Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily Related Articles December 13, 2018 3,731 Views Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / State of the Foreclosure Market The Best Markets For Residential Property Investors 2 days ago Subscribe Print This Post Servicers of some of the largest banks in the U.S. initiated 28,508 new foreclosures during the third quarter of 2018, according to the Office of the Comptroller of Currency’s (OCC’s) Mortgage Metrics report. This marked a 3.7 percent quarter-over-quarter decrease and a 16.8 percent decline from a year ago.Home forfeiture actions during the quarter that included completed foreclosure sales, short sales, and deed-in-lieu-of-foreclosure action, decreased 30.4 percent from last year to 15,506.The report is based on data collected on first-lien residential mortgage loans serviced by seven national banks with large mortgage servicing portfolios. They include Bank of America, Citibank, HSBC, JPMorgan Chase, PNC Bank, U.S. Bank, and Wells Fargo. The report excludes mortgage loans like junior liens, home equity lines of credit (HELOC), and reverse mortgages.Looking at loan modifications in Q3, the report indicated that servicers completed 25,701 modifications, a decrease of 21.3 percent over the last quarter. Of these, 21,766 were combination modifications that included “multiple actions affecting affordability and sustainability of the loan, such as an interest rate reduction and a term extension.”Among the 21,766 completed combination modifications, the report said, 96.6 percent included capitalization of delinquent interest and fees, 43.4 percent included an interest rate reduction or freeze, 96 percent included a term extension, 1.2 percent a principal reduction, and 13.5 percent included principal deferral.The report also said that of the 23,427 modifications that were completed during the first quarter of 2018, “servicers reported 3,580, or 15.3 percent, were 60 or more days past due or in the process of foreclosure at the end of the month that they became six months old.”The report also looked at the overall mortgage portfolio and performance of the loans. It revealed that as of September 30, 2018, the reporting banks had serviced 17.2 million first-lien mortgage loans with $3.26 trillion in unpaid principal balances indicating 32 percent of all residential mortgage debt outstanding in the U.S.The OCC said that banks reported an improvement in the overall mortgage performance in Q3 compared to the same period a year ago with 95.4 percent mortgages current and performing compared with 94.8 percent a year ago.Click here to read the full report. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Radhika Ojha State of the Foreclosure Market Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Bank of America Citibank Foreclosure HSBC JPMorgan Chase Loan Modification mortgage Mortgage Performance OCC PNC Bank U.S. Bank Wells Fargo 2018-12-13 Radhika Ojha in Daily Dose, Featured, Foreclosure, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: The Skies Ahead Next: Gender Gap in Homeownership Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: Bank of America Citibank Foreclosure HSBC JPMorgan Chase Loan Modification mortgage Mortgage Performance OCC PNC Bank U.S. Bank Wells Fargo Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas.
June 30, 2019 By John KrullTheStatehouseFile.com INDIANAPOLIS – Kamala Harris made Joe Biden forget how to be Joe Biden.Maybe she even made him forget that he was Joe Biden, former vice president of the United States and a man whose greatest political gift was the ability to ooze empathy.John Krull, publisher, TheStatehouseFile.comThe moment came during the second night of the three-ring circus of a Democratic presidential debate in Miami. The debate format featured 10 candidates and almost as many moderators each night.Given the size of the field and the number of media interrogators it’s surprising the fire marshal allowed the event to proceed.In such crowded circumstances, each candidate’s challenge was to separate herself or himself from the pack and connect with a large slice of America.A handful – Elizabeth Warren, Julian Castro, Cory Booker and Indiana’s Pete Buttigieg – did just that.But none of them made more of an impact than Harris did.The first-term California U.S. senator and former prosecutor went after the big dog, frontrunner Biden, and took him down in a way that combined both grace and grit.The climax occurred when Harris and Biden talked about race, segregation and busing. Biden had made news by touting his chummy relationships in the old days with segregationist members of the U.S. Senate as evidence of his ability to get things done in a bipartisan fashion.Harris’s takedown was note-perfect.She began by lowering her voice and saying she didn’t believe Biden was a racist himself. But she talked about how hurtful it was to her personally as an African-American – in the process, establishing herself as the champion of all Americans who have felt dispossessed, disregarded or disenfranchised – to speak so uncritically of people