After testing compliance among the five servicers part of the $25 billion national mortgage settlement, monitor Joseph A. Smith concluded more work needs to be done since issues with the loan modification process, providing a single point of contact, and customer records still persist. Under the settlement, Bank of America, JPMorgan Chase, Wells Fargo, Citi, and Ally Financial agreed to adopt some 300 servicing standards. To verify compliance with the servicing standards, the monitor retained outside firms to test the servicers in 29 metrics.
With a somewhat upbeat assessment of the economy, the Federal Open Market Committee (FOMC) said Wednesday it would continue its policy of near-zero interest rates and its $85-billion-per-month bond-buying program. In the statement issued at the conclusion of its two-day meeting, the committee said it “sees the downside risks to the outlook for the economy and the labor market as having diminished since the fall,” a more optimistic assessment than May 1 when the Committee said it “continues to see downside risks to the economic outlook.”
Sales, prices record double-digit yearly gains in May. Read More
One day after the National Association of Home Builders (NAHB) reported the sharpest boost in builder confidence in seven years, the Census Bureau and HUD reported single-family starts were essentially flat in May, incre ... read more
Home Equity Conversion Mortgages (HECMs) and reverse mortgages, tools to which many seniors turn to help manage expenses in their later years, can be challenging products to navigate, according to testimonies delivered d ... read more
For homeowners facing a financial hardship, sometimes it can be difficult to know exactly what options might be available. To help homeowners get a better idea of what is out there, Freddie Mac released the Mortgage Help ... read more