Loan Modification Activity Fades
The volume of mortgage loan modification activity was down on a month-over-month basis and tumbled on a year-over-year basis.
Proprietary Activity Drives Rise in Loan Modifications
The monthly volume of loan modifications that were completed edged up, though not much. The gain might have been stronger if it weren't for drop in government-supported activity.
PHH Challenging Huge Award in Modification Lawsuit
A PHH Corp. mortgage unit is challenging a huge jury verdict in a lawsuit alleging that it botched a loan modification for a California borrower.
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.