Some believe that DTC (Direct to Consumer) lending will eventually pass retail channels. For now, the MBA says internet-lending still accounts for less than 10% of mortgage lending. Until this number changes, here’s National Mortgage News’ list of the top traditional retail lenders: Wells Fargo, Chase, Bank of America, PHH Mortgage, CitiMortgage, Quicken Loans, U.S.
Foreclosures
Some believe that DTC (Direct to Consumer) lending will eventually pass retail channels. For now, the MBA says internet-lending still accounts for less than 10% of mortgage lending. Until this number changes, here’s National Mortgage News’ list of the top traditional retail lenders: Wells Fargo, Chase, Bank of America, PHH Mortgage, CitiMortgage, Quicken Loans, U.S.
Whether it is due to a backlog, or the improving stability of the remaining borrowers, foreclosure numbers are improving. But it is still an issue to be reckoned with in our industry. In a Deed of Trust state (like California) as opposed to a Mortgage state (like Michigan), foreclosure is accomplished through a “trustee’s sale”
Whether it is due to a backlog, or the improving stability of the remaining borrowers, foreclosure numbers are improving. But it is still an issue to be reckoned with in our industry. In a Deed of Trust state (like California) as opposed to a Mortgage state (like Michigan), foreclosure is accomplished through a “trustee’s sale”
The U.S. Treasury Department is exploring a plan that could help 1 million or more homeowners avoid foreclosure. It applies to non-agency (in securities not issued by government agencies) mortgages, and is an attempt to promote modifications of delinquent or defaulted home loans, including write-downs of principal, by bringing fresh private capital into the market.
-5 Funds With Largest Outflows of 2011 (InvestmentNews) -Foreclosures See 25% Drop 1st Half of 2011 (NatMortgagePro) -Is Bernanke Adopting Worst Greenspan Policies (TheBigPicture) -Why You Avoid Your Most Important Financial Task (NYT Bucks Blog) -Home Remodeling To Highest Level Since 2004 (HousingWire) -A Few Things To Remember About Debt (Economist via Minyanville) -The Problem
-Areas most impacted by loan limit cuts (LendingTree Chief Economist) -Case Shiller Head David Blitzer on Home Prices & Foreclosures (S&P) -Google+ Reaches 10 Million In 2 Weeks (VentureBeat) -Why Loan Limit Cuts Aren’t a Big Deal (TBP) -Key Earnings Reports Next Week (Bespoke) -Debt Ceiling Charade (CalculatedRisk) -Interest Rate Stories (Krugman)
The federal government’s interactions with the economy have been shortsighted, and government has refused to acknowledge that its own policies mandated bad mortgage lending practices. Policy has concentrated on blaming lenders for robo-signing foreclosure documentation and finding ways for lenders to accommodate troubled borrowers. The result is slower housing recovery—and the economy won’t fully recover
The government is exploring ways to liquidate hundreds of billions, or trillions, of Fannie & Freddie portfolios. There are 15 F&F-related bills in the House, little interest in the Senate about doing anything soon, and the NAR and mortgage-related groups arrayed against House Republicans, who are now looking to peddle F&F’s assets. If a mortgage
Here’s House Speaker John Boehner on housing: “Government programs aimed at preventing mortgage foreclosures have failed, adding that the only real solution is to wait until we get our economy moving again.” Attention Realtors and homebuyers! Freddie Mac is launching a summer “HomeSteps” promotion to move its inventory of foreclosed homes. Here are the benefits
Here’s House Speaker John Boehner on housing: “Government programs aimed at preventing mortgage foreclosures have failed, adding that the only real solution is to wait until we get our economy moving again.” Attention Realtors and homebuyers! Freddie Mac is launching a summer “HomeSteps” promotion to move its inventory of foreclosed homes. Here are the benefits
Some look forward to Sports Illustrated’s Swimsuit Edition or Time’s Man of the Year. I don’t think that the FDIC’s Supervisory Insights: Foreclosure Edition will garner the same attention, but it is useful to banks who service loans nonetheless because it outlines the FDIC’s position on foreclosure practices. This FHA foreclosed inventory report from HUD
Today’s links include short sale vs. foreclosure tips, two posts from StoneStreetAdvisors who’s on fire this week, and Sage words on analyzing markets—a must-read for mortgage folks who stare at MBS charts all day. So click play on the funky bilingual Cinco De Mayo soundtrack and read up… -Has bay area real estate gone bonkers?
The folks at FICO Labs are coming out with a new way to predict the likelihood a borrower will default, even if they can afford their mortgage. Predicting strategic defaults is the goal, with a strategic default being where borrowers, who can afford their monthly mortgage payment, opt not to pay it – often because
Banks foreclosing on borrowers too hastily were told by the FDIC yesterday what they may be facing. The gist of the FDIC’s enforcement order is excerpted below. Over time, it looks like all servicers will need to conform to these standards. But in the near term, the risk is that this framework is one more
According to a story in the Financial Times, “The five biggest US mortgage servicers were told this week at a private meeting with regulators to consider paying delinquent borrowers up to $21,000 each as part of a broader settlement of the foreclosure crisis…The industry-wide “cash for keys” program would involve the biggest servicers paying borrowers
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