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Loan Modification

The Truth About Mortgage.com

Mortgage news and advice (with great photos by author).
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Last Entry: March 30, 2011 at 15:56:07

South Carolina Judge Halts Foreclosures

Posted on May 06, 2009
Foreclosure relief came to thousands of South Carolina residents yesterday after the state?s highest court put the brakes on certain pending foreclosure sales, the AP reported. Specifically, the injunction prevents judges from finalizing foreclosure sales on properties backed by Fannie Mae and Freddie Mac, along with any other loan servicer signed on with the Making Home [...

Angelo Mozilo May Stand Trial in Florida for Homeowner Abuses

Posted on May 06, 2009
Florida Attorney General Bill McCollum said late last week that his office obtained a federal court order remanding his lawsuit against former Countrywide CEO Angelo Mozilo back to Broward County Circuit Court. The suit, filed last June, in which Mozilo was named a defendant, addressed deceptive trade practices related to Countywide allegedly putting borrowers into misleading [...

One in Five Homeowners Upside Down on Mortgage

Posted on May 06, 2009
More than a fifth of homeowners nationwide are now underwater, meaning they owe more on their mortgage than the home is worth, according to a report from Zillow. This compares to 17.6 percent in the fourth quarter of 2008 and 14.3 percent a quarter earlier...

Purchase Activity Pushes Mortgage Applications Higher

Posted on May 06, 2009
Mortgage application volume once again moved higher last week, driven unexpectedly by purchases, according to the MBA. The home loan app index was up two percent (2.4 percent adjusted) on a seasonally adjusted basis for the week ending May 1 compared with the previous week and 43...

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Chase May Be Asked to Buy More Struggling Banks

Posted on May 05, 2009
JP Morgan Chase may be called upon to scoop up more ailing banks, according to a report from CNBC. CNBC cited a webcast with CEO Jamie Dimon, in which he said the United States banking sector is likely to see further consolidation. “There are still too many banks in the United States,” Dimon told Calyon Securities analyst [...

Mortgage Crisis in Pictures

Posted on May 05, 2009
If you’re wondering how things got so bad, wonder no longer. This advertisement posted on the front window of a mortgage shop pretty much sums it up. Line 1: Buy a house with practically nothing down. Line 2: Are you having foreclosure problems? If you?re looking to stay abreast of the latest mortgage industry news, consider my free e-mail [...

Mortgage Losses Drive GMAC First Quarter Loss

Posted on May 05, 2009
GMAC reported a first quarter loss of $675 million thanks to elevated credit-related costs, valuation adjustments on mortgage servicing assets, and weaker performance on both auto and mortgage loans. “The effects of a soft economy and weaker credit performance on legacy assets continued to put pressure on GMAC’s financial performance in the quarter,? said GMAC Chief [...

Cofi Index Reaches Record Low

Posted on May 04, 2009
The Cost of Funds Index (COFI), a popular index tied to adjustable-rate mortgages, reached a record low last month, according to the Federal Home Loan Bank of San Francisco. It fell to 1.637 percent in March, down from 2.003 percent in February and 3...

Legislation to Bar Criminals from Selling Mortgages in Florida

Posted on May 04, 2009
Good news.� Beginning next year, former bank robbers, felons, and mortgage fraudsters will no longer be able to sell mortgages in the state of Florida (nevermind the huge origination numbers this year). Governor Charlie Crist is expected to sign new legislation that calls for annual criminal background checks on those selling mortgages in the Sunshine State, [...

Mortgage Hiring Surges, But Layoffs Still Outnumber

Posted on May 04, 2009
Mortgage hiring surged during the first quarter of the year thanks to the record low rates and subsequent refinance bonanza, but layoffs were still king. Mortgage layoffs exceeded new hiring by 1,751 during the quarter, which was a sharp improvement from the net loss of 7,783 positions in the fourth quarter and 14,205 a year earlier, [...

Bill Aims to Push Homebuilders Out of Mortgage Biz

Posted on May 01, 2009
The Laborers? International Union of North America (LIUNA) has suggested that a new assembly bill be introduced in California to bar homebuilders from involvement in the mortgage business. In their new report, they argue that corporate homebuilders in California systematically pressured homebuyers to finance their new home purchases via directly-owned or affiliated mortgage companies that pushed [...

AIG May Wind Down Mortgage Insurance Unit

Posted on May 01, 2009
Troubled insurance giant AIG may wind down its mortgage insurance unit United Guaranty after failing to turn the company around, according to a Bloomberg report. The company, which was the fifth largest private mortgage insurer based on 2008 sales, has posted more than $2...

Guaranty Bank to Shut Wholesale Mortgage Lending Unit

Posted on April 30, 2009
Guaranty Bank FSB (of Wisconsin) announced today that it is shuttering its wholesale mortgage lending unit GB Mortgage. ?Effective today, April 30, 2009, GB Mortgage, the wholesale lending division of Guaranty Bank will no longer accept new loan applications,? the company said in a statement on its website...

Cash Out Refis Hit Five Year Low

Posted on April 30, 2009
No, you may not have cash with that… Only 42 percent of refinances carried out during the first quarter resulted in cash out, according to the latest “Cash-Out Refinance Report” from Freddie Mac. That?s the lowest amount since the first quarter of 2004, well below the 55 percent seen in the fourth quarter of 2008, and nowhere [...

