That looming shadow of housing inventory that's graced so many headlines lately has put the entire industry on edge. And that uneasiness was validated in a report published by Standard & Poor's Tuesday. The ratings agency said this hidden supply of REOs and pending foreclosures will likely take 33 months - or nearly three years - to clear if liquidation rates hold steady. What's even more unsettling is that S&P called its estimate "conservative."
Sixteen months after Countrywide Financial settled one of the biggest predatory lending lawsuits in the nation's history, restitution is coming for distressed homeowners in Florida. More than 2,700 Countrywide borrowers in the Sunshine State are being sent foreclosure relief payments from the lender this week, totaling $16.9 million. Florida's Attorney General said the checks will make a "significant difference" for struggling families who are trying to save their homes.
The percentage of borrowers at least 60 days past due on their mortgage increased for the 12th straight quarter, hitting 6.89 percent by the end of 2009, according to new data released by TransUnion Tuesday. This precursor to foreclosure increased 10.24 percent from the previous quarter, and compared to the year-ago delinquency rate of 4.58 percent, past due mortgages are up a staggering 50 percent, TransUnion said.
More than 12,700 Bank of America customers now have a permanent loan modification under the Home Affordable Modification Program (HAMP), according to the bank's monthly report to the Department of the Treasury. Up from 3,200 completed modifications reported in December, Bank of America quadrupled its number of permanent HAMP modifications in just 30 days.
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