans foreclosed.
The data is in on the third quarter Foreclosure Prevention & Refinance Report from the Federal Home Finance Agency.
In Q3 Fannie Mae and Freddie Mac initiated 339,000 foreclosures while the GSEs worked out 146,500 loan modifications. Foreclosure proceedings increased 23% over the previous quarter while loan modifications fell 14%. The majority of the loan modifications were non-HAMP.
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