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Home | News | Loss Mitigation

Freddie Mac Auctions Off First-Ever Extended Timeline Pool Offering of NPLs

seal-on-money

-+*EXPOs differ from Freddie Mac's Standard Pool Offerings in that the loans include smaller pool sizes and a longer marketing period. Freddie Mac is targeting smaller investors with its EXPO auctions, which are intended to give these investors extra time to secure funding to participate in the NPL sales. Freddie Mac began marketing the pool of loans on April 21 and encouraged private investors, minority- and women-owned businesses, non-profits, and neighborhood advocacy funds to bid in the auction, subject to meeting bidder qualification requirements.

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Freddie Mac Lists Steps To Help Distressed Borrowers Avoid Foreclosure Relief Scams

Checklist

-+*One of the steps Freddie Mac lists for borrowers to take in order to avoid being the victim of a scam is, first and foremost, calling your servicer. The borrower's servicer is the only one who can modify the mortgage or finalize a loss mitigation plan – anyone other than the servicer who professes the ability to do so is a scammer, especially if they require the payment of an upfront fee.

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Counsel’s Corner: Defending Against Litigation Stemming From New Loss Mitigation Rules

Counsel's Corner

-+*Counsel's Corner is an ongoing series in which DS News talks with default servicing attorneys around the country about the most pressing issues facing the default servicing industry. This installment features Luke Sosnicki from Dykema's Los Angeles office, discussing RESPA’s new loss mitigation rules implemented by the Consumer Financial Protection Bureau in January 2014 and resulting litigation around those rules.

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Freddie Mac Expert Discusses Options for Struggling Borrowers

avoid-foreclosure

-+*Today, Freddie Mac receives about one tenth of the amount of calls it was receiving during the immediate aftermath of the housing crash (about 40,000 per month, or 1,300 per day), but many homeowners facing financial setbacks are still calling Freddie Mac hoping the GSE will have a solution for them, whether it allows them to keep their home or is of the non-home retention variety.

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Nevada Lawmakers Recommend Elimination of Foreclosure Mediation Program

foreclosure-help

-+*Nevada was one of the states affected most by the crisis. In response to the housing crash, back in 2009 the Nevada legislature created a Foreclosure Mediation Program. The members of a subcommittee of the Nevada Legislature recently voted to recommend the elimination of the program, however, after determining that the housing market has sufficiently recovered.

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Enhancements to HUD’s Distressed Asset Program Give Borrowers More Protection

delinquent-notice

-+*Under the new rules, loan servicers are required to delay foreclosure on a home for a year and evaluate all borrowers facing foreclosure for participation in the government's Home Affordable Modification Program (HAMP) or a similar loss mitigation program. Loan servicers could previously foreclose on a home six months after they received the loan and were not required to evaluate borrowers for loss mitigation programs, though they were encouraged to do so.

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Judge Rules Wells Fargo Breached Terms of 2010 Mortgage Settlement

WellsFargo

-+*Judge Richard Seeborg, in the U.S. District Court of Northern California, ruled that Wells Fargo had breached the terms of the settlement by using "evolving and perhaps ill-defined standards" when determining borrowers' eligibility for a loan modification, according to one report. At the same time, however, Seeborg told both sides they had had "almost no idea" what they agreed to in the settlement.

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