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Orange County Choppers Foreclosure

January 25, 2011 by staff 

Orange County Choppers Foreclosure, Large banks and thrifts awarded 382,000 households in the third quarter, up 31.2% over the previous quarter, according to the Office of the Comptroller of the Currency.

Foreclosures increased by 3.7% from a year ago, and more are coming. There are 1.2 million households in the foreclosure process at the end of the third quarter, up 4.5% over the previous quarter and an increase of 10.1% over a year ago.

The OCC, which oversees the largest banks and absorbs the Office of Thrift Supervision in 2011, said lenders have picked up the pace of foreclosures to get through their portfolios.

However, 87.4% from 33.3 million in loans from the banks’ portfolios were up to date and perform at the end of the quarter, which held unchanged from the previous quarter. Although the number of delinquent borrowers 60 days was reduced from 6.4% over the previous quarter, mortgages between 30 – and 60 days past due increased by 4.3%.

But administrators reported holding more shares of home foreclosures in the third quarter. More than 470 000 debtors received a change of view, the permanent change, or payment plans in the short term.

Of the changes ended in the third quarter, 88% included a reduction of capital to go with the decline in interest rates, and more than 54% reduction in monthly payments of at least 20%.

Latest changes are more effective than previous ones, too. For those that ended in the fourth quarter of 2009, 20.2% were seriously delinquent after six months. For those in the second quarter of 2009, 33.5% were seriously delinquent after the same amount of time.

Banks have already ordered through most delinquent borrowers and decide whether to modify their mortgages, federal officials.

“The universe of eligible borrowers who have not been evaluated. It’s draining,” said Bryan Hubbard, a spokesman for the OCC.

Many troubled borrowers owe more on mortgages than their homes are worth, a situation known as “waterboarding.” Many banks do not want to modify mortgages,anlysts say, because it would force them to cancel the loan.

Central effort of the Obama administration to prevent foreclosures, the Affordable Home Modification Program, experienced an even greater decline in the third quarter. Just 59,000 loans were modified under the program, almost 46 percent from the previous quarter. Another 44,000 loans in a trial period of three months. If borrowers make payments for three months during the trial period, the change becomes permanent. The modified loans typically have lower interest rates or longer payment terms.

The federal program has fallen well below their targets. Government officials initially said would help 3 million to 4 million people avoid foreclosure. However, a congressional panel estimated earlier this month that is likely to end up modifying only about 700,000 to 800,000 mortgages.

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