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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: bentway who wrote (270857)	8/24/2010 3:10:14 PM
From: Broken_Clock	Respond to of 306849

This just in from the "no s**t sherlock" department of the US Treasury. -g- Re-defaults on modified mortgage loans falling Repeat defaults by borrowers with recently modified mortgages falling, group finds Mark Jewell, AP Business Writer, On Tuesday August 24, 2010, 2:42 pm BOSTON (AP) -- Homeowners who had mortgages modified recently are faring better than those who did so earlier in the housing crisis, according to a report released Tuesday, possibly debunking predictions of a huge wave of defaults to come. The State Foreclosure Prevention Working Group warned of other troubling signs, however, on the same day that a separate industry report showed the most severe July sales drop-off for previously occupied homes in 15 years. The group of 12 state attorneys general and state banking regulators said Tuesday that foreclosures still easily outpace the number of loan modifications. Modifications usually lower monthly payments and reduce the odds of losing a home. And nearly 63 percent of homeowners with seriously delinquent loans aren't taking part in foreclosure prevention programs, the group found. Banking officials warned that lenders must aggressively seek out homeowners who are teetering on the edge, even if it means short-term pain for banks. "There is still a tremendous amount of work to be done to prevent unnecessary foreclosures," said Neil Milner, president and CEO of the Conference of State Bank Supervisors, which is part of the working group. "Servicers must continue to perform meaningful outreach to those homeowners who are seriously delinquent and to perform modifications with significant principal reduction." The working group compared delinquencies for mortgages modified last year with those revised in 2008, and then payments received six months after the terms were changed. Those modified more recently were nearly 50 percent less likely to be seriously delinquent than those revised at the same point in 2008. The reduction in the number of borrowers getting into trouble again after modifications "suggests that dire predictions of high re-default rates may not come true," the report said. The report said recent modifications that reduce principal balances on loans have a lower default rate than those that merely cut the interest component of monthly payments. But most banks don't take that route, according to the report. Only one in five modifications reduced the loan amount, with the "vast majority" of modifications actually increasing the total loan amount by adding service charges and late payments to the loan balance, the report said. Messages seeking comment on the findings from the Mortgage Bankers Association were not immediately returned.

To: bentway who wrote (270857)	8/24/2010 3:17:59 PM
From: joseffy	Read Replies (1) \| Respond to of 306849

That's because you live in the basement of Daily Kos and never come out.

To: bentway who wrote (270857)	8/24/2010 3:29:44 PM
From: joseffy	Read Replies (4) \| Respond to of 306849

Bentway wrote: I like to nail pregnant women - they can't GET pregnant, and they've probably been tested for STD's - bareback ready. They don't get a lot of that sort of attention and really respond. Especially if they're married to someone not me. I pretend the fetus is giving me a BJ and I'm getting a twofer.. So guys, if you've been passing up the "fatties" - think again. it's low hanging fruit. Readily available in laundromats and WalMarts across our land, lonely, not feeling so "fresh", and waiting for YOU.. Message 23736870 To: Tenchusatsu who wrote (344521) 7/26/2007 7:51:53 PM From: bentway