Hope Now: Foreclosure Starts Hit Record High

Posted on April 30, 2009
Foreclosure alliance Hope Now completed 249,000 loan workouts in March, up slightly from the 244,000 a month earlier. A total of 134,000 loan modifications and 115,000 less favorable repayment plans were carried out during the month. Repayment plans still fall under the ?workout? umbrella, but may increase the principal balance of the loan as well as the [...

Mortgage Rates Match Record Lows

Posted on April 30, 2009
Mortgage rates fell this week, with the 30-year fixed slipping back to its all-time low, according to mortgage financier Freddie Mac. The popular loan program averaged 4.78 percent for the week ending April 30, down from 4.80 percent last week and 6.06 percent a year ago...

Report: Loan Servicer Safe Harbor Will Foster Shoddy Loan Mods

Posted on April 29, 2009
Legislation aimed at providing a so-called ?safe harbor? for loan servicers will actually lead to more abuse and shoddy loan modifications, according to a report from Amherst Securities Group. The bill is intended to give loan servicers, including big banks like Bank of America and Citi, breathing room to modify loans more easily without having to [...

FHA Commissioner Nomination Held Up by Lawsuit

Posted on April 29, 2009
More shenanigans at the FHA. The nomination of FHA commissioner David H. Stevens was held up yesterday thanks to a lawsuit involving his current employer Long & Foster. The Washington D.C.-based real estate brokerage where Stevens has been president for seven months was accused of violating federal anti-kickback laws through its affiliated lending arm Prosperity Mortgage...

MGIC Seeking Capital to Continue Writing New Mortgage Insurance

Posted on April 29, 2009
MGIC reported its seventh straight quarterly loss today and disclosed that it was actively seeking capital to ensure it can continue to write new mortgage insurance policies. The Milwaukee-based private mortgage insurer reported a first quarter net loss of $184...

Mortgage Application Volume Slips Nearly 20 Percent

Posted on April 29, 2009
Mortgage applications finally cooled off and there wasn?t a holiday to blame, according to the latest survey from the MBA. Home loan application volume fell 18.1 percent on a seasonally adjusted basis (-17.4 percent unadjusted) for the week ending April 24, but was still up 62...

Treasury Unveils Second Lien Program, Pushes Hope for Homeowners

Posted on April 28, 2009
The Treasury today announced details of the so-called ?Second Lien Program,? which will work in tandem with the existing Home Affordable Modification Program to ensure more borrowers receive the assistance they need. ?Up to 50 percent of at-risk mortgages have second liens, and many properties in foreclosure have more than one lien,? the Treasury said in [...

Mortgage Cram Down Stopped in Its Tracks

Posted on April 28, 2009
Proposed legislation that would allow bankruptcy judges to modify the principal balance and terms of mortgages tied to primary residences hit another roadblock this week, according to the WSJ. The so-called cram-down bill, which got a yes vote in the House of Representatives back in March, failed to attract enough votes in the Senate and will [...

90,000 NYC Apartments At Risk of Foreclosure

Posted on April 28, 2009
Up to 90,000 apartment units in New York City face the prospect of going into foreclosure, according to remarks from the commissioner of the Department of Housing Preservation Development. Commissioner Rafael Cestero told the City Council Community Development Committee yesterday that 2...

Mortgage Brokers Fight To Stop HVCC

Posted on April 27, 2009
The National Association of Mortgage Brokers (NAMB) Friday called on its members to contact their Senators and/or Representatives to stop or halt the Home Valuation Code of Conduct, which is set to be implemented May 1. After recently dumping its lawsuit against the FHFA over the proposed changes, the NAMB stepped up its political fight against [...

Home Prices Set to Fall to 2002 Levels

Posted on April 27, 2009
Most homeowners in trouble these days purchased real estate at the height of the housing boom, around 2006 and 2007. Many of these borrowers also happened to put little or nothing down, resulting in negative equity for millions, one reason why foreclosure moratoria may not be enough to resolve the current situation...

Bank of America?s Clarity Commitment

Posted on April 27, 2009
In response to consumer desire for increased transparency in the home loan process, Bank of America has launched its so-called ?Clarity Commitment? to promote responsible lending. The move, which just happens to coincide with the rebranding of Countrywide to ?Bank of America Home Loans,? aims to help borrowers better understand the terms of their mortgages, something [...

California Mortgage Defaults Climb 80 Percent to Record High

Posted on April 23, 2009
A record 135,431 default notices were sent to California homeowners during the first quarter of the year, up 80 percent from the fourth quarter and 19 percent from the same period a year ago, according to DataQuick. The company attributed the sharp rise in delinquencies to the ongoing recession along with the delay caused by legislation [...

Fixed Mortgage Rates Beating Adjustable-Rates

Posted on April 23, 2009
Mortgage rates trickled lower this week, but still remain above record lows seen three weeks ago, according to the latest survey from mortgage financier Freddie Mac. The 30-year fixed fell just two basis points to 4.80 percent for the week ending April 23, but remains much lower than its year-ago average of 6...

You Want a Warehouse Line of Credit? Not So Fast

Posted on April 22, 2009
In recent weeks, there have been signs that warehouse lending has been opening up again, the type of financing that allows smaller, independent mortgage bankers to fund their own loans and stay in the game. Recently, Wells Fargo said it was getting back into warehouse lending, and ResCap is expanding its presence as well, but who [...

Bank of America Easing Short Sale Policy

Posted on April 22, 2009
Bank of America said it has eased a policy related to short sales to facilitate more of them, instead of letting properties simply slip into foreclosure, according to a report in American Banker. Previously, the bank required that 10 percent of the proceeds from a property?s selling price go towards paying off an associated home equity [...

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