Subscribe to the print edition of National Mortgage Professional MagazineSubscribe to our RSS feedFollow us on TwitterGet daily updates via emailJoin us on Facebook

loan modifications

New Yorker Sentenced to Nine Years in Loan Mod Scheme

Handcuffs_Prison_Pic

Christy Romero, Special Inspector General for the Troubled Asset Relief Program (SIGTARP), and Preet Bharara, U.S. Attorney for the Southern District of New York, announced that Isaak Khafizov, a former owner of American Home Recovery (AHR), a mortgage loan modification business that operated in New York, was sentenced in Manhattan federal court to nine years in federal prison in connection with a scheme to defraud hundreds of struggling homeowners and their lenders.Click to continue

Fitch: Bank of America Sees Credit Role Improved After NY State Supreme Court Decision

Bank_of_America_Building

The decision by a New York State Supreme Court judge to approve the terms of a settlement between private-label mortgage securitization investors and Bank of America (BofA) is positive for the bank's credit profile, if not successfully appealed with respect to loan modifications, according to Fitch Ratings. The settlement removes a substantial source of uncertainty from BAC's remaining contingent liabilities, though future appeals are possible.Click to continue

Loans Mods See 12 Percent Drop in November While Foreclosures Overall See 20 Percent Decline

Foreclosed Home Sign

HOPE NOW has released its November 2013 loan modification data where an estimated 44,000 homeowners received permanent, affordable loan modifications from mortgage servicers during November. This total includes modifications completed under both proprietary programs and the government’s Home Affordable Modification Program (HAMP).Click to continue

GSEs Prevent Three Million-Plus Foreclosures Since September 2008

Foreclosure Notice Pic

The Federal Housing Finance Agency (FHFA) has announced that Fannie Mae and Freddie Mac have reached a significant milestone, completing more than three million foreclosure prevention actions since the start of conservatorship in September 2008. FHFA noted this milestone in its third quarter Foreclosure Prevention Report (also known as the Federal Property Manager’s Report), which details results of foreclosure prevention programs.Click to continue

Nearly 70,000 Homeonwners Receive Loan Mods in August

Foreclosed_Home_Red_Pic

HOPE NOW has released its August 2013 loan modification data, finding an estimated 67,000 homeowners received permanent, affordable loan modifications from mortgage servicers during the month. This total includes modifications completed under both proprietary programs and the government’s Home Affordable Modification Program (HAMP). The total number of loan modifications for 2013 currently stands at approximately 580,000. This compares to approximately 438,000 foreclosure sales reported for the year to date.Click to continue

GSEs Prevent Nearly Three Million Foreclosures Since 2008

Foreclosed_Home_Pic

Fannie Mae and Freddie Mac have completed more than 2.9 million foreclosure prevention actions since the start of conservatorship in 2008. These actions have helped approximately 2.4 million borrowers stay in their homes, including more than 1.4 million who received permanent loan modifications. During the first half of 2013, Fannie Mae and Freddie Mac completed more than 247,000 foreclosure prevention actions, 117,000 of these in the second quarter. The majority of these allowed troubled borrowers to save their homes.Click to continue

Office of Mortgage Settlement Oversight to Test Banks With New Servicer Standards

OMSO_Logo_10_02_13

Joseph A. Smith Jr., Monitor of the National Mortgage Settlement, has announced that the Office of Mortgage Settlement Oversight has issued four new metrics, or tests, to measure the banks’ compliance with the Settlement’s servicing standards. He has filed those metrics with the District Court for the District of Columbia.Click to continue

NY Attorney General Targets Wells Fargo for Non-Compliance Over National Mortgage Settlement

Wells_Fargo_Logo_01_17_12

New York State Attorney General Eric T. Schneiderman announced that he is suing Wells Fargo so that a federal judge will compel the bank to honor its commitments under the 2012 National Mortgage Settlement. At a press conference in New York, Attorney General Schneiderman also announced that his office has reached an agreement to suspend a similar enforcement action against Bank of America, which has agreed to implement a robust set of systemic reforms intended to ensure that the servicing standards outlined in the National Mortgage Settlement are honored across New York State.Click to continue

Permanent Loan Mods Surpass the 6.6 Million Mark Nationwide

Short_Sale_Red_Sign

HOPE NOW released its July 2013 loan modification data which found that an estimated 63,000 homeowners received permanent, affordable loan modifications from mortgage servicers during the month. This total includes modifications completed under both proprietary programs and the government’s Home Affordable Modification Program (HAMP). The total number of loan modifications for 2013 currently stands at approximately 519,000. This compares to approximately 378,000 foreclosure sales reported for the year to date.Click to continue

Levels of Mortgage-Related Litigation Remain Elevated

Cherry Red Gavel/Credit: Comstock

The level of litigation tied to mortgage-related issues remains elevated, according to Mortgage Daily's First Quarter 2013 Mortgage Litigation Index.Click to continue