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Loan Modification

: Mortgage Lender Implode-o-Meter

HUD Fails to Track Almost 13,000 Defaulted HECM Loans says OIG Report

By Implode-Explode Heavy Industries

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"For the last few years, the number of Home Equity Conversion Mortgages (HECM) in default from a failure to pay taxes and insurance has been hot topic for debate at events around the country. Estimates from industry experts typically put the number around 10,000, but a new report from the Department of Housing and Urban Development?s Office of Inspector General says there are nearly 13,000 such loans."

Full post as published by Mortgage Lender Implode-o-Meter on August 30, 2010 (boomark / email).

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