Large Mortgage Settlement at HSBC
HSBC Bank USA, N.A., agreed to a settlement valued at hundreds of millions of dollars over allegations of abuses in home lending, servicing and foreclosures.
Mortgage Loan Modifications Diminish
Fewer home loans were modified on a monthly basis, and the weaker activity hit both government and proprietary programs.
Only Half of TARP Housing Funds Disbursed
Less than half of the funds from the Troubled Asset Relief Program that were designated for housing assistance have actually been disbursed.
HAMP Drags Down Loan Modification Volume
A rise in monthly proprietary loan modification activity wasn't enough to offset a drop in the number of government-supported modifications completed.
HAMP Volume Up As Proprietary Modifications Slow
Servicers have completed fewer loan modifications for the each of the past five months, though there was an up tick in the volume of government modifications.
Over $1 Bil in Distressed Freddie Loans For Sale
More than $1 billion in distressed Federal Home Loan Mortgage Corp. home loans are being marketed for sale.
Loan Modifications Decline 4th Consecutive Month
The number of home loan modifications that have been completed has diminished each of the last four months and stands below the year-earlier level.
More Than $300 Mil in Distressed Freddie Loans Sold
The sale of more than $300 million in deeply delinquent Freddie Mac residential loans has been completed.
Servicers Maintain Modification Volume
Month-over-month loan modification volume was off ever so slightly, as was the case based on a year-over-year comparison.
Proprietary Modifications Up, But HAMP Slows
A bump in proprietary loan modification activity couldn't overcome a slump in modifications completed through the government's program.