During the President’s speech about the Jobs Bill a few weeks ago he mentioned that the Administration would soon have a rewrite of the HARP refinance rules in order to broaden the number of homeowners who could benefit from a refinance. There has been sufficient time for the Congressional Budget Office to conduct a thorough [...]
The U.S. Treasury Department’s latest report on the Home Affordable Modification Program (HAMP) shows that only 26,000 homeowners qualified for a permanent modification in August, the third month of declines in the number of HAMP-approved modifications. Another 26,500 qualified for a trial modification in the same month. The number of eligible homeowners has been steadily [...]
At the end of May Fannie Mae’s portfolio of mortgage loans was at $737.8 billion compared to $746.8 billion a year ago. Fannie Mae is required to reduce its mortgage portfolio even further before the end of the year as Congress ponders to overall fate of the GSEs. Fannie Mae also reported that in May [...]
Investigators are finding a significant amount of mortgage fraud in recent complaints about foreclosure rescue services. Cases coming out of California are disproportionately high compared to the number of foreclosures now reported in this state. The Homeownership Preservation Foundation has a website that lists a hotline number for homeowners who believe they have been approached [...]
The federal government has from time to time examined the question of whether bankruptcy judges should be given the authority to modify mortgages as part of a bankruptcy settlement. The Helping Families Save Their Homes Act of 2009 included such a provision, but that provision was removed after a firestorm of criticism was received by Congress. So far, no legal authority for judges to cram-down mortgages in the course of a bankruptcy has been given.
CoreLogic reported that residential repossessions and properties nearing repossession decreased in January 2011 from 2 million to 1.8 million units. Because home sales have slowed in recent months the drop in units will still take about the same amount of time to clear, estimated by CoreLogic at 9 months.
The Federal Housing Finance Agency has announced a one year extension on the Home Affordable Refinance Program (HARP) until June 30, 2012. The program which was begun in March 2009 allows homeowners to refinance out of negative equity into lower fixed interest rates. Fannie Mae and Freddie Mac will allow HARP refinancing to be exempt from recently announced price adjustments.
The Securities and Exchange Commission has sided with five New York City pension funds in calling for independent audit of bank foreclosure procedures. In November the pension funds filed shareholder petitions with several of the largest banks including Bank of America, Wells Fargo, JP Morgan Chase and Citigroup calling for independent audit.
The Attorneys General of several states have sent a letter to Iowa AG, Tom Miller, who is spearheading the effort to review wrong-doing in the robo-signing controversy protesting that forced loan assistance is “largely unrelated to the foreclosure document issue.” The AGs concerned about the linking of assistance remedies with those having to do with documentation procedures are all Republicans from the states of Virginia, Texas, Florida and South Carolina.
Mortgage Daily noted in its latest quarterly report that mortgage litigation is up around 42% in the 4th quarter of 2010 compared to the previous quarter. Lawsuits over loan modifications tripled in Q4. Investor lawsuits doubled. Given the lack of agreement on whether the mortgage industry has really resolved the foreclosure documentation crisis the wave [...]
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