* WASHINGTON (12/26/08)--The Office of the Comptroller of the Currency and the Office of Thrift Supervision Monday released a second report
on mortgage performance. According to the report, newly initiated foreclosures dropped 2.6% from the second to third quarter, new loan modifications increased 16% to 133,000, and the number of loans modified in the first quarter that were 30 or more days delinquent was 37% after three months and 55% after six months. Banks and thrifts continue to work with borrowers to mitigate losses and keep them in their homes. Newly initiated home retention actions increased 13% from the second quarter to the third quarter, the report said ... * WASHINGTON (12/26/08)--The Hope Now alliance released a statement
Monday indicating that it expects to double loan modifications in 2009. Hope Now’s 11-month data also projected that this year, there were 2.2 million foreclosure preventions, 950,000 mortgage modifications, more than 20,000 homeowners helped at 29 workshops, more than one million calls from homeowners to the Hope hotline, and an 18% response rate to 2.9 million letters sent by Hope Now to at-risk homeowners. Hope Now is an alliance of mortgage market participants, mortgage servicers and counselors that aims to help homeowners ... * WASHINGTON (12/26/08)--The Bush administration is planning to stop the Federal Housing Administration’s (FHA) refinancing program, FHASecure, at the end of the year, industry observers said (American Banker
Dec. 23). The program was slated to expire at the end of 2008 after helping 460,000 subprime borrowers refinance, but some consumer groups have encouraged the Department of Housing and Urban Development and the White House to keep it through next year. FHASecure allowed borrowers to refinance into fixed-rate mortgages and was expected to help homeowners who were behind on payments, but it refinanced only 4,000 delinquent borrowers ...