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Firms Will Be Embarrassed
Yes, you read the heading correctly. It seems that Obama and Geithner can’t seem to get our beloved mortgage servicers to effectively modify delinquent home loans. That is one heck of a surprise! We all know from experience that mortgage servicers will stop at nothing to get a foreclosure processed. On Monday, Obama will initiate a new campaign aimed at embarrassing mortgage firms (I hope... [Read more]
Servicer Report through October 2009
As always, here is your monthly Mortgage Servicer Performance Report through October 2009 from the Treasury Dept. The pretty graphs show that housing inventory is increasing while mortgage rates, home prices and home sales are all dropping. PHH Mortgage is still not listed as a participant in this program. According to some, PHH Mortgage is one of the tenth largest mortgage servicers. Why aren’t... [Read more]
Vulture Funds
I came across this article in the NY Times on Sunday about the fate of Vulture Funds (Troubled Investments). Here is what is going on now in Wall Street…. Investors are buying discounted home loans from distressed banks. Mortgages are then refinanced through the government. Profits are made by reselling government insured loans. The newly refinanced loans are bundled into securities and sold... [Read more]
Calling the FBI
1 in 4 UNDERWATER, You probably heard this yesterday, I sure heard it and read it in many places. Roughly 23% of American Homeowners owe more than their house is worth1 and good luck refinancing, modifying or selling that bottomless pit. “40% of borrowers who took out a loan in 2006 are underwater and 11% of borrowers who took out a loan in 2009 are underwater1.” This is a very sad and... [Read more]
Between Homeowners and Banks
The NY Times has an article online today about Philadelphia’s “conciliation conferences.”(1) Basically when you are about to be foreclosed on, you and your bank meet at the courthouse and work out a solution. The article did not say whether principal amounts are reduced or how many homeowners redefault. The article did say that monthly payments are reduced in most cases. ... [Read more]
