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Problems related to loan servicing dominate the consumer complaints about mortgage companies made to the Consumer Financial Protection Bureau, but an agency official expressed optimism about the industry's response to these grievances.
FALLING SHORT: "The fact that borrowers are redefaulting at such a high rate shows that many people are still struggling and cannot afford their modified HAMP payment," said Christy Romero, the special inspector general for the Troubled Asset Relief Program.
One in three struggling homeowners who received a loan modification through the Home Affordable Modification Program ultimately redefaulted on those loan.Meanwhile, the program that was supposed to help some 4 million families avoid foreclosure has helped only a fraction of that amount, according to a report presented to Congress.
The heightened regulatory environment for servicers has also prompted a wave of process improvements.
It's not quite too big to fail, but Ocwen is the country's largest servicer of subprime mortgages. So if it were forced to sell itself, or even failed, the transfer of some $410 billion in servicing rights could create havoc in the mortgage market, industry experts said.
Most millennials do almost all of their other business on a portable device, so they want to have this same functionality when buying a home.
If you want to know what a Greek exit from the euro would do to the €16.7 billion ($19 billion) of bonds out there backed by Greek assets, a good place to start is Argentina.
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