twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from

Mortgage News Reprints
Put entire stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed stories free on your Web site or for your RSS reader.

News Archives
Archive of stories by month going back to 1999.

Press Releases
Reports and announcements from

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map
Servicing News | Servicer Ranking | Delinquency Statistics
Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.

Another Borrower-to-Renter Program Launched

Program available to distressed borrowers in hard-hit markets

Aug. 8, 2012

By staff

Distressed borrowers with negative equity have another alternative to foreclosure that lets them stay in their current homes. It's the second such program unveiled this year.

In March, Bank of America Home Loans launched "Mortgage to Lease," an invitation-only program for less than a thousand distressed borrowers in hard-hit housing markets located in Arizona, Nevada and New York.

The pilot enabled delinquent borrowers to avoid the humiliation of foreclosure while maintaining local social networks.

On Wednesday, CitiMortgage Inc. announced a similar program dubbed the Home Rental Program.

Distressed borrowers can stay in their homes by entering into a deed-for-lease home agreement and establishing a lease.

A new vehicle for the program has been established as a partnership by Carrington Capital and Oaktree Capital Management L.P. Carrington will service the loans, and Oaktree will act as investment manager for certain investment funds.

CitiMortgage kick started the program by transferring the ownership of loans in its portfolio through the sale of $158 million in mortgages to the Carrington-Oaktree partnership. The loans are secured by properties in Arizona, California, Texas, Florida, Nevada and Georgia.

Borrowers can qualify for the program if their loans were included in the portfolio sale and they cannot obtain a loan modification even though they can afford monthly rental payments. Their loan balances must exceed the value of their homes, and they must be 120 days past due.

Only owner-occupied properties are eligible.

BofA Tests Deed-in-Lieu Rentals
A new program being tested by Bank of America Home Loans on a limited number of delinquent mortgages would enable borrowers to hand over the titles to their properties but stay on as renters. The program could be expanded if it proves successful.

CitiMortgage profile

next story

back to current headlines

Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.

Logout forgot

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders