Home prices in the United States rose slightly in November for the sixth straight month, according to the Standard & Poor's/Case-Shiller home price index released Tuesday. The closely-watched gauge showed month-to-month improvements in 14 of the 20 metro areas tracked, and marked the 10th straight month of improved readings in the year-over-year statistics, but S&P's analyst says the details reveal a far more mixed picture.
Despite the income verifications and trial modification periods being carried out by mortgage servicers, modified loans continue to redefault at extremely high rates. The debt ratings agency DBRS estimates that more than half of all restructured mortgages become delinquent or fall into foreclosure again within six months. As a result, DBRS expects modifications that forgive mortgage debt to become the preferred loss mitigation strategy for many servicers during 2010.
Bank of America announced Tuesday that it is the first mortgage servicer to sign an agreement formally committing to participate in the second-lien component of the Home Affordable Modification Program (HAMP). Bank of America, which services 3 million second liens, says it will modify eligible home equity loans and lines of credit regardless of whether the first lien is serviced by Bank of America or another participating servicer.
The Nationwide Mortgage Licensing System & Registry (NMLS), a mortgage licensing system operated by state financial regulators recently announced the launch of NMLS Consumer Access This fully researchable Web site allows the general public to view information concerning state-licensed mortgage companies, branches, and individuals currently licensed through the NMLS.
| | |
DSNews.com
Comments
Post a Comment