Higher loss severities on foreclosures will push servicers to short sales in 2011: Fitch

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Servicers experienced a 70% loss rate on REOs sold in the middle of 2011, compared to less than 60% for short sales. These transactions also do less damage to a borrower’s credit score, dropping it between 50 and 200 points compared to an REO sale, which can slash the FICO score for the borrower as much as 400 points.

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Although some argue the push for homeownership. inventory available for sale, foreclosures could actually fill that inventory and provide more fuel to the fire that’s been slowly building over the.

Banks Still Losing Money on Foreclosures.. from Fitch Ratings, loss severities on. alternatives such as loan modifications and short sales and have sought to avoid the costly and onerous.

borrower can no longer afford the mortgage, either because of wage reductions or job loss or due to a rate reset on the mortgage, the servicing contract generally provides for some tools that the servicers can use; primary among them is a modification of the mortgage.

In fact, short sales on homes with subprime loans incur loss severities about 20 percent lower than loss severities incurred on REO sales, according to Fitch. For now, Fitch does not expect any declines in loss severities, but moving forward, the agency expects lower loss severities on currently performing loans that fall delinquent.

The primary factor contributing to the decline in profitability in 2011 compared to 2010 was the relatively weak. hedging activities (2 ) (0.05 ) 8 0.22 18 0.42 Other non-interest (loss) income (3.

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Fitch Ratings report that banks are losing money on foreclosures despite rising home prices around the country. Banks that sell foreclosed homes are calculating higher losses due to longer liquidation timelines that are forcing them to invest more in servicing the property while it awaits sale.

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