The Federal Trade Commission is sending refunds to hundreds of borrowers targeted by a law firm’s scam, as it and other regulators continue to process outcomes from a historic enforcement effort. A total of 322 distressed borrowers that a law firm with ties to disbarred attorney Michael Lanier took money from in loan modification scams
While mortgage arrears fell month-to-month in July, servicers did have to contend with a local uptick from Hurricane Beryl and manage heightened prepayment risk during the month, according to Intercontinental Exchange. The delinquency rate fell 12 basis points to 3.37%, erasing only around one-fourth of the previous month’s gain with the storm adding an estimated
Loan performance showed signs of worsening last month, with foreclosure numbers reflecting a potential pivot to what had been improving trends among distressed borrowers. Foreclosure filings, including default notices, scheduled auctions or bank repossessions, appeared on a total of 31,929 U.S, mortgaged properties in July, representing one out of every 4,414 units, according to real