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  • Wells Fargo fails fair lending test due to "discriminatory and illegal" credit practices

    Late last year, as the fallout from the fake account scandal at Wells Fargo was still in full force, rumors began to circulate that the bank could be facing another regulatory smackdown due to reportedly failing to meet its requirements under the Community Reinvestment Act. And Tuesday, the other shoe dropped, as the bank disclosed that it did indeed fail to meet its CRA requirements.

Servicing The Ticker

FHFA assists 3.2 million troubled homeowners

foreclosed home

The number of foreclosure prevention actions completed during the first quarter was slightly down from the fourth quarter of 2013, falling to 88,800 from 99,704, according to the Federal Housing Finance Agency.   

But this is still good news for the economy, bringing the total number of completed foreclosure actions to nearly 3.2 million since the start of conservatorship in September 2008.

In the first quarter, 42% of all permanent loan modifications in the first quarter helped to reduce homeowners’ monthly payments by over 30%.

More than 2.6 million of these actions have helped troubled homeowners stay in their homes, including 1.6 million permanent loan modifications.

In addition, as of March 31, about 13% of loans modified in the first quarter of 2013 had missed two or more payments, one year after modification.

The number of Fannie Mae and Freddie Mac serious delinquent borrowers dropped 8% during the first quarter. 

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