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Tag Archives: Foreclosure Prevention

Settlement Monitor: Servicers Need to Address Loan Mod, SPOC Issues

After testing compliance among the five servicers part of the $25 billion national mortgage settlement, monitor Joseph A. Smith concluded more work needs to be done since issues with the loan modification process, providing a single point of contact, and customer records still persist. Under the settlement, Bank of America, JPMorgan Chase, Wells Fargo, Citi, and Ally Financial agreed to adopt some 300 servicing standards. To verify compliance with the servicing standards, the monitor retained outside firms to test the servicers in 29 metrics.

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New Online Freddie Mac Tool Helps Homeowners Navigate Relief Options

For homeowners facing a financial hardship, sometimes it can be difficult to know exactly what options might be available. To help homeowners get a better idea of what is out there, Freddie Mac released the Mortgage Help Navigator, a new online tool that assists homeowners with finding out what relief options might be applicable for them in their specific situation.

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Foreclosure Sales in West Down in May; Likely to Increase in June

Foreclosure sales decreased in all five Western states tracked by PropertyRadar--Arizona, California, Nevada, Oregon, and Washington--over the month of May. PropertyRadar attributes the decreases in foreclosure sales to new guidance from the Office of the Comptroller of the Currency. The guidance established minimum standards for handling borrower files subject to a foreclosure sale within 60 days. In California, foreclosure sales from Citi were down 50 percent, and foreclosure sales from Wells Fargo were down 75 percent over the month of May in California, according to PropertyRadar.

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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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