Mortgage foreclosure settlement reached

By: William E. Lewis Jr. (Diary)  |  January 7th at 05:01 PM  | 

Ten major mortgage servicers including Bank of America, JP Morgan Chase, Citigroup and Wells Fargo entered into a $8.5 billion settlement Monday with federal regulators to settle claims related to mortgage foreclosure abuses. Under the terms of the settlement with the Federal Reserve and the Office of the Comptroller of the Currency (OCC), $3.3 billion will be paid by banks directly to eligible mortgage borrowers.  Over $5.2 billion in other assistance – such as loan | Read More »

Mortgage delinquency rates to remain high while credit card rates to drop

By: William E. Lewis Jr. (Diary)  |  December 13th at 03:18 PM  | 

On Wednesday, TransUnion released its annual forecast on two primary consumer credit variables – mortgage and credit card delinquency rates. The national mortgage loan delinquency rate – or the ratio of borrowers that are 60 or more days past due – is projected to decline to 5.06 percent by the end of 2013 from an estimated 5.32 percent this year.  TransUnion forecasts mortgage delinquencies, a | Read More »

Holiday moratorium on mortgage foreclosure evictions

By: William E. Lewis Jr. (Diary)  |  December 6th at 04:33 PM  | 

Federal mortgage backers Fannie Mae and Freddie Mac announced this week that they have halted evictions from foreclosed homes during the holidays. For Fannie Mae backed mortgages, the suspension on evicting homeowners will be from Dec. 19 through Jan. 2. On Freddie Mac backed mortgages, the suspension dates are from Dec. 17 through Jan. 2. The eviction and lockout suspensions have become a yearly tradition | Read More »