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Loan Modifications

HAMP's Second Lien Modification Saves Fewer Than 50% of Second Mortgages

Anna Cuevas | Posted 03.19.2012 | Business
Anna Cuevas

Through the 2MP initiative, services of second mortgages have the option to modify the lien or to extinguish it -- which is an admission that the mortgagor is not likely to be repaid for the second mortgage, and they clear their interest in the property by filing a lien waiver.

A Mortgage Horror Story

Ann Brenoff | Posted 03.18.2012 | Fifty
Ann Brenoff

Temporary relief for a temporary situation; isn't that precisely what the loan modification is suppose to address?

Freddie Mac Offers Extension to Unemployed Homeowners

Anna Cuevas | Posted 03.12.2012 | Business
Anna Cuevas

One of the government's largest lenders, Freddie Mac, has announced that they're allowing their unemployed borrowers to extend the amount of time that their payments can be suspended or reduced.

Loren Berlin

80 Percent of 'Eligible' Homeowners Can't Be Helped By Federal Program | Loren Berlin | Posted 01.10.2012 | Business

Less than 20 percent of homeowners who theoretically qualify for a government mortgage modification are actually eligible, according to data released ...

Is Your HAMP Loan Modification Process Leaving You Feeling Like You're in a Scene from Twilight

Anna Cuevas | Posted 03.07.2012 | Business
Anna Cuevas

Has the long, complicated HAMP loan modification process left you in the dark, confused or, even worse, without a clue about what's going on and what's expected of you? If so, you're not alone.

Loan Modification Process 'Adding Uncertainty To The Market,' Delaying Recovery

Posted 12.18.2011 | Business

WASHINGTON (Reuters) - Shirley Burnell, a community activist from Oakland, California, has been trying to get her subprime loan restructured since 200...

Loren Berlin

California Arrests Two For Scamming Distressed Homeowners | Loren Berlin | Posted 12.07.2011 | Business

Two owners of a Southern California-based loan modification company were arrested Tuesday on charges that they scammed thousands of distressed homeown...

It Takes a Village to Stop the Foreclosure Crisis and Save Homes

Anna Cuevas | Posted 01.13.2012 | Business
Anna Cuevas

The foreclosure crisis isn't an isolated problem faced only by those who lose their homes. It's a national problem, and one that impacts every man, woman, and child--even those who aren't in danger of losing their home.

Arthur Delaney

Foreclosed Homeowners Could Receive Checks Under Big Bank Settlement | Arthur Delaney | Posted 01.11.2012 | Business

Foreclosed borrowers abused by their lenders won't get their homes back, but they could get a little cash from a settlement under negotiation between ...

White House Foreclosure Prevention Program Had Minimal Oversight: Report

Posted 12.04.2011 | Business

By Paul Kiel, ProPublicaWhy has the administration’s flagship foreclosure prevention program been so ineffective in helping struggling homeowners ge...

Robo-Signing Investigations, Settlement Important, But Require Care

Dory Rand | Posted 11.07.2011 | Chicago
Dory Rand

Widespread reckless practices, not just related to the robo-signing scandal, caused the ongoing financial and foreclosure crisis, and these practices deserve careful consideration. There should be further, close investigations on this front.

Obama's Job Creation Failure: He Did Not Fix Housing

Peter S. Goodman | Posted 11.02.2011 | Business
Peter S. Goodman

In the conventional wisdom, there is nothing President Obama can do to put Americans back to work in large numbers. He is a president supposedly held ...

Bailout Dollars Meant For Struggling Homeowners May Pay Down Deficit Instead

Posted 10.25.2011 | Business

By Lois Beckett, ProPublica With housing prices dropping sharply, and foreclosure filings against more than 1 million properties in the first h...

Right to Rent: Will the Obama Administration Finally Fix Housing?

Dean Baker | Posted 08.27.2011 | Business
Dean Baker

It would take a law passed by Congress to create a right to rent for the people losing their home to foreclosure. However, President Obama could unilaterally act to require Fannie and Freddie to go this route.

Zach Carter

Single Point Of Contact: Why Won't Banks Pay More Attention To Homeowners? | Zach Carter | Posted 08.23.2011 | Business

WASHINGTON -- Tim Collette's son Aaron will get back from Iraq on August 19. On August 9, his bank, JPMorgan Chase, is taking his house in Bend, Ore. ...

Fannie, Freddie Completing Fewer Mortgage Modifications

Posted 08.07.2011 | Business

WASHINGTON - The number of loan modifications and mortgage repayment plans completed by Fannie Mae and Freddie Mac declined in the first quarter of 20...

Shahien Nasiripour

Government May Force Big Banks To Reduce Loan Balances For Distressed Homeowners | Shahien Nasiripour | Posted 07.10.2011 | Business

The nation's five largest mortgage firms may be forced to reduce loan balances for distressed homeowners as part of an agreement with state attorneys ...

On Principal Writedowns and Moral Hazard: Do We Want to Put Out the Fire or Not?

Dory Rand | Posted 06.19.2011 | Business
Dory Rand

We don't condemn bed-smokers to suffer the consequences of their risky behavior because the fire can spread. If we want to stop the spread of strategic defaults, principal writedowns are the most effective option.

Laura Bassett

Largest Village In New York Closes Chase Account To Protest Foreclosures | Laura Bassett | Posted 06.05.2011 | Business

The Village of Hempstead, a relatively low-income, minority-heavy municipality on Long Island, pulled its money out of JP Morgan Chase bank on Tuesday...

Arthur Delaney

When Banks Won't Help Homeowners, Scammers Help Themselves | Arthur Delaney | Posted 05.25.2011 | Business

Clarification appended When Mohammed Shukran took some time off from driving his cab to care for two ailing family members in 2009, he began worryi...

Note to Attorneys General: There's Room for Improvement on Foreclosure Fixes

Janis Bowdler | Posted 05.25.2011 | Business
Janis Bowdler

In December 2008, the Perez family began the process of seeking a loan modification for their Los Angeles home.

HAMP Continues Sluggish Pace, But We Need to Fix It, Not Nix It

Dory Rand | Posted 05.25.2011 | Chicago
Dory Rand

Pulling out support to distressed homeowners at this juncture would be disastrous for neighborhoods trying to recover from the foreclosure crisis.

Laura Bassett

WATCH: Councilman Storms Chase Bank | Laura Bassett | Posted 05.25.2011 | Business

Washington-- Flanked by a crowd of fellow protesters, New York City Councilman Jumaane Williams marched into a Park Avenue Chase bank Wednesday mornin...

Multibillion-Dollar Settlement Of Mortgage Cases In The Works

Posted 05.25.2011 | Business

NEW YORK (By Jonathan Stempel) - The Obama administration is trying to push a settlement that could force the largest U.S. banks to pay for reductions...

How to Avoid Home Loan Modification Scams

Hilary Kramer | Posted 05.25.2011 | Business
Hilary Kramer

In obtaining a mortgage, a homeowner pays in the form of points. Sadly, homeowners seeking modifications have been paying upfront fees to scammers and agencies that are preying on their desperation.