Judge Richard Seeborg, in the U.S. District Court of Northern California, ruled that Wells Fargo had breached the terms of the settlement by using "evolving and perhaps ill-defined standards" when determining borrowers' eligibility for a loan modification, according to one report. At the same time, however, Seeborg told both sides they had had "almost no idea" what they agreed to in the settlement.
Read More »GSEs Making Push to Clear NPLs From Portfolios, Help Borrowers With Loss Mitigation
With Fannie Mae's announcement on Thursday that it is going to begin selling pools of non-performing single-family mortgage loans, it is clear that the GSEs are making a strong push to rid themselves of the backlog of deeply delinquent loans on their books five years after the peak of the foreclosure wave.
Read More »HOPE NOW Planning Loss Mitigation Outreach Events Nationwide in 2015
HOPE NOW announced that from its creation in 2007 until the end of 2014, the mortgage industry has completed more than 23 million non-foreclosure solutions for homeowners, including 7.3 million permanent loan modifications. In January 2015, lenders and servicers offered homeowners another 158,000 non-foreclosure solutions.
Read More »Legislation in Montana Aimed at Reducing Banks’ Liability in Loss Mitigation
Distressed and at-risk Montana homeowners spoke out against the two bills in the state's House Business and Labor Committee on Thursday, claiming that their respective mortgagees had misled them verbally with regards to loss mitigation practices. The borrowers said they would have had no legal claim against those mortgagees if these bills had been in enacted before they filed their respective lawsuits against their lenders.
Read More »FHFA’s Actions Increase Emphasis on Removing GSEs’ Non-Performing Loans
Recent actions by the Federal Housing Finance Agency (FHFA) indicate that the Agency is placing an increased emphasis on the clearing out of Fannie Mae's and Freddie Mac's seriously delinquent loan portfolios and steering more borrowers toward foreclosure prevention and loss mitigation actions, using foreclosure only as an absolute last resort.
Read More »Indiana AG Urges Lawmakers Not to Eliminate Foreclosure ‘Settlement Conferences’
Indiana Attorney General Greg Zoeller is trying to stop legislation that would eliminate a consumer protection known as the "settlement conference," which is a homeowner's final recourse before their home goes to foreclosure, according to an announcement on Zoeller's website.
Read More »Report: Freddie Mac Has Helped 1.1 Million Homeowners Avoid Foreclosure Since 2009
Freddie Mac has helped nearly 1.1 million struggling homeowners either retain their homes or otherwise avoid foreclosure through a variety of means since the beginning of 2009, four months after the FHFA conservatorship began, according to the GSE's 2014 Financial Results Summary released on Thursday.
Read More »First Valuation Promotes Account Exec to VP
Less than a year after he first joined the company as national account executive, First Valuation announced this week the promotion of Jordan Wilde to the position of VP of sales and marketing.
Read More »DLS Executives Discuss Challenges Facing Servicing Industry on Internet Radio Show
Two executives from Michigan-based default servicing solutions provider DLS Servicing Consultants appeared on the online radio program Capital Markets Today, hosted by Louis Amaya, on December 10 to discuss the state of affairs of Federal Housing Agency (FHA) loss mitigation in the mortgage service industry.
Read More »FHFA Schedules Fourth HARP Outreach Meeting for Miami on December 5
In an effort to sign more eligible homeowners up for the Home Affordable Refinance Program (HARP), the Federal Housing Finance Agency (FHFA) has scheduled its fourth HARP outreach event on December 5 in Miami.
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