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”…
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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…
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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…
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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…
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From Post-Tribune: Bank of America agreed to pay $335 million to resolve allegations that its Countrywide unit engaged in a widespread pattern of discrimination against qualified African-American and Hispanic borrowers on home loans. The settlement with the U.S. Justice Department was filed Wednesday with the Central District court of California…
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There is a new report by the GAO with regard to the costs of vacant properties inflicted by the national foreclosure crisis. From the GAO: According to Census Bureau data, nonseasonal vacant properties have increased 51 percent nationally from nearly 7 million in 2000 to 10 million in April 2010,…
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December 6, 2011 is a National Day of Action to stop and reverse foreclosures. In 2008, we discovered bankers and speculators had been gambling with our most valuable asset, our homes–betting against us and destroying trillions of dollars of our wealth. Now, because of the foreclosure crisis Wall Street banks…
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MFY filed the first amended class action complaint Friday in the class action lawsuit against Steven J. Baum, P.C. MFY added Steven Baum personally as a defendant and another claim under a different provision of the FDCPA. A copy of the complaint can be found here. (22)
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