Redefaults a Problem, OCC’s Dugan Says

Last week, the Office of the Comptroller and the Office of Thrift Supervision released a report on mortgages that has been cited to show substantial redefaults on modifications. Unfortunately, it is hard to draw conclusions from the report for three key reasons. First, the report simply defines a modification as any change to the contract terms.

‘Hey, you there, modifying that loan! Don’t waste your time. You know it’s only going to redefault, right?’. While not the exact message delivered by Comptroller of the Currency John C. Dugan last week, this sentiment – that mod efforts are largely fruitless – seems to be what resonated most with the general public and mainstream media, if news reports are any indication.

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more reserve increases–and more problem banks. Based on Dugan’s promises, I have some concerns about the OCC. If Dugan does what he says he’s going to do, the OCC is about to embark on the same.

NEW YORK ( — It may seem obvious: Increasing how much troubled borrowers pay on their mortgage leads to redefaults. we see problems there, it affects a much wider swath of mortgages.

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Redefaults a Problem, OCC’s Dugan Says PHH Home Loans adds Steve Majerus as western regional executive Get to know phh mortgage services corporation ceo & other corporate executives. learn about the Board of Directors, Executive Committees and CEO compensation in this industry.As a result of his concern, Dugan has promised more scrutiny, more.

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You got 99 problems. but really, you only have one – the way you think. We hardly ever realize it, but all the problems in the world exist in the six inches between your ears. That is to say.