Mortgage Firms Warned to Prepare for a ‘Tidal Wave’ of Distress

Mortgage Firms Warned to Prepare for a ‘Tidal Wave’ of Distress

There is a tidal wave of distressed homeowners who will need help,” Dave Uejio, the CFPB’s acting director, said in a statement; companies “that are unable to adequately manage loss mitigation can expect the bureau to take enforcement or supervisory action.”  At the...
841 billion in forbearance, who will be left holding the bag? Will 2020 be a 2008 repeat?

841 billion in forbearance, who will be left holding the bag? Will 2020 be a 2008 repeat?

Almost 10% of all government sponsored mortgages entered mortgage forbearance which accounts for almost 841 billion dollars in loans.  4 in 5 workers say they live paycheck to paycheck, with around 30 million people unemployed, the numbers could be daunting. Yet the...
Large mortgage defaults on the horizon, are you ready for a 100 billion dollar March Madness?

Large mortgage defaults on the horizon, are you ready for a 100 billion dollar March Madness?

FHA has placed a moratorium on foreclosures from mortgage loan defaults and offered any borrower that requests it an extension to not make payments for a year (HUD). This effectively kicks the can down the road and pushed out any impending actions until March of...