by Moe Bedard
Although foreclosures are costly to lenders, borrowers and communities, the pace of loan modifications continues to be extremely slow (around 4 percent of seriously delinquent loans each month). It is imperative to provide incentives to achieve a sufficient scale in loan modifications to stem the reductions in housing prices and rising foreclosures.
Modifications should be provided [...]
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by Moe Bedard
The FDIC Board of Directors today adopted an interim final rule, effective immediately, to simplify the deposit insurance rules for accounts held at FDIC-insured institutions by mortgage servicers.
Under the FDIC’s current rules, accounts maintained by a mortgage servicer comprised of principal and interest payments made by borrowers are insured based on the ownership interest of [...]
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