who would deny her both her rights and her full measure of humanity.Then she went after Biden’s troubled and contradictory record on busing. She spoke of her own experience as a little girl riding the bus to integrate her school in California and how overwhelming that was for someone so young.Biden in his best form would have responded at a human level. Perhaps the best public moment the man ever has had occurred in the 2008 vice presidential debate when he dealt with an implied charge from opponent Sarah Palin that he was elitist and out of touch by talking about his anguish and doubt he felt after losing his first wife and his infant daughter in an accident. He made it clear he had reservoirs of pain to draw upon that would help him understand others’ suffering.But Biden didn’t do that this time. He didn’t even acknowledge Harris’s pain.Instead, he looked stunned.Then he flailed.He tried reciting his legislative record. When that didn’t seem to be working, he resorted to spouting gibberish.It was a devastating turn of events for Biden. His strongest argument for claiming the Democratic presidential nomination is that he is the most electable candidate.But most Americans watching the debate saw him dissolve into blathering before their eyes and couldn’t help thinking that, come general election time, President Donald Trump would carve Biden up into thin slices just right for sandwich servings.The former vice president was the biggest loser at the debate. Former Texas congressman Beto O’Rourke also did himself no favors by showing up with little more than a smile and an ability to speak Spanish as his case to make.The other big loser was NBC. The network apparently decided that the best way to simplify an event that already was overcrowded and confusing was to overcrowd and confuse it even more. Everyone, it seemed, who ever had worked at NBC got a chance to moderate.If the debate had gone on much longer, I’m pretty sure the network would have given anyone who ever had taken a tour of the NBC studios a chance at the mic.Where do things go from here?Well, Biden now looks vulnerable in a way he didn’t before. Expect the other candidates to study what Harris did and go after him in a similar fashion.The former vice president will have to fashion a better response than sputtering nonsense.And Harris?She sent a strong signal that anyone who wants to tangle with someone as tough as she is had better bring friends along.A lot of them.FOOTNOTE: John Krull is director of Franklin College’s Pulliam School of Journalism and publisher of TheStatehouseFile.com, a news website powered by Franklin College journalism students.FacebookTwitterCopy LinkEmail
Dear Editor:An old, familiar quandary has surfaced once again; specifically, the emotional, controversial topic of what constitutes “historical significance.” To many, the quaint, old structures of yester-year scattered throughout Jersey City represent precious “objets historiques.” To those more pragmatic, old items do not necessarily equate to historical relevance. Without doubt, Jersey City has a very rich past, and that history truly needs to be preserved. Yet, simultaneously, one must seriously question: At what cost?Those familiar with Jersey City’s past can make a reasonable argument that this municipality’s renaissance – its gentrification – started when Mayor Tommy Smith pointed out the many “eyesores” that had been permitted to remain in existence throughout the city. Indeed, Mayor Smith’s astute observations increased the community’s – our – awareness to the urban decay and plight that had plagued Jersey City. Mayor McCann acted on those observations, and the re-building of Jersey City commenced.We now find ourselves in a similar situation. Throughout the city, there are old derelict, delapidated edifices crying out to be mercifully “structurally euthanized;” their useful life has come to an end. And, yet, there are quite a few who refuse to do so. These same individuals would sacrifice the city’s future infrastructure for the sake of keeping grim, spectral reminders – haunting “eyesores” from the past – in existence; and for no other practical reason, mind you, except that they are old.Using similar logic, my old tool shed is well over a century old. Should the community invest resources to maintain that insignificant, termite infested relic of the past?Granted, certain buildings and locations within Jersey City should be preserved as truly historically significant; Dickinson High School, the Court House, and Harsimus Cemetery come immediately to mind. On the other hand, there are locations within Jersey City with “questionable historical relevance” that are crumpling at the seams, or that rest on top of contaminated soil, or that are simply an “eyesore relic” of the past. Structures that have become unsound and unstable, represent and present a health and safety hazard, are havens for vermin, and /or attract criminal activity are burdens for – and to ¬ – the entire community at large. Such locations should be razed and made ready to support and accommodate the future infrastructure. John Di Genio