The percentage of September's foreclosure starts that were repeat foreclosures rose by two percentage points month-over-month to account for 53 percent of foreclosure starts, tying the highest percentage for a single month, according to Black Knight Financial Services' September 2014 Mortgage Monitor. In all, there were 91,000 foreclosure starts nationwide during September, and 48,200 of those were repeat foreclosures – a total of 53 percent, which tied July 2014 for the highest percentage for a single month since Black Knight began tracking the data in January 2008.
September 2014's percentage of repeat foreclosures represented an increase of 2 percentage points from August and 4 percentage points from September 2013. September 2014 was the eighth consecutive month in which the percentage of repeat foreclosures accounted for 50 percent or more of foreclosure starts and the 28th consecutive month in which the percentage totaled 40 percent or more. The percentage has not been below 40 percent since May 2012.
According to multiple reports, Benjamin Lawsky, Superintendent of the New York Department of Financial Services, is considering stepping down from his post and entering the private sector in 2015. Lawsky has made a name for himself by aggressively regulating financial institutions doing business in New York. The news comes as an investigation of Ocwen's mortgage servicing practices turned up more than 7,000 letters sent to borrowers that had been backdated and sent only after their payment deadlines had passed.