Home Prices Continue Downward March
Home Prices Continue Downward March
The Wall Street Journal
U.S. home prices continued their multiyear tumble in March, according to the S&P Case-Shiller home-price indexes, as the downdraft shows no near-term signs of abating.
Meanwhile, U.S. consumer confidence improved sharply in May, especially in expectations for the economy six months from now, a report released Tuesday said.
Job Losses Push Safer Mortgages to Foreclosure
The New York Times
As job losses rise, growing numbers of American homeowners with once solid credit are falling behind on their mortgages, amplifying a wave of foreclosures.
In the latest phase of the nation’s real estate disaster, the locus of trouble has shifted from subprime loans — those extended to home buyers with troubled credit — to the far more numerous prime loans issued to those with decent financial histories.
Face-Lift for Foreclosure Prevention
The Washington Post
The Obama administration is attempting to revive a stalled government foreclosure prevention program that could restore equity to hundreds of thousands of borrowers whose home values have plummeted.
After eight months, the program, known as Hope for Homeowners, has helped just one borrower secure a more affordable loan. President Obama signed legislation last week simplifying and lowering the cost of the program for lenders and borrowers. Lenders that participate also are eligible for incentive payments from government bailout funds.
Mortgage Modifying Fails to Halt Defaults
The Wall Street Journal
Mortgage-servicing companies are struggling to find the best way to modify mortgages so that borrowers can stay in their homes, according to a Fitch Ratings report expected to be released this week.
The Fitch report analyzed mortgages bundled into securities between 2005 and 2007, a peak time when the U.S. housing industry benefited from investors' demand for mortgages. The Fitch report studied pools of mortgages that are managed by more than 30 servicing firms charged with collecting and modifying loans on behalf of investors in so-called residential mortgage-backed securities.
MBS, Foreclosure Lawsuits Jump
MortgageBank Mag
Mortgage-backed securities investors led an increase in mortgage-related lawsuits, according to the First Quarter Mortgage Litigation Report from MortgageDaily.com. A rise in foreclosure lawsuits also contributed to the increase.
The analysis, based on active cases covered by MortgageDaily.com, was prepared in conjunction with the law firm of Weiner Brodsky Sidman Kider PC, which is known as a leader for its work in mortgage banking litigation.