Wednesday, July 27, 2011

Mortgage Servicer Settlement Update

by Bill McBride on 7/27/2011 01:44:00 AM

Not many details, but this story suggests the banks are now fighting with each other.

From the WSJ: Banks Spar Over Loan Settlement

U.S. banks trying to negotiate a settlement over the home-foreclosure mess have hit a new hurdle: They are squabbling over how to split the tab.
...
All sides have agreed to a framework that would govern how banks meet their obligations once a deal is reached. Those include principal reductions on certain mortgages, forgiveness of second-lien loans, restitution to borrowers and dealing with foreclosure-related blight.
...
Citigroup is pushing to keep its part of any settlement at about $1 billion ... Wells Fargo ... is discussing a range of $4 billion to $5 billion.
It isn't clear what this means - and what will be included as part of the settlement.

On June Home Sales:
New Home Sales in June at 312,000 Annual Rate
Existing Home Sales in June: 4.77 million SAAR, 9.5 months of supply
Home Sales: Distressing Gap
• Graph Galleries: New Home Sales and Existing Home Sales

On House Prices:
Case Shiller: Home Prices increase in May
Real House Prices and Price-to-Rent
• Graph Galleries: Home Prices