Edward Delgado, SVP at Wells Fargo Home Mortgage, will assume the role of CEO of The Five Star Institute (FSI) and its affiliated conferences and publishing entities, effective April 26, the organization announced Monday. In addition to leading the company and its outreach to the mortgage default servicing community, Delgado will head a new initiative - The Five Star Leadership Lender League, an effort designed to bring lenders and institutional investors together in a cooperative coalition.
There's plenty of finger-pointing and opinions to go around in the heated debate over what caused the nation's financial meltdown of 2007. To get to the true triggers, President Obama formed the Financial Crisis Inquiry Commission. This week, two former top execs from Fannie Mae found themselves in the hot seat. They said it was Wall Street firms muscling in on the mortgage-backed securities market, unrealistic housing goals, and a public-private business model that led the GSEs to take greater risks in the years before the mortgage crisis.
A new poll by market research firm Harris Interactive found that 24 percent of people with mortgages believe they owe more on the loan than their homes are worth. The U.S. Treasury recently announced changes to its foreclosure prevention program to include mortgage relief for underwater borrowers, but some worry the help may be too little too late since it will likely be fall before this assistance is available. Harris says nearly half of the borrowers who believe they are underwater are already having difficulty making their payments.
The delinquency rate for commercial mortgage-backed securities (CMBS) surged above 7 percent in March, according to reports recently released by Trepp LLC and Fitch Ratings. According to Trepp the percentage of loans 30 or more days delinquent, in foreclosure, or REO jumped 89 basis points in March to 7.61 percent -- the highest monthly increase since the summer of 2009. Fitch reported the same upward trend, saying CMBS delinquencies soared 85 basis points in March to 7.14 percent.
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