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Decidedly Downbeat Mood on Real Estate.
LAS VEGAS -- Speakers at the California Mortgage Bankers Association's Western States Loan Servicing Conference here were largely pessimistic about the prospects for a quick recovery in home values and loan performance, especially for the subprime mortgage sector.
And that means mortgage servicers will continue to face pressure as they manage a rising delinquency and foreclosure management workload.
"The eyes of the industry are really on us. We are in the throws of another cycle," said Scott Whittle, an attorney with Incal Associates, Los Angeles, who chaired the conference.
He said servicers are again being asked to essentially bail out what loan originators delivered to their shops during the boom times, as an expanding menu of loan products were developed to serve homeowners.
William Leroy, head of the American Legal & ...
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