According to the data provided, 643,726 borrowers have seen some type of mortgage relief or other assistance, such as expedited short sales or limited mortgage principal forgiveness. Many are in first-lien trial modifications.
The refinance component of the index from the Mortgage Bankers Association has dropped 62 percent since its recent peak during the week of May 3 — fallout from rising interest rates in anticipation of a Federal Reserve pullback in bond purchases.
But much of the confidence hinges on a “sense of urgency” among buyers, says the NAHB’s chairman, indicating a consumer response to many factors, including higher mortgage rates. The question remains: How long with this sense of urgency last?
U.S. borrowers fighting Wells Fargo and other big lenders over denied mortgage modifications have been handed a significant victory by an appellate court, possibly opening the gates to more class-action lawsuits.
AmEx will develop a suite of products for Wells Fargo, with exclusive benefits and customized offers from the American Express network, both online and offline.
This may be a good time to take advantage of those “0% balance transfer” deals because their overall value has peaked and will diminish before improving again.
Two of the nation’s largest banks, JPMorgan Chase and Wells Fargo, beat Wall Street estimates Friday, reporting solid second-quarter earnings as loan losses were fewer and the slowdown from higher interest rates has yet to fully hit their mortgage businesses.
The state and federal overseers of the National Mortgage Settlement, known as the Monitoring Committee, have declined to take additional enforcement action against Bank of America and Wells Fargo, rejecting a request by New York Attorney General Eric Schneiderman to apply expanded civil penalties for servicing violations.
The nation’s top housing official said more banks in coming weeks will join the original five as part of the historic settlement. In another development, talks are underway to strengthen new rules against “dual tracking” — the practice of foreclosing on homeowners who are trying to negotiate a mortgage reduction plan.
The practice known as ‘dual tracking’ — when a lender moves ahead with foreclosure as it negotiates a loan modification with the same homeowner – persists among the big banks under the National Mortgage Settlement.