Countrywide Financial Corp., Calabasas, Calif., has reported that it provided workout options that helped over 80,000 borrowers keep their homes in 2007, up to 69% of which were loan modifications. Ninety percent of all workout efforts resulted in foreclosure prevention, Countrywide said. Besides modifications, the next most popular measures were long-term repayment plans, special forbearance, and partial claims. "Home retention efforts in the second half of the year increased 148% compared to the first six months, and we anticipate helping even a greater number of borrowers in 2008," said Steve Bailey, Countrywide's senior managing director of loan administration. Countrywide designed a $16 billion foreclosure prevention assistance initiative that was made possible through increased staff combined with outreach and investor support efforts, especially during the fourth quarter. The company can be found online at http://www.countrywide.com.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
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Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
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The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
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Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
11h ago -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
11h ago