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Tag Archives: Mortgage Debt

Fitch Puts Ocwen on Negative Watch, Cites Risks after Acquisition

Ocwen made some waves when it announced an agreement to acquire Homeward Residential Holdings in a nearly $750 million deal, but Fitch Ratings is doubtful about the move. The ratings agency announced it has placed Ocwen's ""B"" long-term Issuer Default Rating (IDR) on Rating Watch Negative following the servicer's announcement. Fitch cited in its decision the risks of various difficulties involved in the integration of Homeward Residential, as well as the current regulatory environment in the mortgage sector.

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OCC Reports Q2 Findings on Loan Performance and Mods

Mortgage performance for loans serviced by large national and federal savings banks weakened in the second quarter of 2012, the Office of the Comptroller of the Currency (OCC) reported Thursday. The percentage of current and performing mortgages stood at 88.7 percent at the end of Q2, a slight drop from Q1, when 88.9 percent of loans were current and performing. However, the share of seriously delinquent mortgages fell 0.8 percent from Q1 to 4.4 percent, the lowest level in three years.

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What Keeps Baby Boomers from Walking Away?

As more and more baby boomers approach their golden years, many are finding themselves having to make a choice they never imagined: Whether or not to walk away from their mortgages. YouWalkAway.com released the results of a client survey, revealing that the looming prospect of a fixed income is driving many older struggling homeowners to strategically default while they still have something left.

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Household Net Worth Falls in Q2: Fed Report

Despite a $355 billion increase in the value of household real estate, household net worth fell $322 billion in the second quarter, the Federal Reserve reported Thursday in its quarterly Flow of Funds report. And, while the value of owner-occupied household real estate increased in the second quarter, total residential mortgage debt fell almost $51 billion. As a result, owners' equity increased just over $406 billion and owners' equity as percentage of the value of the real estate rose to 43.1 percent, the highest level since Q2 2008, according to the report.

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Fed Adopts Familiar Stimulus Plan, Will Spend $40B Monthly on MBS

The Federal Open Market Committee announced Thursday a new plan to stimulate a moribund economy, continuing two earlier plans which at best stopped the economy from contracting. The FOMC said it would keep the federal funds rate near zero into mid-2015, six months longer than it had said previously. The FOMC voted 11-1 ""to increase policy accommodation by purchasing additional agency mortgage-backed securities at a pace of $40 billion per month.""

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Massachusetts AG Urges FHFA to Rethink Stance on Principal Reduction

Massachusetts attorney general Martha Coakley issued a letter Thursday to Fannie Mae, Freddie Mac, and their conservator, FHFA, reminding the agency and mortgage giants that they are required to offer reasonable loan modifications in the state and urging flexibility on principal reductions. In a letter addressed to FHFA acting director Edward DeMarco, Coakley outlines a law recently passed in Massachusetts that requires creditors to ""make commercially reasonable efforts to achieve a commercially reasonable loan modification.""

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Arizona Attorney General Files Loan Mod Scam Suits

Arizona attorney general Tom Horne announced the filing of two lawsuits against Arizona companies offering allegedly fraudulent mortgage modification services to distressed homeowners. Horne brought suits against Phoenix-based Making All Homes Affordable, LLC (MAHA) and Tucson-based La Paz Source, LLC, alleging fraudulent practices by the two companies.

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CFPB Proposes Stricter Mortgage Servicing Rules

The Consumer Financial Protection Bureau (CFPB) proposed two notices with rules designed to protect homeowners from surprises or mistakes made by their mortgage servicers. CFPB first announced in April that it was considering several proposals to implement requirements laid out in the Dodd-Frank Act, the bill that created the bureau.

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Survey: Delinquency Rates Up, Foreclosure Starts Flat in Q2

The latest National Delinquency Survey from the Mortgage Bankers Association (MBA) showed that delinquencies increased in the second quarter of 2012, a shift anticipated by the association. The delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 7.58 percent as of the end of Q2, an increase from 7.40 in Q1. The second quarter's increased rate was still down from 8.44 percent at the same time in 2011.

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