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Foreclosure

Treasury Puts Performance of 10 Largest HAMP Servicers on Display

The U.S. Treasury has released its regular monthly report card on the Home Affordable Modification Program (HAMP). New this time is an assessment of how the 10 largest HAMP servicers are performing. Four servicers have been designated as needing ""substantial"" improvement: Bank of America, JPMorgan Chase, Ocwen Loan Servicing, and Wells Fargo. Treasury says it will withhold financial incentives from three of these companies until they make identified improvements.

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NeighborWorks Sends $67M to Agencies for Foreclosure Counseling

NeighborWorks America announced this week that $67.7 million has been awarded to 37 state housing finance agencies, 17 HUD-approved housing counseling intermediaries, and 84 community-based organizations to provide counseling to homeowners facing foreclosure. Demand for this latest round of grant money exceeded the amount of funding available, with more than $212.7 million requested from eligible applicants. NeighborWorks estimates the money will support assistance for nearly 184,000 families facing foreclosure.

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Fed’s Beige Book Paints Shades of Improving Credit Quality

The Federal Reserve has published a new rendition of its popular Beige Book, relaying insight from professionals in the field on regional market conditions. A number of the 12 Fed districts noted improvements in overall credit quality, specifically Philadelphia, Cleveland, Richmond, Kansas City, Dallas, and San Francisco. New York was the only district to report rising delinquency rates on consumer loans, but it saw delinquencies decline for commercial loans and mortgages.

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California Foreclosure Prevention Program Gets Support of 20 Servicers

The California Housing Finance Agency said Wednesday that 20 mortgage servicing companies are now participating in the state's ""Keep Your Home California"" program to help families avoid foreclosure. The $2 billion program is funded with federal dollars from the U.S. Treasury's Hardest-Hit Fund. All of the six largest servicing companies in California are participating in at least one of the program initiatives, with one taking part in the principal reduction effort.

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Commercial Mortgage Delinquencies Mixed with CMBS Faring Worst

Delinquency rates among different groups of commercial and multifamily mortgage investors were mixed in the first quarter, the Mortgage Bankers Association (MBA) reports. Delinquency loans held in commercial mortgage-backed securities (CMBS) reached their highest level since 1997, but MBA says the climb was slower than in recent quarters. On the other hand, delinquency rates for other investors, including Fannie and Freddie, remain below levels seen in the last major real estate downturn - some by large margins.

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Trepp: Loss Severities, Volume of CMBS Loans Liquidated Increase

Almost $1.4 billion in commercial mortgage-backed securities (CMBS) conduit loans were resolved with losses in May, according to Trepp LLC. That number was up about 11 percent from April and was the second highest total since the company began tracking this stat in January 2010. During the month of May, 148 loans with a total balance of $1.38 billion were liquidated. The losses on the May liquidations were about $594 million, representing an average loss severity of 43.2 percent.

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Underwater Ratio Improves but Seconds Sinking

The number of mortgage borrowers who owe more on the loan than their home is worth decreased slightly during the first quarter, but CoreLogic sees a problem area among homeowners with second mortgages. The company found that 10.9 million, or 22.7 percent, of all residential properties with a mortgage were in negative equity as of the end of March. CoreLogic says the underwater ratio of borrowers with home equity loans is more than double that of borrowers without second mortgages.

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WFG National Title Expands Default Services Division

Williston Financial Group and its wholly owned subsidiary WFG National Title Insurance Company have appointed Morgan Harris as EVP of default services. As head of the company's default services division, Harris will be responsible for the strategic direction of the division, as well as the oversight and management of all aspects of sales and production.

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Survey: Housing Counselors Describe HAMP Experience as ‘Negative’

More than three-quarters of foreclosure counselors say the borrower experience when turning to the government's flagship modification program for relief is sub-par. The Government Accountability Office (GAO) says counselors it polled cited concerns about HAMP trial denials, including long waiting periods and documentation issues. Some 39 percent said paperwork had been lost or needed to be resubmitted, while 46 percent said it typically takes seven months or more to receive a decision on a trial mod application.

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Nevada Leads Nation in Bankruptcy Filings

Even with the highest foreclosure rate in the nation, Nevadans are not using bankruptcy to keep their homes, according to Columbia Law School professor Ronald Mann. Mann's analysis shows that Nevada's bankruptcy filing rate so far this year is 5,176 filings per million adults, more than twice the national rate of 2,562 per million. At the same time, he notes that Nevada's percentage of filings under Chapter 13 of the bankruptcy code, which often allows debtors to keep their property, trails the national average.

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