Volume 2014 - Number 16
August 1, 2014
Flagstar Gets to Work on IOs Scheduled for Recast
Flagstar Bank has $802 million in interest-only mortgages that are scheduled for principal payments to kick in over the coming years, and in some cases the borrower’s monthly mortgage payment will double. Officials at the bank said Flagstar is working with borrowers that have IOs and delinquencies have been low thus far. “We’ve put a dedicated team together to get ahead of these resets,” Lee Smith, Flagstar’s COO, said last week during the bank’s earnings presentation ...
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