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Loss Mitigation

Credit Unions Propose TARP Funding for Mortgage Relief Program

The National Credit Union Administration (NCUA) has unveiled a plan to refinance billions of dollars of at-risk mortgages using funding from the Treasury’s Troubled Asset Relief Program (TARP). The initiative is aimed at helping credit union members preserve their homeownership by funneling federal loans to credit unions through the Central Liquidity Facility (CLF), the lending arm of the NCUA, the administration explained in a press statement earlier this week.

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Lender Processing Services Unveils Mass Loan Modification Solution

In an environment where defaults continue to mount and home retention has become a mainstream issue, Florida-based Lender Processing Services Inc. (LPS), a provider of integrated technology and services to the mortgage industry, has created RediMod, an end-to-end solution for streamlining the mass loan modification process and improving servicers’ ability to help delinquent and at-risk borrowers.

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First American Introduces Reverse Mortgage Score

The First American Corporation has developed a new reverse mortgage score to help servicers identify senior homeowner candidates for a government-insured Home Equity Conversion Mortgage (HECM), who might otherwise face foreclosure.

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FDIC Revises Proposal to Refinance Troubled Loans

The Federal Deposit Insurance Corporation (FDIC) proposed on Friday to spend $24 billion of the $700 billion bailout package to help 1.5 million households avoid foreclosure. This new plan is a mild deviation from the FDIC’s $40 billion incentive-based foreclosure plan put forth to Congress committee members in late October, under which the government would guarantee part of homeowners’ modified loans.

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Webster Bank Suspends Foreclosures

Webster Bank N.A., a subsidiary of Webster Financial Corporation, announced today that it is halting foreclosures for 90 days, becoming the latest bank to expand its mortgage assistance program to keep more families in their homes.

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