Freddie Mac CEO Ed Haldeman said the company has seen the number of its short sales increase 600% from 2008 as lenders look to dampen the impact of foreclosures hitting the marketplace. In a statement put out this week, Haldeman said Freddie Mac is doing everything it can to prevent more foreclosures, and that short [...]
Read More...Despite foreclosures hitting an all-time-high plateau in April 2010, delinquency statistics are not expected to plummet anytime soon, according to data released Thursday by RealtyTrac, the online marketer of foreclosed properties. The number of homes repossessed during April is at an all-time high of 92,432. That is a 45% increase over April 2009. If repossessions [...]
Read More...By Ruth Simon, The Wall Street Journal The Obama administration laid out final guidelines on Monday that should make it easier for some financially troubled borrowers to sell their homes. The guidelines are designed to encourage the use of short sales, transactions in which the borrower with lender approval sells the home for less than [...]
Read More...By MICHAEL R. CRITTENDEN WASHINGTON — The U.S. housing market continued to deteriorate in the third quarter as even the most credit-worthy borrowers increasingly fell behind on their mortgages, highlighting the problems policy makers have faced in trying to address the problem. A new report from the Office of Thrift Supervision and Office of the [...]
Read More...Homeowners with mortgages of more than $1 million are defaulting at almost twice the U.S. rate and some are turning to short sales to unload properties as stock-market losses and pay cuts squeeze wealthy borrowers. Payments on about 12 percent of mortgages exceeding $1 million were 90 days or more overdue in September, compared with [...]
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