More Distressed Borrowers are Keeping Their Homes

first_img Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago More Distressed Borrowers are Keeping Their Homes Tagged with: Fannie Mae Foreclosure Prevention Actions Freddie Mac Loss Mitigation May 10, 2016 2,253 Views The Best Markets For Residential Property Investors 2 days ago About Author: Brian Honea Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Loss Mitigation, News Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Servicers Navigate the Post-Pandemic World 2 days ago Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days agocenter_img Related Articles Home / Daily Dose / More Distressed Borrowers are Keeping Their Homes Fannie Mae Foreclosure Prevention Actions Freddie Mac Loss Mitigation 2016-05-10 Brian Honea Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Castro Dispels Myth About Millennials and Homeownership Next: FHFA Vows to Keep Fighting HOA Super-Priority Liens Subscribe  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago The gap is growing between the number of foreclosure prevention actions that were home retention actions and the number that were home forfeiture actions, according to FHFA’s February 2016 Foreclosure Prevention Report released Tuesday.The increased number of home retention actions and the decline in home forfeitures is good news for families and for a housing market that is still in the process of healing nearly eight years after the crash.According to FHFA, home retention actions outpaced forfeiture actions by nearly a 5 to 1 since the start of the conservatorships in September 2008 through the end of February 2016. During that period, Fannie Mae and Freddie Mac completed 3.03 million non-foreclosure solutions that kept families in their homes, which included loan modifications (the most common, at 1.92 million), repayment plans, forbearance plans, charge-offs-in-lieu of foreclosure, and Fannie Mae’s HomeSaver Advance program.By comparison, during that time, the GSEs completed 644,846 non-foreclosure solutions in which the home was forfeited, including short sales and deeds-in-lieu of foreclosure.The total of non-foreclosure solutions completed by the GSEs, which includes all home retention and forfeiture actions, was 3.674 million over the seven and a half year period from the start of the conservatorships until February 2016.The gap has been widening between the two over the last four years. For the full year of 2013, Fannie Mae and Freddie Mac completed 341,899 home retention actions compared to 105,829 home forfeiture actions—approximately a 3 to 1 ratio. The next year, the ratio expanded to approximately 5 to 1 (254,054 compared to 53,124). In 2015, the ratio approached 6 to 1 (196,815 compared to 35,251), and for the first two months of 2016, the ratio has been more than 6 to 1 26,836 compared to 4,564).If home forfeiture actions continue on their monthly pace from the first two months of 2016, there will be only 27,000 of them for the full year 2016.Also indicative of a healing housing market is the fact that fewer non-foreclosure solutions have been needed since 2013 mostly due to a sustained substantial decline in delinquencies on mortgage loans in the last few years. The total number of non-foreclosure solutions (including forfeitures and retention actions) has gone from 447,728 in 2013 to 307,218 in 2014 to 232,066 in 2015. If the number continues to decline at the rate of the first two months of 2016, there will be 188,000 foreclosure prevention actions for the full year of 2016.Click here to view the entire FHFA February 2016 Foreclosure Prevention Report. The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

Nassau Issues Bids for 2nd Phase of West Shore Road Reconstruction

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York Nassau County Executive Ed Mangano joins Bayville village officials and local business owners to celebrate the reopening of West Shore Road last June. (Photo credit: Nassau County)Nassau County Department of Public Works has issued bids to reconstruct and harden West Shore Road, which was badly damaged during Superstorm Sandy.The project will begin in October and is the second phase of the ongoing reconstruction of the major road that connects Oyster Bay and Bayville.The project will run from Cleft Road south to the Long Island Rail Road overpass, and will include installation of new steel sheeting along the water, improved drainage, underground utilities and reconstruction of the roadway, the county said.A bidder will be selected by the end of March.West Shore Road reopened 17 months after Hurricane Sandy caused a major portion of the seawall and roadway to collapse. The storm also rendered the Bayville Bridge inoperable after floodwaters destroyed its electrical system, putting it out of service for 15 months.“The rebuilding of the West Shore Road seawall and roadway is symbolic of Nassau County moving forward and rebuilding after Hurricane Sandy,” County Executive Ed Mangano said in a ribbon cutting ceremony back in June to celebrate the reopening of the road.Bayville-bound drivers were forced to take a detour of up to 20 minutes during the time the road was closed.In the weeks and months following Sandy, local business owners expressed concern that potential customers would avoid the village because of the extra travel time.Construction began after the county issued an emergency order to rebuild the road.last_img read more

China continues to boost LNG imports

first_imgJapan’s LNG imports stood at 48.40 million tonnes in the January-August period, up by 6.23 million tonnes compared to China. China is currently the world’s second-largest importer of LNG behind Japan but this could change this year. LNG imports totalled 5.96 million tonnes last month, data from the General Administration of Customs showed. China, the world’s largest energy consumer, is continuing to post higher monthly LNG imports and reported a 16.3 percent year-on-year increase in August. On the other side, China’s pipeline gas imports also increased by 8 percent to 3.40 million tonnes. But they are still down year-on-year in the nine-month period to 22.90 million tonnes. Q-Flex vessel at the ENN Zhoushan LNG terminal in China (Image: Qatargas) In the January-August period, the country imported 42.17 million tonnes of chilled fuel, a year-on-year rise of 10 percent.last_img read more