Proprietary Loan Modification Volume Surges
An acceleration in the monthly number of proprietary loan modifications completed more than offset waning government-funded activity.
Making Home Affordable Programs Extended
Two crisis-era programs that have the government funding mortgage refinances and loan modifications will be extended by a year.
Requirements Stiffened on FHA Distressed Loan Sales
Changes being made to a program to sell distressed mortgages insured by the Federal Housing Administration extend the amount of time investors must wait to liquidate the assets.
Loan Modification Activity Slows
Fewer home loans were modified on a monthly basis, and the decline hit both proprietary modifications and government-supported modifications.
Ocwen Says RMBS Investors Seek Less Borrower Relief
In a letter to trustees on residential mortgage-backed securities, Ocwen Financial Corp. claims that allegations of its non-performance are an attempt by investors to thwart efforts to assist distressed borrowers.
Loan Modification Volume Down
The volume of residential loan modifications started the new year off at a slower pace. Both proprietary and government-supported modifications declined.
Modification Activity Down 4th Year in a Row
For four consecutive years now, mortgage servicers have completed fewer loan modifications than they did in the previous year.
FHFA Has Yet to Approve Principal Reduction
When Melvin L. Watt took over as head of the Federal Housing Finance Agency, many expected him to swiftly move to enable principal reduction for underwater borrowers.
Proprietary Modification Volume Slows to Crawl
It's been at least five years -- and likely even longer -- since the number of proprietary loan modifications has been this low.
Nearly $14 Billion in TARP Funds Used for Housing
While the government has earned more than $16 billion from its investments in banks during the financial crisis, housing programs have so far cost it nearly $14 billion.