{"id":525011,"date":"2010-04-12T17:49:40","date_gmt":"2010-04-12T21:49:40","guid":{"rendered":"http:\/\/washingtonindependent.com\/?p=82024"},"modified":"2010-04-12T17:49:40","modified_gmt":"2010-04-12T21:49:40","slug":"new-foreclosure-record-set-as-house-holds-mortgage-modification-hearings","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/525011","title":{"rendered":"New Foreclosure Record Set as House Holds Mortgage Modification Hearings"},"content":{"rendered":"<p>Tomorrow, the House Financial Services Committee, headed by Rep. Barney Frank (D-Mass.), starts a series of hearings on mortgage modification and the housing market. The schedule is as follows:<\/p>\n<ul>\n<li>On Tuesday morning, the committee holds a hearing with home loan executives from Bank of America, Citigroup, J.P. Morgan and Wells Fargo on &#8220;<a href=\"http:\/\/www.house.gov\/apps\/list\/hearing\/financialsvcs_dem\/hr_040510.shtml\">Second Liens and Other Barriers to Principal Reduction as an Effective Foreclosure Mitigation Program<\/a>.&#8221;<\/li>\n<li>On Wednesday morning, the committee holds a hearing entitled \u201c<a href=\"http:\/\/www.house.gov\/apps\/list\/hearing\/financialsvcs_dem\/fchrn_04142010.shtml\">Housing Finance: What Should the New System Be Able to Do?<\/a>\u201d The witness list is not yet set.<\/li>\n<li>On Wednesday afternoon, the Subcommittee on Housing and Community Opportunity holds a hearing on &#8220;<a href=\"http:\/\/www.house.gov\/apps\/list\/hearing\/financialsvcs_dem\/hshrg_04142010.shtml\">The Recently Announced Revisions to the Home Affordable Modification Program (HAMP)<\/a>.&#8221; The witness list is not yet set.<\/li>\n<\/ul>\n<p><span id=\"more-82024\"><\/span>Some troubling data on the inadequacies of HAMP and the still-weak housing market form a backdrop to the hearings. Today, Bank of America <a href=\"http:\/\/newsroom.bankofamerica.com\/index.php?s=43&amp;item=8675\">reports<\/a> that it has completed 33,000 mortgage-modifications, up 12,000 since March &#8212; it says it has now modified around a quarter of eligible mortgages. (Citigroup does better: It has modified more than half.)<\/p>\n<p>But those positive statistics are overshadowed by a <a href=\"http:\/\/www.lpsvcs.com\/NewsRoom\/IndustryData\/Documents\/03-2010%20Mortgage%20Monitor\/Pres_MM_Feb10Data.pdf\">report<\/a> from Lender Processing Services &#8212; a major mortgage processing company &#8212; showing that the inventory of foreclosed homes hit a \u201crecord high\u201d in February. The number of delinquencies jumped 21 percent year-on-year. The report notes: \u201cMore than 1.1 million loans that were current at the beginning of January 2010 were already at least 30 days delinquent or in foreclosure by February 2010 month-end.\u201d This graph shows the percentage of mortgages that are non-current or in foreclosure, month by month:<\/p>\n<p><a href=\"http:\/\/washingtonindependent.com\/wp-content\/uploads\/2010\/04\/Screen-shot-2010-04-12-at-2.55.56-PM_2.png\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-82025 alignnone\" title=\"Screen shot 2010-04-12 at 2.55.56 PM_2\" src=\"http:\/\/washingtonindependent.com\/wp-content\/uploads\/2010\/04\/Screen-shot-2010-04-12-at-2.55.56-PM_2-480x265.png\" alt=\"\" width=\"480\" height=\"265\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tomorrow, the House Financial Services Committee, headed by Rep. Barney Frank (D-Mass.), starts a series of hearings on mortgage modification and the housing market. The schedule is as follows: On Tuesday morning, the committee holds a hearing with home loan executives from Bank of America, Citigroup, J.P. Morgan and Wells Fargo on &#8220;Second Liens and [&hellip;]<\/p>\n","protected":false},"author":6662,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-525011","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/525011","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/6662"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=525011"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/525011\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=525011"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=525011"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=525011"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}