Foreclosures

Completions were the one type of activity tracked by Attom that slowed month-to-month, suggesting catch-up actions related to a pre-pandemic overhang of distressed loans.

A California man and his unnamed co-conspirator netted a total of at least $5 million from thousands of homeowners, federal prosecutors said.

Meanwhile, 707,104 mortgages remain in forbearance, accounting for a combined $136 billion in unpaid balances.

Real-estate owned, auction and default activity tracked by Attom have rebounded slightly, but the latest Mortgage Bankers Association’s number for late payments show they’re still very near or at historic lows.

Housing rights advocates said minority home-buyers and homeowners in 39 U.S. metropolitan areas will receive the funds as a result of a legal action alleging racial discrimination in the government-sponsored enterprise's foreclosure practices.

The defendants and an attorney convinced homeowners to hand over their properties while the pair filed bogus claims to keep creditors’ foreclosures at bay.

The residential market is generally healthy, but distress is growing in areas where foreclosures are more common, homes are less affordable, and more properties are underwater, Attom finds.

COVID loan forbearance championed by progressives has created a new, permanent class of distressed borrower, Whalen writes.

Borrowers accepting federal loan modifications saw payments on principal and interest reduced between 27% and 33%, according to estimates by the Federal Reserve Bank of Philadelphia.

The state has distinct loss mitigation policies, and particularly complex rules for foreclosures scheduled to fully restart when its ban ends — and other states could write similar rules.