Equity sharing, a fledgling concept that never managed to gain traction as a loss mitigation strategy during the housing crisis, is being reincarnated as an alternative to home equity loans and other second-lien mortgage products.
Second-quarter data show housing activity has lost momentum and may experience only minor improvements in the second half of the year, according to a Fannie Mae's Economic & Strategic Research Group.
The Federal Housing Finance Agency banned banks and mortgage servicers from accepting commissions on force-placed insurance policies issued by affiliated companies. At least one mortgage servicer, Ocwen Financial, has found a way around the ban.
If consumers can't afford to pay the premium and the policy gets cancelled, servicers can acquire force-placed policies.
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