After the Home Affordable Modification Program ends, servicers will employ myriad proprietary workout options to meet ongoing compliance requirements. But will more discretion in loss mitigation practices create consumer and investor confusion? more »
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The number of U.S. houses left vacant because of foreclosure was down at the start of the second quarter compared with the same period last year. But New Jersey's share of these so-called zombies continues to be tops in the nation.
The zombies are being vanquished.
Foreclosure starts dropped nearly 17% from a year earlier last month, falling to their lowest level in a decade, according to Black Knight Financial Services.
Increased mortgage borrowing was behind a 1.1% rise in U.S. household debt in the first quarter, with slowdowns in other areas such as credit-card balances and auto loans, according to the Federal Reserve Bank of New York
Home values in hot areas of Chicago's North Side have fully recovered from the housing crash, but homeowners in other city neighborhoods and Cook County's suburbs continue to hold homes with values far below their pre-housing crash peaks.
Wells Fargo said that it was eliminating 16 mortgage positions in Charlotte and Fort Mill, S.C., citing market conditions for its latest round of job cuts.
The Tampa Bay metro area continues to have one of the nation's largest number of "zombie foreclosures" vacant homes that banks are repossessing.
The secondary marketing agency wants to model how servicers' available cash might stand up to shocks because interruptions to that liquidity have been a common problem among those that failed.
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