Servicing

A crowd of more than 200 marched on the New York City offices of Freddie Mac and Fannie Mae on Sept. 12, protesting the eviction of distressed homeowners and demanding Edward DeMarco, the acting director of the Federal Housing Finance Agency, implement a principal reduction policy for Fannie Mae and Freddie Mac.

Data show the vast majority of pre-retirees and older workers are overburdened by mortgage debt and other modern era expenses.

Protesters gathered in Bryant Park in Midtown Manhattan yesterday, many wielding mops, buckets and brooms to “clean house” at the government-sponsored enterprises.

The average rate for a 30-year Freddie Mac loan stayed at 3.55% for the week ending Sept. 13 as markets speculated on the possibility of further stimulus from the Federal Reserve.

The only subprime servicers growing their A- to D portfolios are firms specializing in high-touch mortgages that others are desperately trying to unload.

A federal indictment said 11 defendants participated in a fraudulent loan modification business that took advantage of homeowners who were having difficulty paying their monthly mortgage payments.

Inlanta Mortgage named Nicholas DelTorto, the founder and former CEO of Amerihome Mortgage, as its new president.

A total of 17,781 Illinois properties received a filing of default, auction or repossession in August, up 42% from a year earlier and the eighth straight monthly increase on an annual basis.

FHA residential servicers completed 27,150 short sales during the first nine months of fiscal year 2012, a 65% spike in such transactions.

The ultimate goal default management firms have when maintaining REO properties on behalf of servicers is to provide their clients’ nonperforming assets with the greatest amount of value so they can be sold for more money.