A study by First American CoreLogic predicts that 1.1 million of the 8.37 million adjustable-rate mortgage loans originated between 2004 and 2006 will end up in foreclosure over a six- to seven-year period.That would be a cumulative 13% foreclosure rate on the $2.2 trillion portfolio. First American CoreLogic predicts that the defaulted loans will account for $326 billion of debt, and that even after the foreclosure and sale of the property, lenders and investors will lose $112 billion. Christopher Cagan, director of research and analytics at First American CoreLogic, said the impact of reset-based foreclosures will be greatest among subprime home loans and loans with low initial "teaser rates."
-
The threats to companies loom as borrowers face soaring homeowners insurance costs, ex-Ginnie Mae head Ted Tozer explains.
1h ago -
The Federal Housing Administration, the Department of Veterans Affairs and the Federal Housing Finance Agency have started gathering data and analyzing how climate risk will impact the housing ecosystem.
April 22 -
A special committee is exploring any possible structural "strategic alternatives," which would be aimed at increasing shareholder value, the real estate investment trust said.
April 22 -
An insurance-indexed debt-to-income ratio could help mitigate borrowers' rising premiums, and help maintain a healthy servicing portfolio, experts said.
April 22 -
But the number of properties whose mortgage is more than 90 days late is at its lowest since 2006, ICE Mortgage Technology said.
April 22 -
Industry leaders expressed a high degree of satisfaction with technology in use, but also said a product's cost is the most important criteria for them when partnering with vendors, according to Fannie Mae research.
April 22