Vermont still better than most, but 7 million distressed mortgages drag on US

first_imgThe Mortgage Monitor report released by Lender Processing Services, Inc. (NYSE: LPS), a leading provider of mortgage performance data and analytics, indicates that signs of stabilization in the nation’s home loan delinquency and foreclosure rates remain largely neutralized by the more than 7 million loans in distress.According to the Mortgage Monitor report, the number of loans 90 or more days delinquent (including pre-sale foreclosure) declined 112,184 from 4,186,627 to 4,074,443 between March and April, with the total number of non-current U.S. loans plus REO (Real Estate Owned by banks, etc) just over 7.3 million (extrapolated to represent total mortgage market).Conversely, deterioration ratios remain high, with two loans rolling to a “worse” status for every one loan that has improved and the overall volume of loans moving from delinquent to current status declined to a three-month low supported primarily by “artificial cures” associated with HAMP modifications. In addition, newly delinquent loans (current at year-end and 60 or more days delinquent as of April) have declined from the 2009 levels but still remain extremely high from a historical perspective, particularly within prime product.Other key results from LPS’ latest Mortgage Monitor report include:Total U.S. loan delinquency rate: 8.99 percentTotal U.S. foreclosure inventory rate: 3.18 percentTotal U.S. non-current* loan rate: 12.17 percentStates with most non-current* loans:Florida, Nevada, Mississippi, Arizona, Georgia, California, Illinois, New Jersey, Michigan and Rhode IslandStates with the fewest non-current* loans:North Dakota, South Dakota, Wyoming, Alaska, Montana, Nebraska, Vermont, Colorado, Iowa and Minnesota*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.Note: Totals based on LPS Applied Analytics’ loan-level database of mortgage assets.LPS manages the nation’s leading repository of loan-level residential mortgage data and performance information from nearly 40 million loans across the spectrum of credit products. The company’s research experts carefully analyze this data to produce dozens of charts and graphs that reflect trend and point-in-time observations for LPS’ monthly Mortgage Monitor Report.To review the full report, listen to a presentation of the report or access an executive summary, visit http://www.lpsvcs.com/NEWSROOM/INDUSTRYDATA/Pages/default.aspx(link is external).About Lender Processing ServicesLender Processing Services, Inc. (LPS) is a leading provider of integrated technology and services to the mortgage and real estate industries. LPS offers solutions that span the mortgage continuum, including lead generation, origination, servicing, workflow automation (Desktop), portfolio retention and default, augmented by the company’s award-winning customer support and professional services. Approximately 50 percent of all U.S. mortgages by dollar volume are serviced using LPS’ Mortgage Servicing Package (MSP). LPS also offers proprietary mortgage and real estate data and analytics for the mortgage and capital markets industries. For more information about LPS, visit www.lpsvcs.com(link is external).SOURCE Lender Processing Services, Inc. JACKSONVILLE, Fla., June 1, 2010 /PRNewswire-FirstCall/last_img read more

