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.
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According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
8h ago -
Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
10h ago -
McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
11h ago -
The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
April 19 -
The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
April 19 -
The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18