Loss Mitigation Trends & Practices

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TABLE OF CONTENTS

Introduction

Loss Mitigation Strategies and Techniques

  • Servicers Report Employing a Variety of Strategies and Techniques
  • 8 Industry Players Discuss Servicing Today
  • When a "Distressed" Borrower Just Wants a Better Deal
  • Lenders Can Minimize Losses by Structuring Modifications Creatively
  • Critics Say Few Loans are Modified Despite Lenders’ Assertions
  • S&P Finalizes New Procedures for Weighing Impact of Loan Modifications in Rating MBS

Legislative Developments on Loss Mitigation
Desire to Address Defaults May Boost Prospects for Legislation
Attacking Predatory Lending
FHA Reform
GSE Role
Exclusion of Forgiven Debt
Allowing “Cramdown”

Federal Legislation Addressing Loan Modification or Foreclosure

  • Federal Regulators Encourage Mitigation, HUD Proposes a Bigger Role for FHA
  • Increasing and Improving Counseling Services for Borrowers
  • Federal Regulatory Actions Related to Loan Modification
  • Statements from Financial Regulatory Agencies
  • Changes in HUD Regulations
  • GSE Rules

Text of Selected Regulations and Guidelines:
Interagency Statement on Working with Mortgage Borrowers
CSBS/AARMR Consumer Alert
CSBS/AARMR Industry Letter
Interagency Statement on Loss Mitigation Strategies
Interagency Statement on DTI Ratios
SEC Letter on Accounting for Loan Modifications
Final Regulations for HUD Housing Counseling Program
Proposal to Implement Risk-Based Pricing in FHA Programs
HUD Mortgagee Letter Introducing FHASecure
Mortgagee letter on Foreclosure Rights of Servicemembers
Guidance from the American Securitization Forum
Principles for Modification of Securitized Subprime Loans
Statement on Reimbursement of Counseling Expenses

State Efforts Related to Loss Mitigation

  • State Efforts Fund Education, Regulate Foreclosure Process
  • State Legislation and Regulation
  • Ohio Foreclosure Prevention Task Force Report

Mortgage Performance

  • Delinquencies Rising, Especially for Subprime and ARMs
  • Delinquency Trends
  • States With the Highest and Lowest Delinquency Rates

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The Consumer Financial Protection Bureau is completing its first six months of operation. Based on the agency’s regulatory pronouncements and announcements to date, how do you think the agency is doing?

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