Then again, there are different definitions of what constitutes a “re-performing” mortgage. Most of the loans trading in this market are modified loans that have six to 12 months of seasoning and a clean cash-flow history.
For such assignees, the bureau would select one of the following alternative periods for the right to cure: 270 days after loan delivery, or 120 days after such assignee’s discovery of non-compliance.
Sen. Shelby is an Alabama Republican with a populist streak who is no friend of the GSEs, but he may side with shareholders of the two companies who are getting shafted by Treasury “sweeps.”