Loss Mitigation

Bank of America says it modified more than 64,000 Countrywide mortgages between December and March. The workouts are part of the bank’s agreement with 42 state attorneys general to settle predatory lending charges against its Countrywide subsidiary.

Fitch Ratings took a closer look at servicers’ loss mitigation efforts among residential mortgage-backed securities (RMBS) in a special report= issued last week. The agency found that while home loan workouts to avoid foreclosures have increased substantially, re-defaults post-modification continue to be a problem for servicers, investors, and homeowners, with as many as three-fourths of those mortgages in the subprime category projected to fall back into default status within one year of the initial resolution.

HOPE NOW announced this week that 270,000 homeowner solutions were completed in April. This is the largest number of workouts in any month since HOPE NOW began to compile data. Last month, HOPE NOW members and the mortgage lending industry modified 127,000 mortgages and completed 143,000 repayment plans.

The Cincinnati-based law firm of Reisenfeld & Associates LPA, LLC has announced the firm’s acceptance of Angel status to the recently created Wingspan Portfolio Attorney Network (WPAN). As an part of this group, Reisenfeld & Associates will provide legal support to Wingspan Portfolio Advisors, LLC, a Dallas-based mortgage company specializing in servicing delinquent loans.

The Cincinnati-based law firm of Reisenfeld & Associates LPA, LLC has announced the firm’s acceptance of Angel status to the recently created Wingspan Portfolio Attorney Network (WPAN). As an part of this group, Reisenfeld & Associates will provide legal support to Wingspan Portfolio Advisors, LLC, a Dallas-based mortgage company specializing in servicing delinquent loans.

Equifax Inc., the consumer credit reporting agency based in Atlanta, Georgia, announced on Thursday the availability of a proprietary solution which the company says now provides even more comprehensive employer- and government-verified information for mortgage lending institutions.

Overland Park, Kansas-based South & Associates, P.C., a law firm specializing in foreclosure, bankruptcy, loss mitigation, eviction, and related mortgage matters throughout Missouri, Kansas, and Nebraska, recently announced that the firm has been accepted as an Eagle member of the Wingspan Professional Attorney Network.

Overland Park, Kansas-based South & Associates, P.C., a law firm specializing in foreclosure, bankruptcy, loss mitigation, eviction, and related mortgage matters throughout Missouri, Kansas, and Nebraska, recently announced that the firm has been accepted as an Eagle member of the Wingspan Professional Attorney Network.

McLean, Virginia-based mortgage financing giant Freddie Mac released statistics last week that showed in the first quarter of 2009, refinancing borrowers overwhelmingly chose fixed-rate over adjustable-rate mortgages (ARMs).

Lender Processing Services, Inc. (LPS), a Florida-based provider of mortgage technology and services, released its May 2009 LPS Mortgage Monitor on Tuesday, which provides market performance indicators based on mortgage data collected through April of this year.