In an effort to make refinancing available to more homeowners Freddie Mac announced that it would no longer require homeowners to have credit scores of 620 or higher as long as the loan is current, the LTV at 80% or higher, and the refinance is being completed with their existing lender. The new rule became [...]
Even though 2011 home values dropped an average of 5.1% and prices fell in 302 of 384 housing markets tracked by the Fiserv Case-Shiller Indexes, the picture should get considerably brighter as housing approaches 2013. Fiserv’s chief economist, David Shiff, believes that the housing market will see greater stability in 2012 than in the past [...]
In December, the U.S. House approved a 2 month extension of the payroll tax break in order to avoid a 2% New Year tax boost on millions of workers that would have impacted the GDP negatively by nearly 1%. The agreement comes at a price to those who sign up for a new mortgage or [...]
A couple weeks ago Freddie Mac announced that it would extend the terms of forbearance agreements in order to help more unemployed families to stay in their homes. This past week it was Fannie Mae’s turn to help out the unemployed families in homes backed by its mortgages. According to Fannie Mae’s servicing guidelines the [...]
CNBC’s Diana Olick reports that foreclosures are requiring more time to be completed than ever. Lender Processing Services (LPS) has tracked the average time from first delinquency to foreclosure at 631 days. The differences are stark between non-judicial and judicial foreclosure states. The non-judicial states have half the inventory and move the process along at [...]
According to a report by Moody’s four servicers, CitiMortgage, GMAC, Wells Fargo and Ocwen, outperform major competitors in loss mitigation with distressed homeowners. In particular they beat out Bank of America and JP Morgan Chase in many loss mitigation areas that were examined during the period June 2010 through June 2011. Bank of America and [...]
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 [...]
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