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Home | News | Loss Mitigation (page 30)

Jury Returns Decision of Liability in BofA-Countrywide-Mairone Case

A 10-person panel of jurors is holding Bank of America and a mid-level manager liable for high-risk mortgages originated by Countrywide through a program known as Hustle and then sold off to Fannie Mae and Freddie Mac. After hearing arguments for four weeks in a Manhattan federal court, the jury returned a decision finding BofA liable on one charge of fraud in the civil case and finding Rebecca Mairone, former COO of one of Countrywide's lending divisions, liable on the one civil fraud charge she faced.

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Unemployment, High Rates Still Obstacles for Many Facing Foreclosure

The National Foreclosure Mitigation Counseling (NFMC) program has provided counseling to almost 1.6 million homeowners across the country since the program started in 2008. According to an NFMC congressional report released this week, common attributes of struggling homeowners include unemployment or underemployment and high mortgage rates. The report also indicates a homeowner who seeks counseling is 97 percent more likely to obtain a loan modification and avoid foreclosure.

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Analysts Stress Need for FHA Reform

As the government works toward GSE reform, Keefe, Bruyette & Woods (KBW) says reform for the Federal Housing Administration (FHA) should also be a top concern. Though FHA has raised premiums, sold off distressed loans, and reduced its share of low down payment loans to counter its shrinking mortgage insurance fund, KBW's analysts underscore the need for longer-term measures of change, and they say reform legislation currently on the table is unlikely to pass.

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Chase Hits Major Milestone in Home Donation Program

The dollar volume of homes donated or sold at a discount through JPMorgan Chase's Community Revitalization Program has crossed the $250 million mark. Initiated in 2009 as an effort to help customers and communities cope with the housing crisis, the program has seen more than 5,300 properties donated or sold to nonprofit housing organizations over the last few years.

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BofA Weathers Mortgage Losses, Reports $2.5B Profit

Bank of America exhibited healthy growth during the third quarter despite an expected weakening in its mortgage banking operations, according to the company's Q3 earnings report released Wednesday. BofA's third-quarter net income was $2.5 billion, a significant increase compared to $340 million reported for Q3 2012. Its consumer real estate services division, though, reported a net loss of $1 billion.

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Loan Mods Rise in August, Foreclosures Remain Steady

Servicers completed 67,000 mortgage loan modifications in August, bringing the total for the year to 580,000, according to HOPE NOW. Loan modifications increased 8 percent in August when compared to the month prior, and year-to-date loan mods outpace foreclosure sales by about 142,000. HOPE NOW reports about 23,000 short sales were completed in August.

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CFPB Offers Additional Guidance on Mortgage Servicing Rules

The Consumer Financial Protection Bureau (CFPB) released a bulletin and interim final rule Tuesday to provide greater clarity to the market concerning mortgage servicing rules that take effect in January 2014. The clarifications address contact with delinquent borrowers, communications with family members after a borrower dies, and treatment of consumers who have filed for bankruptcy.

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Centier Bank Connects Customers and Employees to MortgageKeeper

Centier Bank is working with MortgageKeeper Referral Services to connect the bank's customers and employees to vetted, local community resources for services like job training or utility payment assistance. MortgageKeeper says borrowers with access to these resources have additional opportunities to cure mortgage defaults.

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