The Federal Housing Administration (FHA) updated the conditions under which it will pay loss mitigation claims for loan modifications in order to help borrowers get lower payments. The agency said that after reviewing its portfolio, it found that recent insured loan modifications resulted in higher payments to the borrower.
Foreclosure doesn't hurt just homeowners-it comes as a loss to investors, servicers, and insurers. At the Distressed Asset Roundtable and Exchange (DARE) in New York City Tuesday, the movers and shakers of the default servicing and real estate investment communities tackled the always topical issue of following through on the most advantageous alternatives to foreclosure, from modifications and refinances to short sales.
On the heels of last week's disheartening government report on rising U.S. unemployment rates, federal officials revealed that employment in the mortgage industry also fell to a new low this summer. Jay Brinkmann, chief economist for the Mortgage Bankers Association (MBA), says that despite the skyrocketing rise in servicing volumes and demand for loan modifications, new hiring has been confined largely to freelance and contract workers, and any full-time hires were offset by mergers, consolidations and layoffs.
Apparently, Bank of America is getting bullish on its storied - and troubled - subsidiary. The Charlotte, North Carolina-based mega bank announced Monday that it will revive the name and famed bovine logo of Merrill Lynch.
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Rob Alley, Realtor
Keller Williams Realty
540-250-3275
roballeyrealtor@gmail.comhttp://www.charlottesvillevarealestate.blogspot.comhttp://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
DSNews.com
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