Servicing/Default

Last Updated: July 2, 2009 1:39 pm CST

Hope Now Sees Slower Climb in Repayment Plans

July 2, 2009

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»


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HUD Allows 125% LTV in Home Affordable Refis

July 1, 2009

[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»


recent Servicing/Default stories

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... 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... more»

Prommis and Radian Partner to Save Homes

Two mortgage solutions providers, loss mitigator Prommis Solutions and insurer Radian Group (RDN: 2.78 -4.14%), are pairing up to save homeowners in jeopardy of foreclosure. In... more»

Freddie Outsources SFM Custodial Work

Mortgage giant Freddie Mac (FRE: 0.65 +1.56%) selected asset manager and securities servicer Bank of New York Mellon (BK: 27.57 -3.90%) as custodian... more»

5% of US Mortgages Seriously Delinquent: OCC, OTC Report

Serious delinquencies — mortgages 60 or more days past due and those delinquent but in bankruptcy — rose to 5% of US residential mortgages at the end of the first quarter 2009, up almost double... more»

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Events

2009 Jul 09 -- 2009 Jul 10

USFN Legal Issues in Mortgage Servicing Seminar

Geared towards in-house counsel, designed to discuss current legal issues in the mortgage servicing industry and real estate finance. Closed event in Chicago, Ill.; for more information, visit www.usfn.org.

2009 Oct 04 -- 2009 Oct 05

IMN's 15th Annual ABS East

Hosted at the Foutainebleau Resort Miami Beach in Miami, FL, the theme of this year's event is "Navigating a Path to Recovery" and alludes to decisive actions by the government and industry leaders to set a course that will hopefully lead to a revived and robust US securitization market. For more information, visit www.img.org.

2009 Oct 20 -- 2009 Oct 21

RMBS: Assessing Value and Risk

This two-day course in Washington, DC will equip market participants with the knowledge and skills to evaluate prime, Alt-A and subprime RMBS portfolios in order to assess their value and understand inherent risks. For more information, visit www.fitchratings.com.