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Improvement in Delinquency Driven by Mods
A just-released ratings agency report indicates that loan modifications are having a positive impact on residential delinquency.
Delinquency has declined for many subprime residential mortgage-backed securities issued from 2005 to 2007, Moody's Investors Service reported.
Serious delinquency for the vintages was down around 2.5 percent in the first half of this year.
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American Home Sued Over Servicing Practices
A lawsuit filed by the Texas attorney general alleges violations of the state's mortgage servicing laws byinsurance and taxes even though they didn't owe such expenses. The company allegedly stalled modifications in order to generate income.
HAMP Activity Fading
After peaking a few months ago, the pace of government loan modifications has slowed considerably. But as servicers weed out ineligible loans, the conversion ratio continues to improve.
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Half of HAMPs Cancel
Half of all government loan modifications started have canceled, according to the latest government report that showed a decline in the monthly volume of permanent modifications. The fallout is tied to borrowers who either didn't qualify or missed trial payments.
1-in-3 U.S. Mods Done by BofA
TAMPA -- The top executive at Bank of America Corp. says that one out of every three permanent modifications in the country are now done by his company. In an interview, he also talked about how the company has weathered the economic crisis.
HAMP Disparities Between Servicers
A new government report indicates that borrowers who are trying to modify their loans under the Home Affordable Modification Program are receiving different treatment from different servicers.
$1.5 Billion Borrower Bailout Fund
The Obama administration has approved funding for five hard-hit states from a $1.5 billion bailout fund for borrowers.
Bank Delinquency Better, Foreclosures Worse
A new report on financial institutions indicated foreclosures deteriorated, though an improvement was reported in the rate of loan delinquency and the rate of re-defaults on loan modifications. Prime mortgages saw the biggest increase in repossessions.
CitiMortgage CEO Downplays Role of Negative Equity
CitiMortgage Inc. has stepped in to provide modifications itself for borrowers who don't qualify for the Home Affordable Modification Program. The company's chief says negative equity has much less to do with defaults than affordable payments, and he weighed in on the moral obligation of borrowers to repay their loans.
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