Here’s one reason that our shadow inventory is so hard to pin down: 59% of delinquent California mortgages still have not received a Notice of Default after 15 months. From Mish: Here are some interesting stats courtesy of Jon Maddux, CEO of You Walk Away. Says Maddux In Florida, 45% of our clients are in pre-foreclosure [...]
Edward DeMarco is weighing the possibility of reducing the principal of hundreds of thousands of Fannie and Freddie mortgages. The decision hinges on just how many additional underwater borrowers would strategically default in order to possibly get their principal reduced. Social mood is hard to forecast. Demarco states: A key risk in principal forgiveness targeted [...]
Nationally, 22.8% of all homes with mortgages owe more than their homes are worth. Another 5% are right on the edge. In California, the statistics are worse. CoreLogic reports: SANTA ANA, Calif., March 1, 2012––CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today released negative equity data showing that 11.1 million, [...]
This information updates from time to time. The latest info comes from a lender friend of mine. If you’ve gone through a short sale, foreclosure, bankruptcy, or deed-in-lieu of foreclosure, here is how long you’ll have to wait before you can buy a home again. I bet not too many folks out there are aware [...]
Dear Edward DeMarco, Your position regarding principal reduction for underwater mortgages illustrates just how unfit you are to be running the FHFA. You argue against principal reductions, because it might cost “marginally” more than principal forbearance, yet you completely ignore all of the data suggesting that negative equity leads to strategic defaults and a potential [...]
The Evolution Of Strategic Default – My Take. Four years ago, when I thought of the idea for YouWalkAway.com, I had no idea of the magnitude the housing and financial crises would have on our economy. Back then, foreclosure was considered the “F” word and was avoided at all costs. Today more than 6 million [...]
