This never ends : “CA Foreclosure Prevention Act Coming Up”

[SD Transplant]

Mish has another great write up on this extended moratorium specifically in CA + a bunch a new Freddie/Fannie delinquencies. Great read & plenty of useful charts.

From Mish’s write up from today:

http://globaleconomicanalysis.blogspot.com/2009/04/fannie-freddie-delinquencies-soar-and.html

“A new CA law dubbed the CA Foreclosure Prevention Act comes into effect in July that will essentially do the same thing. It’s primary purpose is to delay the time between the Notice-of-Default (foreclosure stage 1) to the Notice-of-Trustee Sale (stage 2) by 90-days further delaying the foreclosure process and ultimate end of the foreclosure and housing crisis.

Hanson says, “It is likely we are already seeing unintended consequences of the new law. A certain percentage of the last few month’s surge of new loan notice-of-defaults was likely servicers gaming the calendar in order to get borrowers into the foreclosure process prior to the July enactment of the new law.”

FHFA Expands Reporting On Homeowner Assistance

Inquiring minds are digging into news that FHFA Expands Reporting On Homeowner Assistance

Since late November, the Enterprises had suspended foreclosure sales and evictions on owner-occupied properties. The suspensions, which ended on March 31, 2009, allowed servicers additional time to work with borrowers in foreclosure who were eligible for the Streamlined Modification Program (SMP). The impact of the suspensions caused completed foreclosure sales and third-party sales to decline 77 percent from the prior three-month average of 16,342 to 3,711 in December, and 79 percent to 3,391 in January. At the same time, loans that were 60+ and 90+ days delinquent increased. All loans 60+ days delinquent increased from 834,831 as of November 30 to 1,229,051 as of January 31, representing an increase of 47 percent over the period. However, prime loans 60+ days delinquent increased by 69.6 percent while nonprime loans increased by 23 percent.”

[Coronita]

Lol…And it’s probably just a start too….

How many more years do you folks think people going to rent to wait for a bottom? Just curious.

[Coronita]

Lol…And it’s probably just a start too….

How many more years do you folks think people going to rent to wait for a bottom? Just curious.

[Coronita]

Lol…And it’s probably just a start too….

How many more years do you folks think people going to rent to wait for a bottom? Just curious.

[Coronita]

Lol…And it’s probably just a start too….

How many more years do you folks think people going to rent to wait for a bottom? Just curious.

[Coronita]

Lol…And it’s probably just a start too….

How many more years do you folks think people going to rent to wait for a bottom? Just curious.

[jpinpb]

This sucks like gravity.

Edit:

OMG – (e) This section shall remain in effect only until January 1, 2011, and as of that date is repealed, unless a later enacted statute, that is enacted before January 1, 2011, deletes or extends that date.

It will never end 🙁

Edit – again.

It’s over, folks.

(D) Reduction of principal.

[jpinpb]

This sucks like gravity.

Edit:

OMG – (e) This section shall remain in effect only until January 1, 2011, and as of that date is repealed, unless a later enacted statute, that is enacted before January 1, 2011, deletes or extends that date.

It will never end 🙁

Edit – again.

It’s over, folks.

(D) Reduction of principal.

[jpinpb]

This sucks like gravity.

Edit:

OMG – (e) This section shall remain in effect only until January 1, 2011, and as of that date is repealed, unless a later enacted statute, that is enacted before January 1, 2011, deletes or extends that date.

It will never end 🙁

Edit – again.

It’s over, folks.

(D) Reduction of principal.

[jpinpb]

This sucks like gravity.

Edit:

OMG – (e) This section shall remain in effect only until January 1, 2011, and as of that date is repealed, unless a later enacted statute, that is enacted before January 1, 2011, deletes or extends that date.

It will never end 🙁

Edit – again.

It’s over, folks.

(D) Reduction of principal.

[jpinpb]

This sucks like gravity.

Edit:

OMG – (e) This section shall remain in effect only until January 1, 2011, and as of that date is repealed, unless a later enacted statute, that is enacted before January 1, 2011, deletes or extends that date.

It will never end 🙁

Edit – again.

It’s over, folks.

(D) Reduction of principal.

[jpinpb]

Oh – A criteria:

(i) Nothing in this section or Section 2923.52 shall require a servicer to violate contractual agreements for investor-owned loans
or provide a modification to a borrower who is not willing or able to pay under the modification.

As if someone won’t lie and say they are not investors – and who the heck won’t be able to pay if their principle and interest is reduced.

[jpinpb]

Oh – A criteria:

(i) Nothing in this section or Section 2923.52 shall require a servicer to violate contractual agreements for investor-owned loans
or provide a modification to a borrower who is not willing or able to pay under the modification.

As if someone won’t lie and say they are not investors – and who the heck won’t be able to pay if their principle and interest is reduced.

[jpinpb]

Oh – A criteria:

(i) Nothing in this section or Section 2923.52 shall require a servicer to violate contractual agreements for investor-owned loans
or provide a modification to a borrower who is not willing or able to pay under the modification.

As if someone won’t lie and say they are not investors – and who the heck won’t be able to pay if their principle and interest is reduced.

[jpinpb]

Oh – A criteria:

(i) Nothing in this section or Section 2923.52 shall require a servicer to violate contractual agreements for investor-owned loans
or provide a modification to a borrower who is not willing or able to pay under the modification.

As if someone won’t lie and say they are not investors – and who the heck won’t be able to pay if their principle and interest is reduced.

[Author]

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