Ironic, LPS would make a comment on an article and offer stats on overdue defaulted homeowners, when a reason why an estimated 350,000 foreclosures cases continue to be delayed as lenders and bank lawyers sort through last fall’s robo-signing scandal.
Hmmm. They are front and center of the robo-signing scandal and they offer advice?
Palm Beach Post-
More than half of Florida homeowners in foreclosure have not made a mortgage payment in two years or more. That’s higher than the national average and one indication of why banks are paying borrowers up to $20,000 to execute a short sale.
A new report from Jacksonville-based LPS Applied Analytics found that as of September, 56 percent of Florida’s mortgages in foreclosure are 24 months or more behind in payments, compared with 39 percent nationwide.
About 84 percent of Florida foreclosures are more than 18 months in arrears.
[…]
Last month, Bank of America quietly began a Florida-only campaign that gives homeowners up to $20,000 for a short sale rather than letting their homes linger.
Wells Fargo and J.P. Morgan Chase have similar short-sale programs, sometimes called “cash for keys.” McCabe said a woman he knows was told by Chase it would give her $35,000 for a short sale after she was only 60 days behind on payments.
On July 30, 2008, the Housing and Economic Recovery Act of 2008 (HERA) established FHFA as regulator of the three housing-related government-sponsored enterprises: Fannie Mae, Freddie Mac, and the Federal Home Loan Banks (FHLBanks). FHFA’s mission is to promote their safety and soundness, support housing finance and affordable housing goals, and facilitate a stable and liquid mortgage market.
On September 6, 2008, just five weeks after its creation, FHFA became conservator of Fannie Mae and Freddie Mac, and the U.S. Department of the Treasury (Treasury) began providing the Enterprises substantial financial support. As conservator, FHFA preserves and conserves the assets and property of the Enterprises, ensures they focus on their housing mission, and facilitates their financial stability and emergence from conservatorship. As of March 31, 2011,
Treasury had invested almost $154 billion in the Enterprises in an effort to stabilize their operations and the mortgage market generally. The Federal Reserve also took steps to support the Enterprises, such as committing to purchase up to $1.25 trillion of their securities.
On October 12, 2010, FHFA’s first Inspector General was sworn in, and FHFA-OIG commenced operations. In November 2010, FHFA-OIG initiated this audit to assess how FHFA processed consumer complaints. For purposes of this report, consumer complaints include, but are not limited to, those involving allegations of fraud, waste, or abuse. These complaints run the gamut from difficulties obtaining information from the Enterprises to allegations of potential criminal activity. The time period covered by this audit begins with the creation of the Agency on July 30, 2008, and continues for two years and three months, through October 31, 2010, when FHFAOIG’s operations began.
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