There was a huge spike in early-payment delinquencies in April that migrated to more serious categories of default in May and June. Last month saw a huge increase in servicer buyout of delinquent loans. (Includes four data charts.)
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One option places past-due mortgage amounts in separate junior liens of up to 30% of the outstanding. The lien is repayable when the mortgage ends, which is usually when a borrower refinances or sells their home.
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If HUD implements its proposed final disparate impact rule, exceeding its authority, it could be a challenged under the Administrative Procedure Act, according to an industry attorney.
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The internal watchdog has raised concerns about HUD’s inability to identify and track personally identifiable information on one billion records.
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