State Monitors Oversee Modifications in California Bill

The California Assembly is considering AB 1588, which would implement the Monitored Mortgage Workout (MMW) Program. MMW would provide for state-appointed monitors to guarantee homeowners a chance at working out a plan with their lender to avoid foreclosure. The bill was introduced recently by Karen Bass, the California assembly speaker, and announced by Antonio Villaraigosa, the mayor of Los Angeles. Any borrower who receives a notice of default (NOD) would be eligible to participate in the MMW Program, which would be administered by the California Housing... more»

Serious Delinquencies Reach Record 14.4%: MBA

The national delinquency rate on one-to-four-unit residential properties climbed to 9.64% of all loans at the end of Q309, according to a survey from the Mortgage Bankers Association (MBA). Including the rate of foreclosures, the US serious delinquency rate is at a record 14.4%. The rate of delinquency jumped 40bp from Q209 and increased 265bp from one year ago, according to the survey. It broke last quarter’s record and stands as the highest delinquency rate since the MBA began compiling data in 1972. The delinquency rate includes loans that are at least... more»