Average Delinquency+Foreclosure Timeline At 599 Days, Really? - 08/31/11 10:57 AM
The average mortgage loan in foreclosure has been delinquent for 599 days, according to Lender Processing Services (LPS). That's a record for the company's regular monthly study on mortgage performance trends. As of the end of July, LPS counted 2.2 million loans that were in foreclosure and nearly 1.9 million that were over 90 days past due but had not yet started the foreclosure process. The company also found that 38 percent of July's foreclosure starts were repeat foreclosures
The LPS study shows that 75,000 loans were transitioned from foreclosure to 90-plus day delinquency status last month, with nearly half coming … (0 comments)
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FDIC submits objection to B of A Settlement - 08/30/11 08:07 AM
The FDIC submitted a Notice of Intention to Appear and Object to the New York federal court yesterday. They are contesting the $8.5 billion settlement proposal put forth by Bank of America in June because it has not been provided enough information to evaluate the settlement. The settlement is intended to cover claims from institutional investors related to mortgage bonds populated by Countrywide years before the subprime lender was acquired by BofA.
The FDIC described itself as a “Potentially Interested Person,” noting that it has been the receiver of several failed banks that held certificates issued by the trusts covered under the proposed … (0 comments)
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HUD extends application period for Emergency Homeowners' Loan Program - 08/30/11 07:51 AM
HUD Extended the Application Period for Emergency Homeowners' Loan program(EHLP). The EHLP program provides assistance to borrowers at risk of losing their homes due to unemployment or underemployment. The new deadline for applications is September 15.
Details on EHLP:
The program is avalible to homeowners 90 or more days delinquent on their mortgage payments. Eligible homeowners will receive an interest-free loan to pay a portion of their monthly mortgage payments for up to two years or up to $50,000, whichever occurs first. EHLP also helps homeowners with past due charges, taxes, insurance, and attorneys fees accumulated due to the delinquency. Homeowners … (0 comments)
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Is AOL Inc.'s new real estate search tool "Move Inc." going to replace MLS? - 08/23/11 08:29 AM
AOL Inc. has launched a new real estate search tool on AOL Real Estate that is powered by Move, Inc. The AOL Real Estate search now delivers new tools that enable users to refine their search by multiple criteria including open houses, new listings, and price reductions. It also connects potential buyers directly to real estate agents. Additionally, the new platform offers home values search, expanded school and neighborhood content, and a mapping function provided by MapQuest.
Move is offering real estate advertisers access to millions of AOL Real Estate visitors through a special marketing program, which includes expanded agent and office information, up to 25 photos, … (1 comments)
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Less than 3% Mortgage Modifications Involve Principal Reductions - 08/23/11 08:24 AM
The ratings agency DBRS made principal reductions the focus of a research note released August 23, 2011. The firm's analysts stressed that as a modification technique, debt forgiveness has long been regarded as controversial in the mortgage industry due to its moral hazard risk and the potential impact it could have on the performance of securitized mortgages. As such, it's been utilized on a very limited basis.
Based on first-quarter data, DBRS found that principal reduction modifications accounted for 2.80 percent of the total mods performed.
… (0 comments)
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Standard and Poor's(S&P) being investigated by SEC and DOJ - 08/19/11 09:09 AM
Investigators are looking to determine whether Standard and Poor's (S&P) over-rated dozens of mortgage-backed securities prior to the financial crisis. The Securities and Exchange Commission has been investigating the matter for several months, and the Justice Department recently joined the investigation,according to media reports.
The Treasury Department has accused S&P of basing its downgrade of the U.S. on a $2 trillion error – “a basic math error of significant consequence,” according to a statement earlier this month on Treasury’s website. After Treasury pointed out this error – a basic math error of significant consequence – S&P still chose to proceed with their flawed … (5 comments)
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Good news LPS report shows decline in foreclosures, Bad news report shows increase in delinquent mortgages - 08/17/11 07:33 AM
Lender Processing Services (LPS) issued a report Tuesday which puts the number of mortgages that are delinquent or in foreclosure at 6,538,000. The company's assessment is based on mortgage performance statistics through the end of July, derived from its loan-level database of nearly 40 million mortgages. The grand total of past-due mortgages has risen by nearly 190,000 over the past two months. In June, LPS' tally of loans at least 30 days delinquent or in foreclosure was 6,452,000. In May it was 6,350,000.
