"There shouldn't be a need for these kinds of programs," said FHFA Director Mel Watt, referring to loss mitigation programs like HARP and HAMP.
The Federal Housing Finance Agency won't keep renewing initiatives like the Home Affordable Refinance Program in perpetuity, even if it is extended again before it expires in December, Director Mel Watt said Wednesday.
Since one out of every five households belongs to an HOA, lenders and servicers must understand the necessary rules and regulations and exercise extreme caution when processing these delinquent properties.

In addition to loan servicers, North Texas "has investors, the GSEs and it also has a lot of the service providers," said Brandon Kirkham, a senior vice president at VRM Mortgage Services.
The North Texas region has been a hub for mortgage servicing for decades, dating back to the oil bust and savings and loan crisis of the 1980s. Today, some key players and many smaller ones remain firmly entrenched in the area.

Foreclosures and delinquencies may seem like problems from the past, but servicers are still struggling with a massive backlog of distressed loans and a return to normalcy is at least two years away, if not longer.

The pain and necessary changes in the mortgage industry that stemmed from the housing crisis have forced many lenders and servicers to utilize operating strategies that are reactive in nature and fail to capture the longer-term intrinsic value of today's troubled borrowers.

PART OF THE PROCESS: Complaints by community activists were “not unexpected,” in deal, said John Thain, CEO of CIT Group. Still, the banks sought to avoid a public hearing.
Protests by community groups and now a public hearing threaten to delay the completion of CIT's acquisition of OneWest Bank. The deal will probably get approved, and it might not get delayed too long, but all those "probablys" and "mights" are what make the proponents of more big M&A queasy.
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