DSNews.com - 2/3’s of Mortgages Untouched
According to a new report from state attorneys general and bank supervisors from across the country, more than 60% of homeowners with seriously delinquent loans are still not involved in any form of loss mitigation with their servicer. The ratio is disconcerting considering the group also found that one of servicers’ primary loss mitigation [...]
Diana Olick - No New Bailout
“It all started with a Reuters article titled, “An August Surprise from Obama?” It suggests that a forced principal writedown program would be funneled either through the existing Home Affordable Refinance Program—which allows borrowers with current Fannie and Freddie loans who owe up to 25% more on their loans than their homes are worth, to [...]
HAMP Modifications Have Just a 50% Success Rate: Moody’s
The most recent Home Affordable Modification Program (HAMP) report released by the U.S. Treasury shows “extremely low conversion rates” from trial to permanent modifications, with success just a 50/50 gamble, according to commentary from Moody’s Investor Service.
As of the end of April, servicers participating in HAMP had converted almost 300,000 permanent modifications. However, they had [...]
