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

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com 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 MortgageDaily.com.

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

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

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

Press Releases
Reports and announcements from MortgageDaily.com.

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.

Foreclosure News | Foreclosure Resources | Foreclosure Prevention Guide

Hopeful Signs in Foreclosure Battle

HOPE NOW reports record workouts

July 30, 2008

By MortgageDaily.com staff


A new report indicated quarterly delinquency and foreclosures worsened. But the same report also indicated monthly foreclosure activity improved, subprime delinquency improved and quarterly and monthly workouts reached a record.

Second-quarter residential delinquency of at least 60 days was 3.32 percent, HOPE NOW reported today. Delinquency rose from 3.19 percent in the first quarter and 2.21 percent during the second quarter 2007.

The quarterly figure is an average of monthly data.

Delinquency on just prime loans rose to 1.92 percent from 1.78 percent in the first quarter. But subprime delinquency fell 1 basis point to 13.27 percent.

For just June, total delinquency was 3.45 percent, rising from 3.28 percent in May.

Foreclosures started in the latest quarter were 573,000, rising from 526,000 in the first quarter and 314,000 a year earlier. The number of completed foreclosure sales were 246,000, up from 203,000 in the prior period and 117,000 during the prior year.

HOPE NOW said 522,000 second-quarter workouts were completed -- the highest level ever. Workouts rose from 482,000 in the first quarter and 339,000 a year earlier.

Workouts are comprised of modifications to the terms of existing mortgages and new repayments plans.

"All workouts are intended to be permanent changes that, barring a life-changing event such as a job loss, death, or illness, will allow a homeowner to stay in the home as long as he or she wishes to do so," the Washington, D.C.-based group said.

For June, 186,000 foreclosures were started, falling from 192,000 in May. Completed foreclosures were 81,000, also falling from May when there were 85,000.

Foreclosures prevented during June were an estimated 181,000 industry-wide -- also a record, HOPE NOW's data indicated. The number of workouts rose from 167,000 in May.

Around 105,000 of June workouts were repayment plans, while approximately 76,000 were loan modifications. About half of subprime workouts were loan modifications.

The group estimates 1.9 million foreclosures have been prevented since it was established in July 2007.

HOPE NOW -- a private-sector alliance of mortgage servicers, counselors, and investors -- also reported that of the estimated 928,000 subprime hybrid adjustable-rate mortgages scheduled to reset between January 1 and June 30, less than 1 percent have defaulted and started the foreclosure process. In addition, 57,000 of those loans have already been modified, and 382,000 have refinanced or sold their properties.

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.



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

MBS

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