Former Fannie IT Employee Admits Sabotaging HAMP
A former employee of the Federal National Mortgage Association has admitted to accessing company computers after he was fired and sabotaging the website for loan modifications.
Modification Activity Continues to Wind Down
With more home loans moving out of the distressed category and the country's collective home-equity position improving, mortgage servicers are completing fewer loan modifications.
SunTrust Settlements Surpass $1 Billion During Past Month
A second settlement in the past 30 days between SunTrust Mortgage Inc. and the U.S. government brings to more than $1 billion the amount it has agreed to pay to resolve allegations of poor lending practices. The latest agreement addresses mishandled modifications.
Reporting Errors Jeopardize Wells' Servicer Rating
Reporting errors by a unit of Wells Fargo & Co. on residential mortgage-backed securities has prompted a warning about its master servicer rating.
GSE Loans, HAMPs Performing Best at Banks
Among all home loans serviced by banks and thrifts, government-sponsored enterprise loans are performing the best. Government-subsidized modifications are performing better than proprietary ones.
HAMP, HARP Programs Extended
The Obama administration's Making Home Affordable initiative is being extended. In addition, the administration is taking steps to reignite non-agency securitizations.
Loan Modification Volume Retreats
Fewer borrowers received permanent loan modifications during the latest month, and the slowdown hit both proprietary programs and government-funded modifications.
Bizarre Countrywide Episode Brought to a Conclusion
A borrower who six years ago requested a loan modification from Countrywide Home Loans and mistakenly received a rude response from its then chief executive officer is finally getting that modification.
FHFA, GSEs Sued by Massachusetts
Following through on her threat to use litigation to force Fannie Mae and Freddie Mac to write down principal on distressed loans in her state, Massachusetts' attorney general has filed a lawsuit.