National Mortgage Settlement Update
National Mortgage Settlement Monitor, Joseph Smith, released the latest report last week on the progress made by the five major mortgage servicers – Bank of America, Citi, GMC/Ally, JP Morgan Chase, and Wells Fargo – that are part of the settlement. Mr. Smith notes in a statement that this his office has not yet verified the data in this report, and that they are simply releasing what has been reported to them by the servicers. The report covers data reported by the servicers through March 31st.
Nationally, $50.63B in relief has gone to over 621K borrowers. Just under $20.1B of the relief has been in the form of short sales, and $10.1B has been (first lien) principal reduction. Previously, the settlement had been scrutinized by advocacy and other groups, who argue that principal reductions – the coveted form of relief that is supposed to provide the best type of assistance to homeowners while also helping the housing market recover – had been used much less than expected as a result of the settlement. That critique seems to have eased with this last report. Additionally, a total of three servicers – first GMAC and now Bank of America and Wells Fargo – are reporting that they believe they have met all of their conditions related to the Settlement.
Locally, 30,924 borrowers have received just over $2.3B worth of relief, $732M of that was in short sales versus $395M in principal reductions.
Click here for select media coverage from the e-Credit, LA Times and Baltimore Sun.
MD Counselors and Mediations
If you missed the May meeting of the Maryland Housing Counselors Network Metro Roundtable, then you missed facilitation of a great conversation on mediations by Legal Aid’s Vicki Taitano and MD DHCD’s Emilie Drasher. Orders to Docket are up in Maryland compared to last year, which means the request for the number of mediations is up. According to Ms. Taitano they have found so far that homeowners get better service/outcomes when their housing counselor participates in mediation, and they highly encourage counselors to do so. Check out MD DHCD’s mediation web page for information that could be helpful for both homeowners and for counselors looking to encourage greater participation.
As a peer networking group for counselors, the Metro Roundtable will continue to discuss this and other topics. The next meeting will be in September. Stay tuned to this e-blast for confirmation of a date, time and location. If you are not a member of the Maryland Housing Counselors Network, click here to join.
In the News
- Foreclosure Settlement Payouts to Wronged Borrows Slow and Problem-Ridden
- Regulators Worry Some Borrowers Will Fall Through the Cracks as Some Banks Sell Mortgage Servicing Rights
- Wells & Citi Halt Some Foreclosures to Absorb New Federal Guidelines on Executing Distressed Sales
- Bank of America Challenges Grounds of New York Attorney General Suit
- NY AG Persists in Challenging Bank of America/Wells; Expects Other AGs to Follow Suit
- Fannie & Freddie Hope New Streamlined Modification Will Help More Stay in Their Homes
- Qualified Mortgage Rule Under Fire in the House
- $3.4M in Independent Foreclosure Review Payments Sent to Borrowers as a Result of the January 2013 Settlement
- More Than 1/3 of Foreclosures are “Zombies” Where Foreclosed Borrower Still Liable for Taxes, etc.
- Shorts Sales Coded on Credit Reports as Foreclosures; Hurting Former Owners’ Ability to Bounce Back
- Prince George’s County Planning More Aggressive Demolition of Foreclosed/Abandoned Properties
For Housing Counselors and Homeowners
2013 Nonprofit Roundtable Annual Meeting
Join leaders from the business, nonprofit, and government sectors as they discuss real life examples of cross-sector collaboration and broaden our thinking of successful partnerships.
June 13, 2013, 8:15 am - 11:30 am
Click here to register.
For Housing Counselors
Webinar: Fannie Mae and Freddie Mac Streamlined Modification Program
May 30, 2013, 3:00 pm
Meeting #: 272 834 877 // Meeting Password: nfmc2013
Click here to register. Click here to join the meeting.
Sponsors by the National Foreclosure Mitigation Counseling Program.
June 4, 2013, 10:00 am – 11:00 am
June 6, 2013, 2:00 pm – 3:00 pm
June 11, 2013, 10:00 am – 11:00 am
June 13, 2013, 2:00 pm – 3:00 pm
Click the dates above to register. Click here for additional June dates. Participants should review the requirements for the Freddie Mac Standard Modification beforehand.
Sponsored by Freddie Mac.
May 29, 2013, 6:00 pm
June 5, 12 & 19, 2013, 12:00 pm
Housing Counseling Services Training Center
2410 17th Street NW, Suite 100 (Adams Alley)
Washington, DC 20009
Sponsored by Housing Counseling Services.
June 5 & 19, 2013, 6:00 pm*
Oxon Hill Library
6200 Oxon Hill Road, Oxon Hill
Sponsored by the Take Back Your Home Coalition which includes the American University Washington College of Law, Housing Options and Planning Enterprises (HOPE), the Public Justice Center, theCoalition for Homeownership Preservation of Prince George’s County and the Washington Lawyer’s Committee for Civil Rights and Urban Affairs.
*Community meetings occur bi-weekly.
Check out the May 21st issue of The Bridge, a newsletter offered by HUD’s Office of Housing Counseling. This issue contains information about housing counseling for military families and veterans.
Regional Spanish and English Foreclosure Prevention Hotline
Foreclosure Brochures Available to Nonprofits and Government Agencies
Contact Us: Capital Area Foreclosure Network