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Home | News | Loss Mitigation (page 30)

More Homeowners Receiving Principal Reductions Under HAMP

As of September, more than 1.2 million homeowners have received a permanent modification through the Home Affordable Modification Program (HAMP). Homeowners currently in permanent HAMP mods have been granted an estimated $12.1 billion in reduced principal, Treasury reports. In fact, officials say of all non-GSE loans eligible for principal reduction entering HAMP in September, 72 percent included a principal reduction feature.

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Delinquency Study Indicates Housing Is Nearing Pre-Crisis Norms

Delinquency and foreclosure data reveals the housing market is heading back to pre-crisis norms, according to the Mortgage Bankers Association's latest National Delinquency Survey. The percentage of home loans in delinquency or foreclosure was 9.75 percent as of the third quarter, the lowest level in about five years, according to the trade group's report. Likewise, foreclosure starts, at just 0.6 percent, are approaching pre-crisis levels.

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MBA Names LPS Executive to Board of Directors

Bill Griffin, EVP at Lender Processing Services (LPS), has been elected to serve on the Mortgage Bankers Association's (MBA) board of directors, the company announced. Griffin joins a number of new board members who will work together with the existing members to set MBA's strategic direction and oversee management of its initiatives.

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Freddie Mac Prices Second STACR Risk-Sharing Deal

Freddie Mac has priced a $630 million offering of Structured Agency Credit Risk (STACR) debt notes, marking the second STACR offering in which private sources--not taxpayers--take on the credit risk. According to a statement from the GSE, about 50 broadly-diversified investors participated in the offering for the debt notes, which are scheduled to settle November 12.

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Schneiderman & Sherman Names Litigation Managing Attorney

Schneiderman & Sherman, P.C., named Patricia Carey managing attorney for the firm's litigation group. As a litigation specialist for 18 years, Carey has taught trial skills to hundreds of law students and new attorneys both as a managing attorney and guest faculty member of the Committee on Regional Training.

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Fannie Mae’s Portfolio Continues to Shrink

Fannie Mae released its September book of business, revealing further declines as new acquisitions came to their lowest level in more than a year. The GSE's book of business totaled $3.163 trillion as of the end of September, shrinking at a compound annual rate of 1.3 percent. The company's single-family serious delinquency rate slipped to 2.55 percent.

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September Sees Drop in New Private Mortgage Insurance

Member firms of Mortgage Insurance Companies of America (MICA) issued a combined 37,501 new mortgage insurance policies with a dollar volume of $9.6 billion in September. Private mortgage insurers' new business for the month represents a drop from the 46,051 new policies issued in August and tracks a drop in August application volume of more than 5,000.

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Borrowers Deemed Less Healthy in Q3 as Prices and LTVs Rise

Borrowers' financial health deteriorated in the third quarter after seeing marked improvement in the previous three-month period, according to recent findings released by the online exchange LendingTree. The company's measurement of borrower health is based on average loan-to-value (LTV) ratios and average credit scores, and with rising home prices, potential borrowers faced more financial pressure.

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What Does Fannie Mae’s New LTV Threshold Accomplish?

As of November 1st, Fannie Mae is no longer purchasing loans with loan-to-value ratios above 95 percent, which means borrowers must put up a down payment of at least 5 percent, as opposed to the 3 percent previously required. Industry experts with the Urban Institute's Housing Finance Policy Center argue this move is arbitrary and likely to provide little benefit to the GSE or to taxpayers.

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HAMP’s Redefault Rate at 27% and Likely to Rise

Over the life of the government's Home Affordable Modification Program (HAMP), 1.25 million homeowners have received permanent HAMP modifications, and 27 percent of those have later redefaulted on their loans, according to a quarterly report to Congress from the TARP special inspector general. The inspector general expressed concern as far back as April that HAMP redefaults were ""increasing at an alarming rate.""

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