Countrywide Financial Corp. and the Association of Community Organizations for Reform Now have entered into discussions to develop a "blueprint" for foreclosure prevention that they expect to release in early January."Countrywide and ACORN anticipate final release of the groundbreaking provisions of the home retention initiative soon after the New Year," says a joint release. The discussions are mainly focused on helping subprime borrowers who have shown an ability and willingness to make their payments. But the parties are also looking at different products, including payment-option adjustable-rate mortgages. "We see actually more borrowers getting into trouble with payment-option ARMs than we are seeing with hybrid ARMs at this point," said Michael Shea, executive director for ACORN Housing Corp. He noted that Countrywide does not have a systematic approach yet for helping option ARM borrowers. "That is one of the things we are talking to them about," Mr. Shea said. Countrywide, based in Calabasas, Calif., can be found online at http://www.countrywide.com, and ACORN can be found at http://acorn.org.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
3h ago -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
7h ago -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
11h ago -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24