Fitch Ratings report that banks are losing money on foreclosures despite rising home prices around the country. Banks that sell foreclosed homes are calculating higher losses due to longer liquidation timelines that are forcing them to invest more in servicing the property while it awaits sale.
Higher loss severities on foreclosures will push servicers to short sales in 2011: Fitch Jobless claims slip by 2,000 filings Barclays backs Fidelity’s Black Knight ipo big time federal incentives Coming for Short Sales, Deeds-in-Lieu 70 Percent Income Tax, 3 percent wealth Tax – Winston Churchill Tax proposals coming from Elizabeth Warren andAlexandria.
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6 posts published by In Deed We Vest during December 2010. That may be about to change. If banks see higher losses from foreclosures than from short sales, they may put more resources into approving these deals, where the borrower is allowed to sell the home for less than the value of the loan.
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The homepage of the servicing industry. Prices on credit default swaps (CDS) involving subprime mortgages more than doubled their increase from last month, extending the rally to an unprecedented.
Higher loss severities on foreclosures will push servicers to short sales in 2011: Fitch 64,393 HAMP failures resolved with short sales, deeds-in-lieu Failed HAMP mod short sales increase through.
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Except for office loans, all property types experienced higher loss severities in 2009, with hotel and multifamily leading in loss severities at 81.9% and 58.0%, respectively. This high loss severity for hotel loans reflects only seven dispositions with losses, although they currently lead in outstanding delinquencies.