Distressed

Members whose districts include Altadena and Pacific Palisades are behind the measure, which calls for an initial 180-day forbearance period.

Sales rates, as well as bid-to-ask spreads at foreclosure auctions both showed signs of increasing demand from November to December, according to research.

With the growth in the use of government products, further increases in late payment rates over the coming year are likely, ICE Mortgage Technology said.

California's governor previously prohibited price gouging for building materials and housing services after wildfires destroyed or damaged 12,000 structures.

The Palisades fire, stretched across an area larger than Manhattan and where the median home price approaches $4 million, has damaged or destroyed more than 5,000 structures.

Slowing home price appreciation caused Milliman's mortgage default index to increase from quarter to quarter.

Only 5% of homeowners in designated disaster-assistance areas were required to hold flood insurance, according to the Federal Housing Finance Agency's dashboard.

Separate forbearance and government-sponsored enterprise delinquency indicators both reached relatively high levels for the year, but not for the same reason.

Only some of the increase compared with October can be attributed to Hurricanes Helene and Milton, as annual rates have increased six months in a row, ICE Mortgage Technology said.

The Federal Housing Administration is suggesting servicers get early access to the funds they have advanced at a time when many T&I payments have been high.

Borrowers with new foreclosure filings also grew, but the number of loan modifications decreased, according to the Office of the Comptroller of the Currency.

The Federal Housing Administration is giving mortgage companies it works with a break when it comes to certain early-payment defaults in official disaster areas.

The distressed loan sales strategy has been in test mode since 2002. A rise in owner-occupant transactions may have made it more compelling.

The average surplus premium to protect property this year was roughly $46,000 in the wealthy enclave and the situation is only likely to worsen as climate change ups the odds of destructive wildfires.

For the fourth month in a row, overall mortgage delinquency rates have increased, with loans 30 days or more late up 0.2 percentage points in September.

The Federal Housing Administration is giving servicers more leeway to automate borrower contact but it's also requiring them to reach further afield.

Delinquent borrowers in areas hit by Hurricanes Helene and Milton will get a few additional months to find solutions before servicers can resume legal actions.

Serious mortgage delinquencies are at their highest since May 2023, and early payment default activity is also a concern, ICE Mortgage Technology said.

Government-guaranteed securitization rules complicate servicing sales and are a growing problem for nonbanks, the Community Home Lenders of America says.

Foreclosures were up month to month in October, while future indicators, such as mortgage delinquencies and trouble making all debt payments, came in higher as well.