From DSNews: Obama’s proposal calls for early intervention by servicers to contact every homeowner who has demonstrated hardship or fallen behind on their payments, and provide them with a comprehensive set of options to avoid foreclosure. The president’s directive states that every distressed homeowner must be given “a reasonable time”…
Read More »
From The Nation: President Obama detailed his administration’s new housing plan in Virginia today, a little over a week after announcing it in his State of the Union address. The crux of the plan is providing help to underwater homeowners—which, in turn, could also boost the economy. The plan works…
Read More »
From Chicago Tribune: The Obama administration on Friday announced it would significantly broaden the pool of consumers eligible for mortgage modifications by opening its program to owners of rental properties and homeowners burdened by medical and credit card bills and second mortgages. Under an expansion of the Home Affordable Modification…
Read More »
From ABC News: A new federal and state task force was created [yesterday] to investigate mortgage fraud that contributed to the 2008 financial crisis, and the panel immediately subpoenaed 11 financial institutions. Attorney General Eric Holder said the new unit would consist of 55 Justice Department lawyers and analysts and…
Read More »
From USA Today: Foreclosure sales are moving so slowly in half the states that at the current pace, it will take more than eight years on average to clear the 2.1 million homes in foreclosure or with seriously delinquent mortgages, new research shows. That’s about twice as long as a…
Read More »
From Reuters: The Federal Housing Finance Agency said it was scrapping a cap that prohibited borrowers whose mortgages exceeded 125 percent of their property’s value from refinancing loans backed by Fannie Mae and Freddie Mac under the government’s Home Affordable Refinance Program (HARP). It also took steps to coax homeowners…
Read More »
