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Tag Archives: Mortgage Debt

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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CitiMortgage to Launch Home Rental Program as Foreclosure Alternative

CitiMortgage announced the launch of the Home Rental Program, a program designed to provide an alternative to foreclosure and allow eligible borrowers to stay in their homes. Under the program, the eligible borrower transfers ownership of the property to a vehicle established by Carrington Capital and its joint venture partner, Oaktree Capital Management, L.P. A lease will then be established for the property at a manageable monthly payment.

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DeMarco Reiterates Stance Against Principal Forgiveness after Analysis

FHFA Acting Director Edward DeMarco released a statement Tuesday reiterating his stance that offering principal reduction for Fannie Mae and Freddie Mac loans is not in the best interest of the GSEs and taxpayers. DeMarco has faced a barrage of criticism for not allowing the GSEs to apply the Home Affordable Modification Program Principal Reduction Alternative (HAMP PRA) program to underwater loans and has been urged by lawmakers to reconsider his position. After what DeMarco said was extensive analysis, he stated, ""FHFA has concluded that the anticipated benefits do not outweigh the costs and risks.""

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LPS Releases June First-Look Delinquency Data

Lender Processing Services (LPS) released Wednesday its first look month-end mortgage performance data for June, revealing that the loan delinquency rate fell year-over-year. According to statistics from LPS' loan-level database, loan delinquency fell from June 2011 by 7.3 percent. However, delinquency increased month-over-month, with June's numbers being 3.4 percent higher than May's. LPS' data also revealed an estimated 5,663,000 properties are 30 days or more overdue or in foreclosure.

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How Negative Equity Improves Home Values: Reports

Home prices are increasing, but one of the main drivers behind the boost in home values is also weighing on supply and demand. According to a report from CoreLogic, negative equity is helping to drive up home prices because it also keeps homeowners from listing their property, which keeps inventory low. Of the largest 100 markets, the five markets where prices are accelerating the fastest also have the highest share of negative equity and high demand for distressed properties.

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First Mortgage Delinquencies on Decline

While still elevated compared to historic levels, severely delinquent balances among first mortgages are on the decline, according to Equifax's May National Consumer Credit Trends Report. The May 2012 total of delinquent balances represented $450 billion, a 37 percent decline from the peak of more than $700 billion in January 2010. The biggest drop was seen in severely delinquent (90-plus days) non-agency first mortgage loans, which fell 45 percent to $320 billion in May from its peak of $580 billion in January 2010.

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UK Academic Points to Affordable Housing Ideology as Culprit for Crisis

When hearing about the different narratives on the housing crisis, oftentimes the private sector is largely blamed. During an event hosted by The American Enterprise Institute (AEI) Wednesday, a recently published book was discussed which highlights a different perspective on the story of the housing market crash. Oonagh McDonald, a UK-based academic, wrote the book titled ""Fannie Mae and Freddie Mac: Turning the American Dream Into A Nightmare"" and asserts that the failures in the housing industry started with 'affordable housing ideology,' and was worsened by policy makers and the GSEs.

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Percentage of Current Mortgages Reaches 3-Year High: OCC

The OCC Mortgage Metrics Report for the First Quarter of 2012 showed that percentages of mortgages between 30-59 days delinquent and mortgages between 60-89 days delinquent both fell to their lowest levels since the OCC began publishing mortgage performance reports in Q1 2008. The percentage of mortgages that were current and performing increased to 88.9 percent, the highest level seen in three years. Also, of the more than 2.5 million loans modified by servicers from 2008-2011, 50.7 percent were either current or had been paid off by the end of 2012's first quarter.

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