Moodys: Foreclosure Moratoria Determined Performance of Mortgage Servicers to Prevent or Cure Delinquencies
October 21, 2011
The performance of large mortgage servicers of non-agency residential MBS, including their ability to prevent or cure loan delinquencies, varied widely during the 12 months ending in June 2011, due in no small part to foreclosure moratoria imposed on some, but not all, servicers, according to Moodys Investors Service. The companys inaugural Servicer Dashboard report found that during the June 2010 to June 2011 period, JPMorgan Chase and Bank of America exhibited overall poor servicing performance in contrast to CitiMortgage, GMAC and Ocwen. A major impediment to Chase and BofAs servicing performance, Moodys noted, was the fact that...