Hope Now Sees Slower Climb in Repayment Plans

HOPE NOW, the private sector alliance of mortgage servicers, non-profit counselors and investors touted 249,000 completed workout solutions for struggling borrowers in May. The figure represents a 4% decline from April. Modifications slipped 16.3% from April while repayment plans — including refinancings — rose 6.1% in May after jumping 21.45% in April, indicating at least some slowing in the volume of refis rolling out of the pipeline. The alliance attributed the drop in modifications and rise in repayments in May to the administration’s... more»

HUD Allows 125% LTV in Home Affordable Refis

[Update 1] The administration expanded its Home Affordable Refinance Program to include borrowers current on payments but whose mortgages are worth up to 125% of the house’s value. US Department of Housing and Urban Development (HUD) secretary Shaun Donovan announced the LTV limit expansion today while touring a Las Vegas neighborhood–a befitting venue for the reveal, considering 67% of homeowners there are underwater on their mortgages. “I am here in Las Vegas because it is ground zero of the foreclosure crisis,” Donovan says, according... more»