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Delinquency Measures on the Rise
A number of delinquency measures including the delinquency rate and percentage of loans in foreclosure rose during the third quarter of 2006 according to a survey released Wednesday by the Mortgage Bankers Association. Though the increase was across the board, affecting prime, subprime and FHA mortgages, it was larger for FHA and “increases in delinquency [...]
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Study Highlights Value of Homeowner Education and Counseling
A Pennsylvania Housing Finance Agency study released Tuesday highlights the potential of education and counseling to reduce delinquencies.
Underscoring the need for more homeownership counseling, the study participants generally thought that many residents might avoid foreclosure if they were better educated about default and delinquency prevention.
According to the studys findings,“Too many foreclosed properties remain vacant, [...]
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HUD to Review Fannie Mae and Freddie Mac Financial Statements
While Congress debates setting up a new entity to regulate the government sponsored mortgage market makers Fannie Mae and Freddie Mac, HUD is stepping in under existing authority to review their financial statements.
To that end, the Department will soon initiate a review of Fannie Mae and Freddie Mac investments and holdings, including certain equity and [...]
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Full House Promotion from Homesteps Offers Closing Costs Paid and Agent Bonuses
Freddie Mac’s Homesteps unit just kicked off their latest sales promotion, Full House, which runs from May 1 to September 29 and offers buyers a portion of their closing costs paid and selling agent bonuses up to $1,000 on any of the nearly 10,000 Homesteps homes nationwide.
They “will pay up to 1.5%* of your purchase [...]
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Massachusetts Foreclosures at 3 Year High
ForeclosuresMass reports that Massachusetts foreclosure rate has hit a three year high, up 25% over last year.
Foreclosures were filed on 1,200 properties, 25 percent higher than the year before and 63 percent higher than February 2004. Compared to January of this year, foreclosures increased nearly 12 percent, with Middlesex County posting a 29 percent [...]
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Illinois Targets Foreclosure Scams
Illinois Attorney General Lisa Madigan filed a lawsuit Wednesday against a company that claims to help homeowners facing bankruptcy, but which, the state claims, has actually stolen the homes and equity of many homeowners in trouble.
“We’re looking at con artists. What they are doing is one of the evilest cons I’ve ever seen,” said Illinois [...]
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Foreclosures Up 68% Over February 2005
117,259 properties nationwide entered some stage of foreclosure in February, a 13 percent increase from the previous month and a 68 percent increase from February 2005, according to the Monthly U.S. Foreclosure Market Report from RealTrac.
“This is the third straight month the U.S. foreclosure rate has moved higher, and it’s the second straight [...]
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Field Services Backlogged in Detroit Metro
With 3,300 active foreclosures in Wayne County, Michigan - the most in the nation - field service companies in the Detroit area are so backlogged the only promise they’ll make is that they will return your phone call in 5 business days.
Calls to most Metro Detroit firms result in a voice message saying someone [...]
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Freddie Mac Extends Hurricane Foreclosure Moratorium in Hardest Hit Counties, Ending It in All Others
Freddie Mac announced it is extending its foreclosure suspension until May 31, 2006 in the 21 counties and parishes in Alabama, Louisiana, Mississippi and Texas hit hardest by last year’s hurricanes. At the same time, Freddie Mac is ending the moratorium on foreclosures in areas that experienced the least damage.
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Bad Loans Out There - Still
Arizona Attorney General Terry Goddard commented on the recent Ameriquest Mortgage predatory lending settlement he helped negotiate in an interview with Amanda J. Crawford of the Arizona Republic. Of particular interest where his thoughts on the status of “bad loans” that have so far escaped delinquency and foreclosure because the market rescued the borrowers…and [...]
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