FHA revises loss mitigation options for hurricane victims
The new policy, meant to assist borrowers in Puerto Rico and the U.S. Virgin Islands, will let servicers evaluate borrowers using pre-disaster payment information.
Foreclosures
NYC’s next tax lien ABS features lower exposure to vacant lots
Just 5.1% of the $91 million of liens backing the transaction are vacant, down from 9.2% of the prior deal; this allowed the sponsor to borrower more heavily against the value of hte collateral.
Delinquent mortgage issues persist in hurricane-affected states
There was a modest decline in hurricane-related delinquent mortgages in February, a sign that there are lingering problems in the affected markets.
Nationstar preps reverse mortgage bonds with recycled collateral
Over 40% of the collateral is from two 2016-vintage transactions that were recently "collapsed" because proceeds from liquidations had slowed. Then there's the exposure to Puerto Rico.
Why ‘build to rent’ is having its moment
With few foreclosed homes left to pick up on the cheap, the biggest landlords are buying, or building, new single-family homes to pad their portfolios; mortgages on these properties could show up as collateral in rental bonds.
Philadelphia City Council tackles delinquent tax collection plan
The council is exploring legislation to collect around $492 million in delinquent real estate taxes that could aid the city’s school district.
By
Andrew Coen-
Hurricanes cause rise in late mortgage payments for September
Early-stage mortgage delinquencies had their largest year-over-year gain during September in over eight years, a direct result of Hurricanes Harvey and Irma.
Finance of America tries its hand at NPL reverse mortgage ABS
Securitization of nonperforming home equity conversion loans was pioneered by Nationstar; FAC's inaugural deal may be outstanding longer.
Nearly 1.4 million residential properties vacant in 3Q
Nearly 1.4 million residential properties were vacant as of the end of the third quarter, representing 1.58% of all U.S. residential properties, according to Attom Data Solutions.
Delinquencies in areas affected by Harvey jump 16%
Mortgage delinquencies in areas affected by Hurricane Harvey last month were 16% higher than in July, according to Black Knight Financial Services.
