Archive for the ‘Workout’ tag
Freddie Mac Doubles Financial Incentives to Servicers Who Help Borrowers Avoid Foreclosure
Freddie Mac today told mortgage servicers it was
doubling the amount of money it pays for each workout
that keeps a delinquent borrower with a Freddie Mac-owned mortgage out of
foreclosure.
Freddie Mac also announced it will start reimbursing servicers for the
cost of door-to-door outreach programs, give servicers more time to
negotiate workouts in states with fast foreclosure processes, and make
administrative changes intended to streamline the workout process.
Another Loss for Countrywide as Bank of America Plans for Future
Countrywide Financial Corporation logged in on
Tuesday with its third consecutive quarterly loss due to a sharp increase
it its provision for loan losses.
On Tuesday the Nashville Business Journal reported that Bank of
America is planning to modify or otherwise work out some
265,000 Countrywide loans, allowing those customers to stay in their
homes.
The troubled loans that Bank of America has targeted for workout…