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POPSBarney Frank: Predatory Lender Why is Barney Frank still in charge of the Financial Services Committee? Last years FNMA, FHA (GSE) loans are this years foreclosures. How is that working out for taxpayers. And in addition, lets keep non-paying borrowers in homes for 2 - 3 years without paying. How much is that costing taxpayers. Maybe cheaper to give those borrowers a big Cash for Keys check rather than continue to have a non-paying asset and cost of continuous litigation for a barrage of new federal mandates and state legislation that fuels plaintiff attorneys.
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POPSStrapped Borrowers Sue Servicers to Force Modification Not surprising, with federal mandates to modify loans, plaintiff attorneys find new ways to make a buck. Does everyone deserve a modification? More reasons not to loan money in this environment and another reason why the private investor will not return to the RMBS market for some time.
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POPSNew FHA Foreclosures Jump As FHA continues to offer loans with little money down, and as home prices continued to decline from last year, its no surprise that delinquencies and foreclosures from newly originated FHA loans (last 12 months) are increasing.
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POPSHome Prices May Continue Decline Home prices are likely to continue to feel downward pressure while unemployment, delinquencies and foreclosures continue to increase; and while banks continue to unload unwanted REO inventory.
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