New autopsies reveal US coronavirus spread began in January

first_imgTwo people who died in California in early and mid February have been confirmed through autopsies as coronavirus cases — weeks before the first reported COVID-19 fatality in the United States.The deaths, on February 6 and February 17, push back the timeline for the entry of the virus on US soil, experts said.Given what we know about how long it takes for the virus to kill people, the disease began to spread in the US sometime between early and mid January. Sara Cody, the public health officer of Santa Clara County where the new autopsies were performed, told The Washington Post it was not yet known how the two people were infected, with officials unaware of any history of overseas travel. This further reinforces that the virus was already circulating in the community at a time that the Centers for Disease Control and Prevention (CDC) was continually assuring the public that the threat posed by COVID-19 was “low.” Topics : Limited testingAnother person who died in Santa Clara County on March 6 also had the disease caused by the coronavirus, the medical examiner-coroner said in a statement.”These three individuals died at home during a time when very limited testing was available only through the CDC,” the coroner said.”Testing criteria set by the CDC at the time restricted testing to only individuals with a known travel history and who sought medical care for specific symptoms.”The coroner said they expected to identify more coronavirus-related fatalities in Santa Clara.A study this week led by Bhattacharya at Stanford indicated that the novel coronavirus was likely far more widespread than official figures suggest.Blood samples taken from 3,300 volunteers in Santa Clara County showed the true number of COVID-19 cases was at least 50 times higher than the number of confirmed infections in the county.Santa Clara was among the first areas in the US to tell residents to stay at home to contain the spread of the virus, ordering a shutdown from March 17.On the other side of the country, researchers determined that the virus was spreading in New York City in February, and the predominant strain came from Europe.This finding tied in with a spate of mysterious pneumonia cases that the city’s physicians were treating before large scale testing began.Viruses mutate over time and there are enough genetic changes for scientists to trace back their ancestry, much like a person’s DNA can be traced back to their parents and grandparents.California officials expect to find other old cases of COVID-19. Santa Clara County official Jeff Smith said recently that the virus may have arrived on US shores as early as December — days after China first identified the pathogen. And the fact that it took astute health officials to carry out post mortem examinations on these selected cases in turn means that the overall death toll of 45,000 is likely well below the real number.”Models of epidemic spread in the US will have to be adjusted to account for an earlier start date,” Jay Bhattacharya, a professor of medicine at Stanford University told AFP.”This in turn should mean that the models will predict a larger number of current cases in the US now than they are currently predicting. How large an effect this will have on epidemic forecasting remains to be seenThe earliest death attributed to the coronavirus was previously thought to be on February 26 in Washington state — a man in his 30s who returned from the disease’s epicenter in Wuhan and reported himself to authorities after experiencing symptoms.last_img read more

CLUB LEGEND: John Terry extends Chelsea contract

first_imgChelsea captain John Terry has extended his contract until the end of the 2015/16 campaign.The 34-year-old’s existing deal was set to expire at the end of this season, with his new contract in line with Chelsea’s policy of offering players over the age of 30 only one-year deals.Terry has been in outstanding form this season as Chelsea have established a six-point lead in the Premier League and clinched the League Cup.“This new contract is not to say ‘thank you very much’; it is because John continues to perform,” Chelsea manager Jose Mourinho told the club’s official website. “He is a top defender. I am happy that he completely deserves this new contract after a season where he has already played 40 matches.”The Portuguese boss had previously stated his intention to keep Terry on for another season after the League Cup triumph in March. Terry added: “I’m delighted to have signed an extension to my contract with Chelsea. “After adding another major trophy to my collection this month I hope myself, the players and manager can continue to bring success to our club. “Playing for this great club makes me so proud. And as always I would like to thank the fans who have continually supported me.”Terry joined Chelsea as a schoolboy in 1995 and has made 661 appearances, the third highest for the Londoners behind Ron Harris (795) and Peter Bonetti (729). Not only has he been an imposing presence at the back, he has also been a constant threat at set pieces in opposition penalty areas.One-club-man Terry has a remarkable goal record for a defender, having netted 63 times for Chelsea.JOY SPORTS OPINIONWhatever your opinion of John Terry the man, you can’t deny that John Terry the player is worthy of another year at Stamford Bridge.The Chelsea defence – particularly since the return of Mourinho – looks far more stable with the former England captain as its leader. Given he has never possessed lightning pace, instead relying on positional awareness and an expert reading of the game, it would not be hugely surprising if we’re talking about another contract renewal this time next season. He continues to chip in a healthy amount of goals and is almost certain to lift more trophies as captain.His focus can now fully shift to helping Chelsea win the Premier League before having another crack of winning the Champions League in 2015/16 – hopefully avoiding suspension to take part in the final next time around.Additional info: Associated Press–Follow Gary on Twitter: @garyalsmithlast_img read more