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2009 has been one of the most significant years in the default servicing industry to date. DS News would like to look back on the year that was, and the Loss Mitigation-related stories that were most read and left the biggest impact on viewers.

Amidst the high-profile news Monday about the administration's push to make more loan modifications permanent, the Treasury also laid out finalized guidelines for short sales. The administration is urging servicers to use short sales as an alternative to foreclosure for those homeowners that don't qualify for a reworked mortgage under the Home Affordable Modification Program. To entice servicers, Treasury will pay out $1,000 for each successful short sale.
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According to Remington Financial Group, a capital services company based in Scottsdale, Arizona, a lack of bank liquidity poses a severe threat to the U.S. commercial real estate market, with a staggering $1.2 trillion in debt due to mature by 2012 and limited options for refinancing. "The commercial real estate industry is a disaster waiting to happen," said Andy Bogdanoff, founder and chairman of the company.
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The despair and desperation that often accompanies a foreclosure seems to have gotten the best of one California couple - but it turned to outright violence when they kidnapped and beat the loan modification consultants they'd hired to help them.
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The government-backed mortgage financier Fannie Mae is tightening its lending standards. The GSE says it will require a credit score of at least 620 for all mortgage loans delivered in accordance with its Selling Guidelines, including loans guaranteed or insured by a federal government agency.
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As many exotic adjustable rate mortgages (ARMs) are set to recast in 2010, the Consumer Mortgage Audit Center (CMAC) is projecting a mortgage crisis in 2010 as large as the subprime. According to the center, only a few option ARMs in existence have been modified, and looming resets will undoubtedly lead to another wave of foreclosures as payments begin to double and triple. When principal balances go up and house values continue to plummet, CMAC says refinancing will no longer be an option for homeowners in negative amortization.
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