Hampered by its takeover of Countrywide with its huge mortgage portfolio, Bank of America is lagging other big lenders in getting loans modified under the government's Making Home Affordable program. According to Treasury Department data, only 11 percent of BofA's eligible borrowers have been given a federal mortgage modification.
As federal officials fret over a seemingly inevitable round two of devastating mortgage-related losses - this time in the commercial sector - regulators are hoping to stop some of the bleeding by pushing lenders to restructure these problematic loans. The heads of banking's federal regulatory agencies told a Senate subcommittee Tuesday that they plan to issue modification guidelines for commercial real estate loans "soon."
One of the nation's premier ratings agencies announced this week almost two thirds of borrowers in boom-era residential mortgage-backed securities are underwater, leaving the door open for a new round of securities write-downs for banks and other investors. Despite a strong summer of significant improvements in the housing sector, concerns have grown as previously performing borrowers fall into delinquency at a higher pace.
Foreclosure activity in the United States set a new quarterly record in the three months ended September 30, increasing 5 percent from the previous quarter and 23 percent from the third quarter of 2008, according to new data released by RealtyTrac Thursday. One in every 136 U.S. housing units received a foreclosure filing during the three-month period, with Nevada and Arizona leading the pack with the highest state foreclosure rates.
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Rob Alley, Realtor
Keller Williams Realty
540-250-3275
roballeyrealtor@gmail.comhttp://www.charlottesvillevarealestate.blogspot.com http://www.robsellscharlottesville.comOh, by the way, I am never too busy to work any of your referrals.
Each Office Independently Owned and Operated
Licensed to Sell Real Estate in the Commonwealth of Virginia
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