Mortgages

Over one-third of the struggling borrowers who received recast loan terms in the first quarter cut their monthly obligation by 20% or more.

Notes will be repaid through a modified sequential structure, which calls for the A-1 and M-1 through M-3 classes to receive principal on a pro-rata basis.

The markets had a muted reaction to the Federal Open Market Committee pause on raising short-term rates a week ago, Freddie Mac found.

The amount of distressed assets rose 10% in the first three months of the year, according to a new report from MSCI Real Assets.

But the Mortgage Bankers Association also raised the dollar volume that it predicts the purchase market will originate this year.

Both loan volumes and interest rates came in mostly flat, but the jumbo average ran ahead of the conforming for the second week in a row, the Mortgage Bankers Association said.

The Consumer Financial Protection Bureau decided to move forward with its proposal based on feedback to an earlier request for input.

The findings from Standard & Poor's show little impact from the Federal Housing Finance Agency's proposal regarding what information is required to underwrite a conforming mortgage.

Among the nonperforming assets 44.01% are either in foreclosure or referred for foreclosure; 19.32% are in default; 7.17% are liquidated and 1.75% are in bankruptcy.

Monetary policy officials have finally gone a month without tightening but made it clear more action could lie ahead, suggesting it could be awhile before housing finance costs consistently fall.