HUD floats permanent distressed-note sales program
The proposal would add reforms aimed at broadly prioritizing owner-occupant access and end the "test" or "demonstration" mode these sales have been in since 2002.
Distressed
‘Hidden’ housing costs ranked as biggest stress on mortgages
Property insurance and taxes account for over one-third of current loan performance risk, according to Auction.com's recent survey of default servicing leaders.
Hurricane risk will affect $11T of properties in 2024
Although experts are predicting an active season, actual damages could be lower depending on how many storms make landfall and where, Corelogic reported.
Zombie property apocalypse fails to materialize
Fears that foreclosures and abandoned property rates could spike once Covid-19 moratoriums ended have not come to fruition, Attom Data Solutions said.
FHA addresses pain point for servicers after court ruling
The Federal Housing Administration's clarification addresses interpretations of an 8th U.S. Circuit Court of Appeals decision that increased industry costs.
Delinquent mortgages rise year-over-year
But the number of properties whose mortgage is more than 90 days late is at its lowest since 2006, ICE Mortgage Technology said.
Delinquent loans on GSE books lowest since 2019
But Fannie Mae and Freddie Mac conducted no private-market sales of nonperforming loans early last year as adjustments were made to the program.
Last year’s non-QM securitizations have higher delinquency rates
Loan criteria such as credit scores, loan types and loan-to-value ratios are all weaker than those included in 2022 deals, Fitch said.
Why distressed loans are scarce but market activity is up
Interest rate-related developments have reportedly created an environment where more mortgage firms are interested in selling and investors are eager to buy.
Brookfield Property’s debt cut to junk by S&P
The credit grader lowered Brookfield Property's score by two steps to BB from BBB-, the lowest level of investment grade, and the rating remains on negative outlook.
Delinquencies up near-term but historically low ahead of ’24
FHA-insured and Department of Veterans Affairs-guaranteed mortgages bear watching next year, according to Intercontinental Exchange.
Majority of seriously delinquent mortgages have 20% equity
Levels of home equity in seriously delinquent loans have fluctuated but today there's still a sufficient amount to help many access foreclosure alternatives, Intercontinental Exchange said.
Mortgage distress up 90% this year, counseling provider finds
The withdrawal of pandemic housing relief and high home prices have heightened consumer strain, according to nonprofit Money Management International.
Hurricane season to lead to more delinquencies, says CoreLogic
In July, month-to-month missed payments increased but improved on an annual basis because a lower share of borrowers were 90 days or more late.
Problem mortgages growing for life insurers, AM Best says
Since 2019, distressed loans have increased 77%, but it is just a small portion of the $691 billion currently outstanding.
Fannie Mae selling billions of dollars worth of reperforming loans
The mortgages are part of a program that received congressional scrutiny earlier this year.
Freddie Mac selling $628 million in nonperforming loans
The government-sponsored enterprises have consistently earmarked some distressed loans for community, nonprofit and minority investors. Certain Democrats want more.
Forbearance numbers fall below 200K
While a majority of current forborne borrowers sought relief for reasons related to COVID-19, servicers are seeing a growing share of cases involving natural disasters or personal financial issues, the Mortgage Bankers Association said.
Jump in short-term delinquencies is the largest in at least a year
But mortgage numbers remain historically very low and fall short of pre-pandemic levels, according to VantageScore's latest monthly report.
Foreclosure filings up 13% in first half of 2023
But the volume of activity for distressed properties is still lower than the historic norms, Attom Data Solutions said.
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