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DS News Webcast: Friday 04/17/15

The Federal Housing Finance Agency, through Fannie Mae and Freddie Mac, Wednesday announced the launch of a pilot program designed to stabilize neighborhoods around Chicago that have been hardest hit by the housing downturn. The Neighborhood Stabilization Initiative is a set of strategies that aim to help delinquent borrowers avoid foreclosure and create a more efficient disposition path for foreclosed properties that will first be introduced in Cook County, Illinois.

Fannie Mae and Freddie Mac established a partnership with the National Community Stabilization Trust that will leverage ties to community organizations and local nonprofits to develop and implement strategies for homeowners before and after a foreclosure. In pre-foreclosure strategies, the MyCity Modification program will offer services county residents who are delinquent on their Fannie Mae or Freddie Mac-back mortgages and facing foreclosure. Borrowers who are 90 days or more delinquent on their mortgage are eligible for the MyCity Modification Trial Payment Plan.

Both Goldman Sachs and Citigroup reported strong first quarters though revenues were down for Citi compared to this time last year, according to statements released by the companies Thursday. Goldman reported its highest net revenues in four years, 10 point 62 billion dollars, with net earnings of 2 point 84 billion dollars for Q1. Citigroup reported a Q1 net income of 4 point 8 billion dollars, up from 3 point 9 billion dollars compared to a year ago. The bank’s 2015 revenues, however, were down compared to the first quarter of 2014.

You can check out these stories—and all the latest happenings in the industry—right here on our site. Thanks for joining us. We’ll see you again on Monday. Until then, stay with DSNews.com for all of your most relevant default servicing news.

About Author: Francesca Shirk

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