Who else is dead slow lately?

[Red Flint]

The Non-Performing Loan Sales program reduces the number of deeply delinquent loans in the GSEs’ portfolios and transfers credit risk to the private sector. FHFA and the GSEs impose requirements on NPL buyers designed to achieve more favorable outcomes for borrowers than foreclosure. At December 31, 2023, the GSEs held 42,667 NPLs in portfolio, of which 7% were sold and settled during the first half of 2024."

FHFA Releases Update on Non-Performing GSE Loans - The MortgagePoint

FHFA issues an update on transactions by Fannie Mae and Freddie Mac, intended to transfer credit risk and improve outcomes for homeowners.

themortgagepoint.com

From the links

• Non Performing Loans (NPLs) on vacant homes have had a much higher rate of foreclosure (75.7%) than that on borrower-occupied properties (28.9%) and non-borrower-occupied properties (31.8%). Foreclosures on vacant homes typically improve neighborhood stability and reduce blight as the homes are sold or rented to new occupants.
• Eight percent of permanent modifications of NPLs incorporated

arrearage and/or principal forgiveness. The average forgiveness earned

for these loans to date was $63,601 (with the potential for borrowers to

earn an average forgiveness of $75,515). The average UPB of NPLs sold

was $183,055.The average Unpaid Balance of NPLs sold was $183,055.\

FHFA June 2024

 

[Bobby Bucks]

The biggest unknown is how many delinquent loans the GSEs will be selling off at a discount, and how many of those will be restructured behind the scenes by investors. Whatever the answers, they don't suggest greater appraisal volumes.

"Since the program’s inception in 2014, the report shows, the GSEs have sold 171,333 NPLs with a total unpaid principal balance (UPB) of $31.4 billion through June 30, 2024.

The loans included in these NPL sales had an average delinquency of 2.8 years, and an average current mark-to-market loan-to-value (LTV) ratio of 82%. Foreclosure was avoided for borrowers in 40% of the 165,643 loans sold.

The Non-Performing Loan Sales program reduces the number of deeply delinquent loans in the GSEs’ portfolios and transfers credit risk to the private sector. FHFA and the GSEs impose requirements on NPL buyers designed to achieve more favorable outcomes for borrowers than foreclosure. At December 31, 2023, the GSEs held 42,667 NPLs in portfolio, of which 7% were sold and settled during the first half of 2024."

FHFA Releases Update on Non-Performing GSE Loans - The MortgagePoint

FHFA issues an update on transactions by Fannie Mae and Freddie Mac, intended to transfer credit risk and improve outcomes for homeowners.

themortgagepoint.com

One would hope they learned some lessons from 2006-2009. Maybe Elon can have DOGE take a peak at it.

 

[glenn walker]

One would hope they learned some lessons from 2006-2009. Maybe Elon can have DOGE take a peak at it.

The new model developed in the lsst stages of the great mortgage meltdown changed how it's done. I don't believe we can expect to see a lot of review work and many loans will just be held and homes not physically foreclosed...owners making modified low payments etc.

 

[NC Appraising]

I thought I read somewhere that the gses have a pipeline set up to sell future reos at a discount to large private equity...black rock.. or investment firms, thus avoiding most but not all marketing of the reos that we saw in the 2008 crash.

In other words, the Blackrock will get to purchase these at a discount and not the public. We get screwed again....

 

[Bobby Bucks]

I thought I read somewhere that the gses have a pipeline set up to sell future reos at a discount to large private equity...black rock.. or investment firms, thus avoiding most but not all marketing of the reos that we saw in the 2008 crash.

In other words, the Blackrock will get to purchase these at a discount and not the public. We get screwed again....

I've heard that, but haven't seen it confirmed yet in writing. It would not be surprising since Blackrock seems to have more power that both houses of congress combined. It's scary that a company has that much power.

 

[glenn walker]

I thought I read somewhere that the gses have a pipeline set up to sell future reos at a discount to large private equity...black rock.. or investment firms, thus avoiding most but not all marketing of the reos that we saw in the 2008 crash.

In other words, the Blackrock will get to purchase these at a discount and not the public. We get screwed again....

Your not getting screwed your not a big part anymore because your not needed to do reviews. That's done internally on the mortgages. Also in a package sale the tranch is being sold not a individual loan or property. You may see a few reviews here and there but not like the old days.

 

[Franco2]

More dead slow than I ever been in my 23 years of appraising. I am trading stocks just trying to muster up money to pay bills. Its getting ridiculous

 

[TC]

One would hope they learned some lessons from 2006-2009. Maybe Elon can have DOGE take a peak at it.

peek

 

[NC Appraising]

Your not getting screwed your not a big part anymore because your not needed to do reviews. That's done internally on the mortgages. Also in a package sale the tranch is being sold not a individual loan or property. You may see a few reviews here and there but not like the old days.

Not about reviews for me. Getting screwed because in the last crash I flipped multiple reos.

This run, Blackrock will get them. The public gets screwed. A lot of wealth was built by the last crash. The public will not benifit unless you own stock in Blackrock

 

[Airstream]

The pandemic, which started under trump made the debt soar. Trump shut businesses down and gave out billions to people that didn't even need the money. That was taxpayer money Trump gave out.

My brother in law has a business and got like $250K free money they did not have to pay back. His business was booming in the pandemic selling janitorial supplies.

Biden would have gave out more free money when he took office but Congress blocked it thankfully. That helped slow inflation but all those people went back to work under Biden after the pandemic, which fueled inflation back.

?