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Tag Archives: Foreclosure Prevention

FHFA: GSEs Rated as ‘Critical Concerns’ in 2012 Report to Congress

The Federal Housing Finance Agency (FHFA) labeled Fannie Mae and Freddie Mac as critical concerns in the composite rating category for 2012. The assessment, which was part of the agency's fifth annual Report to Congress, was unchanged from the rating assigned in 2011. In the earnings category, the GSEs were rated as ""significant concerns,"" an upgrade from the ""critical concerns"" rating in 2011.

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DataQuick Outlines Five Best Practices to Fight Short Sale Fraud

As long as short sales remain a common strategy to handle distressed properties, related fraudulent activity should also be expected. To help lenders, servicers, and investors develop tactics to combat the more common occurrence of short sale fraud, DataQuick outlined five solutions as starting points. The first is to understand activity levels to pinpoint markets with the greatest potential for fraud. Over the past two years, DataQuick identified 205,177 short sales in 14 of the largest counties.

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Fed Report Proposes Use of Eminent Domain for Underwater Mortgages

There's a mortgage debt ""overhang"" that threatens the health of the national economy, and one possible solution to the problem comes in the form of eminent domain, according to a new report authored by Robert Hockett. Of the roughly 11 million underwater mortgages, about 3 or 4 million are in default, foreclosure, or foreclosed and awaiting liquidation, the report, Paying Paul and Robbing No One: An Eminent Domain Solution for Underwater Mortgage Debt, found.

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Fannie Mae Announces New Effort to Streamline Short Sale Process

In an effort to speed up the short sale process, Fannie Mae is increasing early communication with real estate agents by asking listing agents to register accepted short sale offers with the GSE. By registering offers, Fannie Mae says there will be greater transparency in the process and it will also allow the GSE to be more proactive when working with servicers to complete short sales. Through Fannie Mae's site Homepathforshortsales.com agents can register their short sale offers.

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Shadow Inventory Looms Large for GSEs, HUD

Shadow inventory held by the GSEs and HUD "vastly" outnumbers REO properties the groups maintain, according to a joint report from the Office of Inspector General for the Federal Housing Finance Agency and HUD. The report further warned HUD and the GSEs must pay close attention to shadow inventory, which threatens to increase their supply of REOs. For the GSEs, the ratio of shadow inventory to REO inventory was about 6-to-1, while shadow inventory for HUD was 19.9 times greater than REO inventory.

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New York AG Presses for Passage of Two Foreclosure Bills

New York Attorney General Eric T. Schneiderman recently brought attention to two foreclosure bills meant to provide greater protection to homeowners in the state. The Certificate of Merit gives homeowners who are facing foreclosure the chance to participate in a court-supervised mediation session with their bank.

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CFPB Announces Amendments to Ability-to-Repay Rule Finalized

According to the CFPB, Wednesday's amendments are the result of months of input offered by industry groups and the public at large. The Ability-to-Repay rule, set to take effect January 10, 2014, establishes basic requirements designed to ensure consumers don't take on loans they can't pay back. The new amendments exempt certain nonprofit and community-based lenders who work to help low- and moderate-income consumers get into affordable housing.

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Report: Short Sales Replacing Mods as New Norm

Among the available foreclosure prevention tools, short sales are becoming the weapon of choice for servicers while the use of loan modifications has slowed, data from Fitch Ratings revealed. For example, among bank servicers, the percentage of resolutions in the loan modification category decreased to 26 percent in the last half of 2012 from 57 percent in the first half of 2010, according to Fitch's latest quarterly index. Meanwhile, short sales showed significant increases over the last couple of years. In 2012, short sales represented 51 percent of resolutions for bank servicers, up from a low of 20 percent in 2010.

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Rising Prices, Shrinking Delinquencies Reduce Future RMBS Losses

As home values improve and servicers continue to ramp up efforts to reduce delinquent pipelines through short sales and loan modifications, the composition of RMBS loan pools outstanding should also improve, according to Moody's most recent ResiLandscape. According to analysts from Moody's, rising home prices motivate current borrowers to avoid default, and they increase the proportion of current loans with loan-to-value (LTV) ratios below 100, which are the loans that are the least likely to go incur losses.

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