Fair-Lending Principles Must Underpin Loss Mit
Jonice Gray Tucker, Lori J. Sommerfield & Thomas A. Dowell
June 1, 2010
Servicers face an increasingly challenging business environment. According to the Mortgage Bankers Association's 2009 Q4 National Delinquency Survey, nearly 9.47% of loans are in default. Additionally, the Wall Street Journal reports that nearly one-quarter of all homeowners are currently "underwater," with mortgage balances higher than their home values. The outlook for this year is equally grim, with analysts forecasting over 2.8 million foreclosure filings by year's end. Jonice Gray Tucker, Lori J. Sommerfield, and Thomas A. Dowell write on responses to combat this on the federal, state, and local levels.