2012-11-20 — mortgagenewsdaily.com
``Well, if you can't fix your brakes, make your horn louder. Odd logic is somewhat humorous. But as any LO or servicer knows, just because you modify someone's mortgage doesn't mean they are going to start making their payments. "New delinquencies on reworked mortgages held by bonds without government backing jumped in September, a sign that some of the fuel for housing's recovery isn't sustainable, according to JPMorgan Chase. A record of more than 28,000 modified home loans within so- called non-agency securities turned delinquent, a rise of 24 percent from the prior month, JPMorgan analysts said in a Nov. 16 report. The share of all non-agency loans between 30 and 60 days past due soared 0.44 percentage point to 3.54 percent, the highest since February 2010, data compiled by Bloomberg show."''
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