Journal Article
Foreclosure alternatives: case for preserving homeownership
Abstract: Residential foreclosures have become a growing concern in the lending industry. GMAC-RFC (Residential Funding Corporation), America?s largest private issuer of mortgage-backed securities and a leading warehouse lender, estimates that it loses over $50,000 per foreclosed home. According to the U.S. Census Bureau?s statistical abstracts, the number of nonfarm mortgage loans in foreclosure at year-end 2003 (the latest year for which information is available) was over 500,000. This translates into $25 billion in foreclosure cost for lenders. ; Of course, lenders are just one stakeholder in the foreclosure process. What are the total costs associated with foreclosing on a home? Who is responsible for paying these costs? Are there alternatives to the foreclosure process? And if so, what are the advantages of using those alternatives
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File(s): File format is application/pdf http://www.chicagofed.org/digital_assets/publications/profitwise_news_and_views/2006/02_2006_pnv.pdf
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Bibliographic Information
Provider: Federal Reserve Bank of Chicago
Part of Series: Profitwise
Publication Date: 2006
Issue: Feb
Pages: 2-5