Highlights:
- Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): … (0 comments)
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Fitch disagrees with Standard & Poor’s and keeps its US Credit rating AAA - 08/17/11 07:16 AM
Fitch Ratings said today it will keep its rating on U.S. debt at the highest grade, AAA, and issued a "stable" outlook, meaning it expects the rating to stay there. It also said that the country's flexibility in monetary policy gives it the ability to absorb economic shocks. The dollar's central role in the world economy allows the U.S. to hold a higher proportion of debt to gross domestic product.
Fitch ratings was the best given by the three major credit rating agencies. Earlier this month, Standard & Poor's set off a maelstrom in the stock market after it downgraded long-term … (1 comments)
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Fannie Mae's Quarterly National Housing Survey - 08/16/11 04:57 PM
WASHINGTON, DC — Fannie Mae's (FNMA/OTC) latest quarterly National Housing Survey (NHS) finds consumer pessimism growing with concerns about job loss, as 64 percent of Americans surveyed during the second quarter saying the economy is on the wrong track, the most for any quarter since the inception of the survey in the first quarter of 2010. That pessimism continued to mount in July, with Fannie Mae's monthly survey finding that 70 percent now believe the economy is on the wrong track, and just 23 percent say the economy is heading in the right direction.
"Consumers are more cautious due to concerns … (0 comments)
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Fannie Mae Releases July Consumer Indicators - 08/16/11 04:50 PM
Timely Insights into Key Consumer Attitudes Driving Housing Decisions
WASHINGTON, DC — Fannie Mae's July national consumer attitudinal survey finds that Americans' attitudes about the economy, household finances, and homeownership are growing more pessimistic – with 70 percent of Americans believing that the economy is moving in the wrong direction, while only 23 percent think the economy is moving in the right direction.
Key indicators show that more consumers across the country have diminished expectations for home prices and their personal finances, more are thinking about renting as a next step, and twice as many are reporting significantly higher expenses … (3 comments)
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SingleSource Property Solutions Proprietary ‘cash for keys’ calculator - 08/16/11 04:42 PM
SingleSource is a provider of integrated mortgage services and property management solutions. They are headquartered in Canonsburg, Pennsylvania, and provides service coverage in all 50 states, the US Virgin Islands and Puerto Rico.
SingleSource says while many firms offer a cash for keys tool, they typically focus on carrying costs alone. “Our calculator arrives at a monthly cost to carry and incorporates ‘actual’ eviction and redemption timelines to arrive at a ‘true’ cost to carry,” SingleSource explained in a statement. “The cost to carry is then overlaid by an estimation of like rent and identifies the perceived savings by the tenant by remaining … (0 comments)
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UF Survey of Emerging Market Conditions Q2 2011 - 08/16/11 08:09 AM
University of Florida
Bergstrom Center for Real Estate Studies
Warrington College of Business Administration
Survey of Emerging Market Conditions
August 2011
The outlook for the real estate markets in the state declined slightly in the second quarter as uncertainty in the direction of the economy and the political gridlock in Washington weigh on respondents' minds. UF's Commercial Real Estate Sentiment Index, an outlook on our respondents' own businesses, decreased for the first time in seven quarters despite relatively stable fundamentals across asset classes. Economic and political uncertainties were the common themes put forward by the respondents. … (0 comments)
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Unemployment Rate Slips to 9.1% - 08/05/11 09:02 AM
After heading higher for three straight months, the nation’s unemployment rate declined to 9.1 percent in July, down from 9.2 percent in June, according to figures just released by the U.S. Department of Labor. The economy added 117,000 jobs last month.
July’s numbers beat analysts’ forecasts. They were expecting the employers to add between 85,000 and 90,000 jobs to their payrolls and the rate to remain unchanged.
… (2 comments)
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Update on FDIC Professional Liability Lawsuits - 08/05/11 08:55 AM
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Bureau of Economics Personal Income Analysis - 08/03/11 08:51 AM
Personal income increased $18.7 billion, or 0.1 percent, and disposable personal income (DPI) increased $16.3 billion, or 0.1 percent, in June, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) decreased $21.9 billion, or 0.2 percent. In May, personal income increased $23.2 billion, or 0.2 percent, DPI increased $17.6 billion, or 0.2 percent, and PCE increased $5.9 billion, or 0.1 percent, based on revised estimates. Real disposable income increased 0.3 percent in June, in contrast to a decrease of less than 0.1 percent in May. Real PCE decreased less than 0.1 percent, compared with a decrease of 0.1 percent. … (0 comments)
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Has the CMBS recovery gone off the tracks? - 08/03/11 08:41 AM
The commercial mortgage-backed securities (CMBS) market had been abuzz with positive momentum and murmurings of recovery for the better part of this year, but Trepp says that has all but vanished within the past few weeks.
