Two years into the Home Affordable Modification Program, it appears the number of borrowers able to qualify for HAMP mods has leveled off while candidates for proprietary modifications surged in the first quarter.
Bank of America’s pending settlement related to hundreds of billions of dollars worth of Countrywide-issued first-lien RMBS released Wednesday would include not only an $8.5 billion cash payment to trusts involved but also about $400 million of servicing changes and improvements, according to an investor law firm involved.
Bank of America Corp.’s proposed settlement of mortgage-backed securities claims against its Countrywide unit would force private-label investors in 530 Countrywide trusts to accept the bank’s $8.5 billion offer, B of A officials said Wednesday.
On a day when the stock market soared upwards, the three stand-alone mortgage insurers all saw their stock price drop. This is in apparent reaction to an article that appeared over the weekend in another publication.
Freddie Mac has entered into a proposed settlement with creditors of the Taylor, Bean & Whitaker Mortgage Corp. bankruptcy that will allow the GSE to gain control of TBW-related mortgage servicing rights and $54 million in loan receipts in TBW deposits.
Barclays Capital reports that June commercial mortgage-backed securities conduit liquidations hit the new high of more than 450 deals worth nearly $1.9 billion, an increase that bodes well for special servicers of these portfolios.
Freddie Mac’s issuance of mortgage-backed securities declined in May for the fifth consecutive month to a 27-month low as refinancing activity continues to wane.
