California Gov. Arnold Schwarzenegger has enlisted four major subprime servicers to streamline their loan modification procedures for adjustable-rate mortgages with the aim of mitigating a "foreclosure crisis" in his state.Countrywide Financial Corp., GMAC Residential Holding Corp., Litton Loan Servicing LP and Barclays' HomeEq unit have agreed to keep subprime borrowers at their initial interest rates if they can't afford their resets. The governor said his state is facing a foreclosure crisis and half a million California borrowers have subprime mortgages that will reset to a higher rate in the next two years. "With this kind of cooperation from loan servicers, we can save tens of thousands of people from being added to the foreclosure lists," Gov. Schwarzenegger said.
-
Pricey insurance, expensive maintenance, and struggles with financing are all weighing down the condo market, with Florida and Texas feeling it the most.
4h ago -
The National Credit Union Administration, operating with just one board member, has liquidated two credit unions that were recently put into conservatorship. The failures are the first credit union failures since Democrats on the board were fired, leaving Republican Chair Kyle Hauptman.
5h ago -
The new integration supports the upcoming Uniform Appraisal Dataset 3.6, which becomes available in September, with mandatory use 14 months later.
5h ago -
The prime jumbo RMBS transaction is collateralized by 402 residential mortgage loans.
5h ago -
The conviction of a fraud ring mastermind highlights growing risks in home equity lines of credit as equity-rich borrowers become prime targets.
6h ago -
The Senate version makes permanent the mortgage interest and mortgage insurance premium reductions, removes the revenge tax but also cuts CFPB funding.
6h ago