HAMP Tab Reaches $23 Billion
Government funds used to pay for the Home Affordable Modification Program have reached nearly $23 billion as the program neared its sunset.
HAMP Volume Up from Year Ago
While monthly loan modification volume slowed, there was a year-over-year increase for government-supported modifications.
Drop in Loan Modifications Driven by Proprietary
A month-over-month decline in loan modifications completed was driven by proprietary activity. Government-supported modifications saw a year-over-year gain.
Monthly Loan Modifications Increase
Loan modifications rose on a year-over-year basis, though a month-over-month slump was recorded for government-supported modifications.
Mortgage Modifications Rise from Year Earlier
Despite a month-over-month decline in the volume of permanent loan modifications completed, activity accelerated from a year earlier.
Ocwen Mortgage Modifications Double
The volume of government-supported loan modifications at Ocwen Loan Servicing has recently doubled and is expected to remain robust.
FHA HAMP Streamlined
Changes are being made to the procedures on government-insured mortgages that will reduce the number of steps needed to resolve delinquency and modify the loans.
California Foreclosure Bill Headed to Governor
The Golden State's Senate has passed legislation that is intended to provide additional foreclosure protections for surviving spouses of deceased mortgage borrowers.
Modified Mortgages Auctioned Off
Agency-backed residential loans that were previously modified have been sold at auction and are headed for securitization.
Tougher Distressed FHA Loan Sale Requirements
Investors of distressed Federal Housing Administration loans are facing tougher requirements that will benefit borrowers and avoid neighborhood blight.