In his recent posting on HousingWire.com, publisher Paul Jackson scrutinizes current data from Lender Processing Services – which showed that a record 7.5 million loans are non-current – and posits that the real key to resolving the housing market problems yet-to-come is REO property sales. And here’s why: For all loans at 90+ days delinquent,… CONTINUE
Same Problem, Different Plan
The Obama administration announced new modifications to the HAMP and FHA programs late last week to “better assist responsible homeowners who have been affected by the economic crisis through no fault of their own.” So who benefits from the modifications? The program expands flexibility for mortgage companies and banks to assist unemployed homeowners as well… CONTINUE
Taking It In The Shorts…Again
Californians who received mortgage modifications or participated in a short sale or foreclosure could be getting the short end of the stick again in the form of a huge tax bill. That’s because legislation preventing their canceled debt from being treated as taxable income is caught up in a budget squabble between the Governator and… CONTINUE
Will Walk for Cash
The Obama administration has announced a new program taking effect April 5 that will pay homeowners in danger of foreclosure cash to walk away. Lenders will also get a cash payment for agreeing to a short sale. The New York Times piece on the new program reported: Under the new program, the servicing bank, as… CONTINUE
An Understatement on Foreclosures
Hey American taxpayers, get your wallets ready…a group of economists from the NY Federal Reserve and NYU say the FHA is understating how much risk it’s taken on, which may make it a candidate for a taxpayer bailout. The FHA currently backs more than 25% of all home loans – up from less than 2%… CONTINUE
Foreclosure Shake-Up
The foreclosure crisis will be over sooner as a result of Chilean earthquake! Scientists say the recent magnitude 8.8 earthquake in Chile may have shortened the length of each Earth day. So, whatever we’re going through, well, it won’t last as long! From the NASA website: JPL research scientist Richard Gross computed how Earth’s rotation… CONTINUE
Let It Snow
The numbers on February foreclosures are out this week from RealtyTrac, which reported that foreclosure filings fell 2% from January and, overall, that February filings had the lowest year-over-year increase since January of 2006. James Saccacio, RealtyTrac CEO, said that the severe winter weather in the first two weeks of February “appears to have temporarily… CONTINUE
Grab Your Floaties
The predicted wave (tsunami, really) of new foreclosures is detailed last Friday in a report by the Washington Post: About 5 million to 7 million properties are potentially eligible for foreclosure but have not yet been repossessed and put up for sale. Some economists project it could take nearly three years before all these homes… CONTINUE
21st Century Squatting
According to a piece last week in the Los Angeles Times, more and more underwater mortgage holders are staying in their foreclosed homes – and lenders are letting them. Throughout the country, people continue to default on their home loans — but lenders have backed off on forced evictions, allowing many to remain in their… CONTINUE
David Sues Goliath
California homeowners suing lenders about to foreclose on their homes has skyrocketed from 388 in 2008 to nearly 1.400 in 2009 – another sign of desperate measures homeowners are willing to take to hold on to their homes. According to an article in last week’s Mercury News, this strategy is allowing those homeowners to, at… CONTINUE
Sad Sac
Approximately 12.3% of Sacramento mortgages in January were more than 90 days late, in foreclosure or tied to a bank-owned property, according to a report out this week from mortgage industry tracking firm First American CoreLogic. The January number is up slightly (.3%) from December 2009, but up significantly from a year ago, where troubled… CONTINUE
WSJ: OK to Walk Away
An article last week by Wall Street Journal personal finance columnist Brett Arends advised homeowners that are deeply underwater on their mortgages to “do the math” and walk away, pooh-poohing any “morality” argument thusly: Your instincts, while honorable, are leading you astray. The economy is fundamentally amoral. Sometimes I think middle-class Americans are the only… CONTINUE
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