Creating Borrower Rights to With Respect to Concessionary Loan Modifications February 7, 2011 Brian...
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Transcript of Creating Borrower Rights to With Respect to Concessionary Loan Modifications February 7, 2011 Brian...
Creating Borrower “Rights” to With Respect to Concessionary Loan Modifications
February 7, 2011
Brian D. Boyle
Slide 2
Source: Lender Processing Services, December 2010 Mortgage Monitor
Slide 3
Source: Lender Processing Services, December 2010 Mortgage Monitor
Slide 4
Source: Lender Processing Services, December 2010 Mortgage Monitor
Slide 5
Slide 6
Source: OCC/OTS Mortgage Metrics Report, Third Quarter 2010
Slide 7
Source: OCC/OTS Mortgage Metrics Report, Third Quarter 2010
Slide 8
Source: OCC/OTS Mortgage Metrics Report, Third Quarter 2010
Slide 9
Housing Expenses Modification Short Sale Foreclosure
Housing cash flows for “typical” underwater borrower
Modified monthly mortgage payment
$10,800 (12 months at $900)
$0 $0
Moving expense $0 $2,000 $2,000
Relocation assistance $0 ($3,000) ($2,500)
Monthly rental payment $0 $7,700 (7 months at
$1,100)
$0
12 month prospective housing expense
$10,800 $6,700 ($500)
Borrower Economics: Foreclosure vs. Alternatives
Contact Me With Questions
Brian D. Boyle
O’Melveny & Myers LLP
1625 Eye Street NW
Washington, DC 20006
202-383-5327
Slide 10