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December 2, 2008 10:45:34 PM CST


mortgage delinquency

mortgage delinquency news stories

4 Stories

Citi to Aid Homeowners by Modifying $20B in Mortgages

The bank will amend mortgages to assist 130,000 borrowers

(Newser) - Citigroup will modify up to $20 billion in mortgages for borrowers current on their payments but at risk of falling behind, the bank announced this morning, mirroring similar moves by Bank of America and JPMorgan Chase. Citi will reach out to half a million borrowers, ultimately reducing monthly payments for 130,000 whose payments exceed an average of 40% of income, Wall Street Journal reports. More »

More about:  Financial Crisis subprime crisis Citigroup Bank of America credit market chaos mortgage defaults JP Morgan mortgage delinquency

FDIC Plan Tests Strategies for
Keeping People in Homes

Systematic reworking faces typical hurdles

(Newser) - The first large-scale experiment in how to keep struggling borrowers in their homes is being run by the FDIC at seized mortgage lender IndyMac, the Wall Street Journal reports, and the results are mixed. Of some 65,000 borrowers with “seriously delinquent” mortgages, about 47,000 qualify for aid through loan modifications, and the average renegotiation has cut homeowners’ payments by some $380, or 23%. More »

More about:  subprime crisis FDIC mortgage lender IndyMac refinanced mortgages mortgage delinquency

Lenders Turning Blind Eye
to Overdue Payments

Overwhelmed banks taking much longer to foreclose on homes

(Newser) - With foreclosures skyrocketing, overwhelmed mortgage lenders are turning a blind eye to homeowners who haven’t paid up, letting them live in their houses despite delinquency, Bloomberg reports. The 3.6% of borrowers at least 90 days behind is almost twice the percentage foreclosed upon. Lenders’ delays are skewing foreclosure records and means even more homes could soon clog a flooded market. More »

More about:  subprime crisis housing market housing crisis bank borrowers mortgage lender mortgage delinquency

Foreclosures Soar in Q4

Borrowers' poor credit, not rate resets, blamed for latest spike

(Newser) - Home foreclosures and mortgage delinquency in the US saw record highs in the last three months of 2007. Reuters reports that 0.83% of US loans entered foreclosure in the fourth quarter, close to double the 0.54% of the same period in 2006. Mortgage delinquency hit 5.82%, the highest since 1985 and a percentage point higher than the year-ago period. More »

More about:  credit crisis housing crisis foreclosure mortgage Mortgage Bankers Association mortgage delinquency

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