Loss Mitigation

The Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS) are expanding the scope of the mortgage performance data gathered from national banks and thrifts to include additional information on the affordability and sustainability of loan modifications made in 2008.

At the 2009 Mortgage Bankers Association (MBA) Mortgage Servicing Conference in Tampa, Florida, on Tuesday, Titanium Solutions, Inc., a provider of homeowner contacting and consulting services, announced the launch of HomeTouch.

Will Loan Modification Disputes Change Servicing and Further Damage U.S. Capitalismx What a year it was. In 2008, home values took a beating while Wall Street investors were out nearly $7 billion. In the American tradition, the next step is to figure out who’s responsible for what, and that means a lot of people will be heading to court and to Congress in 2009.

White House officials said that President Barack Obama is scheduled to unveil the administration’s new housing and mortgage relief program on Wednesday during a speech in Phoenix, Arizona, one of the areas hardest hit by the nation’s foreclosure epidemic.

Overture Technologies, a provider of lending decisioning solutions, and SigniaDocs, a technology service provider for the mortgage industry, announced the creation of a joint offering on Friday that the companies say will speed servicing of distressed mortgages, reduce repeat default rates, and improve transparency.

Mortgage giants Fannie Mae and Freddie Mac announced on Friday that they are suspending all foreclosure sales and evictions of occupied properties through March 6th, in anticipation of the Obama Administration’s national foreclosure prevention and loan modification program.

According to the American Credit Union Mortgage Association (ACUMA), while big banks stagger beneath the weight of the nation’s credit crisis, credit unions are among the few financial institutions that have mortgage money ready to lend to struggling consumers.

On Wednesday, the Office of Thrift Supervision (OTS) – the primary regulator of federal savings holding companies and thrifts, including the nation’s largest banks and mortgage lenders – called on the more than 800 OTS-regulated institutions to suspend foreclosures on owner-occupied homes until the Financial Stability Plan’s home loan modification program is finalized.

On Wednesday, February 11, Queen Latifah will kick off the Bringing Hope Home bus tour of Newark, New Jersey, to promote foreclosure prevention in the New England community. The Golden Globe and Grammy award winner and Oscar nominee will be joined by multi-platinum recording artist and actor Wyclef Jean and New York/New Jersey radio personality and actress Angie Martinez.

Treasury Secretary Timothy Geithner is expected to lay out the new administration’s comprehensive Financial Stability and Recovery Plan on Tuesday, detailing how the government will use the remainder of the $700 billion bailout money, as well as additional programs it hopes will kick-start the U.