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POPSBorrowers Opt for Default to get Free Rent: Moral Hazzard? This article begs the question of whether foreclosure moratoriums are the best thing for the economy. More borrowers are opting for default to get 2 years of free rent. Maybe a quick foreclosure process to move non paying, defaulted borrowers into alternative housing where they pay rent may help stabilize the real estate market rather than subsidizing e.g., a trip to the Casino.
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POPSShadow Inventory Looms in 2010 Banks and servicers continue to ramp up and retool to prepare for the volume of REO and loan delinquencies. 2009 was anemic relative to what looms on the horizon. What does 2010 have in store?
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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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