At Bank of America, the nation’s largest mortgage servicer, more than 60 percent of approved short sales do not close, which is why the bank wants to streamline the process, said BofA Senior Vice President David Sunlin by telephone Thursday. Sunlin, who manages short sales for the bank, said the bank’s first goal still is [...]
Reserves fall short of covering non-performing assets at 110 of 181 small-cap banks and institutions on the Russell 2500 Financial Services Index, according to first-quarter data compiled by Bloomberg. Non-performing assets are mostly loans 90 days or more overdue. Read Full Article Tags: Non+Perfoming+Assets, Housing, Lending
To help enhance the integrity of the home appraisal process in the mortgage finance industry, in March 2008, Fannie Mae entered into an agreement with our regulator – the Federal Housing Finance Agency (FHFA) (then the Office of Federal Housing Enterprise Oversight) – and the New York Attorney General’s office to adopt certain policies relating [...]