The research firm reported Tuesday that its latest monthly CMBS delinquency reading surpassed the previous record. In July, the delinquency rate for U.S. commercial real estate loans in CMBS shot up 51 basis points to 9.88 percent, as spreads widened and a highly publicized new issue was pulled from the market.
In June, CMBS spreads widened noticeably, and this trend continued for the better part of … (0 comments)
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B of A considering Principal Reduction - 08/03/11 08:36 AM
In its own private negotiations with state attorneys general and officials at HUD and the U.S. Justice Department, Bank of America is reportedly bringing principal reductions to the bargaining table. BofA and four other mortgage servicers have been in discussions with state and federal officials to settle investigations into foreclosure practices involving faulty paperwork and illegal affidavits, but talks have stalled. To move things along, BofA has put forth its own proposal for principal write-downs in exchange for liability protections.
The key sticking points for each side center around principal-reducing modifications (the AGs want the mandate written into … (0 comments)
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New Legislation supporting Foreclosure Rentals - 08/02/11 08:31 AM
The House Financial Services Committee is considering a bill to ease the pressure that unsold inventories of vacant, foreclosed homes are putting on the housing market. The Neighborhood Preservation Act would authorize FDIC-member banks, Fannie Mae, and Freddie Mac to enter into five-year lease agreements to rent REO properties back to the foreclosed homeowner.
The Neighborhood Preservation Act is cosponsored by House Financial Services Committee Chairman Spencer Bachus (R-Alabama), Ranking Member Barney Frank (D-Massachusetts), and Rep. Carolyn McCarthy (D-New York).
… (1 comments)
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13-Year Low in Homeownership Rate - 08/02/11 08:26 AM
The nation's housing crisis has forced unprecedented numbers of homeowners out of their homes, made for a difficult homebuying environment, and tainted many Americans' ideal of owning a home. These factors are taking their toll on homeownership in this country.
The Census Bureau says homeownership in the United States has fallen to its lowest level in more than 13 years, slipping to 65.9 percent in the second quarter. The increase in the homeownership rate seen during the housing boom has been more than completely wiped out by the bust.
Press Release - Second Quarter 2011 Graph - Homeownership Rates by Region Detailed … (2 comments)
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REOs and Short Sales Are Major Causes of Legal Disputes - 08/02/11 08:23 AM
Short-sale disputes were designated as the most significant legal issue facing real estate professionals, according to a recent study by the National Association of Realtors. Almost 55 percent of survey respondents listed short sales as the cause of "a significant number of disputes." REO-related issues also ranked high on the legal barometer. NAR conducts its "legal scan" study every two years, combining legal data and research with survey results from key industry participants.
In addition to short sales and REOs, agency issues, property condition disclosures, and the real estate settlement procedure act (RESPA) were ranked among the top legal issues … (0 comments)
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The Fed's Summary of Economic Conditions, "Beige Book" - 08/01/11 08:44 AM
July 27, 2011
Summary of Current Economic Conditions
by the Federal Reserve
Economic activity continues to grow but the pace has moderated in many parts of the country, weighed down by a persistent weakness in the residential real estate sector, according to the latest market-gauging Beige Book from the Federal Resrerve.
Beige Book findings are based on anecdotal commentary and observations collected by the 12 Fed districts from businesses and contacts outside the Federal Reserve. Data included in the latest version covers the reporting period from late May to mid-July.
To read the full report, click here.
… (1 comments)
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Federal Housing Administration sanctions 240 Lenders - 08/01/11 08:34 AM
The Federal Housing Administration's (FHA) Mortgagee Review Board has announced sanctions against 240 FHA-approved lenders. The federal agency says these lenders failed to meet its underwriting requirements for home loans, which are designed to minimize the risk of default.
Actions taken against the 240 lenders include reprimands, probations, suspensions, and civil money penalties. In addition, some lenders will have their FHA-approval revoked.
To read the full Federal Housing Administration’s (FHA) Mortgagee Review Board (MRB) notice here.
… (1 comments)
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