Treasury officials, in the first comprehensive tally of permanent modifications made, say that loan servicers have converted 31,382 people from trial adjustments to long-term assistance as of Nov. 30, but 30,650 people in trial modifications have been denied. That means that only about 4% of troubled borrowers have received long-term help under the Obama administration’s [...]
Read More...According to Hope Now, a private sector alliance of mortgage servicers, investors, insurers, and non-profit counselors, total 316,557 foreclosure sales and starts outnumbered modifications more than 4 to 1 and repayment plans about 1.6 to 1. The mortgage servicing industry completed198,373 repayment plans and 73,190 modifications. At the same time, the industry completed 94,450 foreclosure [...]
Read More...Research firm First American CoreLogic says 23% of Americans with mortgages owe more than their home is worth. That’s 10.7 million U.S. mortgages, or almost 1 in 4, and another 2.3 million homeowners are within 5% of negative territory. Home prices have fallen so far that 5.3 million U.S. households are tied to mortgages at [...]
Read More...According to the National Association of Realtors (NAR), credit availability is the big unknown that will determine how soon commercial markets recover. The Commercial Leading Indicator for Brokerage Activity rose 0.9% to an index of 102.4 in the third quarter from 101.5 in the second quarter, but is 11.1% below a reading of 115.3 in [...]
Read More...According to the Mortgage Bankers Association’s (MBA) National Delinquency Survey, the delinquency rate for mortgage loans on one-to-four-unit residential properties rose to a seasonally adjusted rate of 9.64% of all loans outstanding as of the end of the third quarter of 2009, up 40 basis points from the second quarter of 2009, and up 265 [...]
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