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Servicers Are Questioning Obama's Rescue Plan.
Byline: Mark Fogarty
Tampa, FL-Servicing industry specialists have some pointed questions about the administration's mortgage rescue plans, as evidenced during a roundtable at the Mortgage Bankers Association's National Servicing Conference here.
The excerpt that follows features, from left in the adjacent photo, Rodney Bechdoldt, vice president, mortgage systems division, at Central Mortgage Co.; Cheryl Lang, president of Integrated Mortgage Solutions; James Miller, managing director of operations at The First American Corp.; Rich Rollins, chief executive of REO Sentinel and National Quick Sale; Fred Melgaard, executive vice president at DRI Management Systems; and Elsa Lewis, senior vice president of national sales/REO at Williams & Williams.
MSN: What do you think about the president's plan?
Cheryl Lang: I think it's a little disappointing. What I heard this morning was, if you are underwater 5% or less, you'll get some help. You have to qualify 31% of your income, and these aren't the folks that are really struggling with homeownership. I would like to see more of the people who are struggling with their payments because of layoffs. Those are the folks that really need the help.
Jim Miller: One of the things it may do is to bring some consistency. You have the FDIC with a 38% housing ratio. You have the OCC/OTS, they have anywhere from 40-50%. You go to the Hope Now alliance, they have a different outcome. The GSEs have a net 250. There's no consistency. So the issue is, when you talk about reperformance rates, the government's concern is half of them go delinquent again. But there was no standard for re-underwriting the loan. What you see is, not everyone re-underwrites the loan. The other issue is the delinquent taxes and interest, a 43% increase in the last 18 months. A lot of companies will take that into account. You can't just take the delinquent taxes and interest this year and last year and just recast it for 12 months because your payment goes right back up again. There's no set standards. That's why the reperformance rates aren't where they should be.
Cheryl Lang: But if we go with full underwriting, where are we going to get the resources? We're talking nine million people.
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Source: HighBeam Research, Servicers Are Questioning Obama's Rescue Plan.