q**a
发帖数: 75 | 1 http://www.thestreet.com/_yahoo/story/10486496/1/banks-moving-o
Big banks including JPMorgan Chase (JPM Quote), Citigroup (C Quote) and
Wells Fargo (WFC Quote) have been ramping up their foreclosure activity in
recent weeks. Some banks had held off in the latter part of 2008 and early
this year from placing delinquent borrowers into foreclose status as they
waited to hear more details about President Barack Obama's housing rescue
plan. But the banks have recently lifted their internal moratoriums and are
now deciding which borrowers will be candidates for aid, while others will
be moved through foreclosure, according to The Wall Street Journal.
Foreclosure sales have been rising this year, the article says, citing data
from LPS Applied Analytics.
Fannie Mae (FNM Quote) and Freddie Mac (FRE Quote) have also increased sales
of foreclosed homes since their moratoriums ended on March 31, the Journal
says.
As part of Obama's Homeowner Affordability and Stability Plan, the
administration is allotting $75 billion to help keep three to four million
of at-risk borrowers in their homes. Among other things, the plan provides
several incentives for mortgage servicers that aid borrowers.
But despite efforts by the Obama administration to ease borrowers being
foreclosed on their homes, many troubled loans will still wind up in
foreclosure if the borrower does not have sufficient income to make even a
reduced mortgage payment or they don't respond to communication requests
from their servicer, the article says.
The foreclosure process could be another wrinkle as banks struggle to boost
earnings this year. First-quarter earnings reports will be largely devoid of
charges from foreclosed properties -- at least at banks that imposed
moratoriums. But as the banks jumpstart the process again, the second
quarter is likely to see more charges related to foreclosures.
Even more worrisome is the toll that the down economy takes on borrowers
struggling to make mortgage payments. The most recent unemployment numbers
say that workers out of a job spiked to 8.5% last month. As more workers are
laid off, more will find themselves unable to make payments on their
mortgages, even with loan modifications. | w*******e
发帖数: 53 | 2 Thanks for sharing the news! | q**a
发帖数: 75 | 3 welcome
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: Thanks for sharing the news!
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