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Loan Modifications

Mortgage Companies: Playing Loosely With the Rules of Foreclosure

Lisa Madigan | Posted 05.25.2011 | Chicago
Lisa Madigan

Ninety years ago, Kafka took aim at government. Today, he surely would find equal targets in Chase, Wells Fargo, GMAC and Bank of America.

A Visit To A Loan Modification Marathon

FDL News Desk | David Dayen | Posted 05.25.2011 | Business

I walked through the Los Angeles Convention Center on Saturday, past the marquee blaring the finals of the World Cyber Games, known as the Olympics of...

Shahien Nasiripour

Obama Homeowner Program Hits 10-Month Low As Prices Drop And Foreclosures Surge | Shahien Nasiripour | Posted 05.25.2011 | Business

The number of homeowners receiving permanent relief under the Obama administration's primary foreclosure-prevention initiative hit a 10-month low as h...

William Alden

Home Prices Could Drop For The Next Three Years | William Alden | Posted 05.25.2011 | Business

Thinking about buying a home? You might want to proceed cautiously. The housing market may continue to decline, potentially for at least three more ye...

Chicago Region HAMP Modifications Reach Lowest Level Since Data Was Reported

Dory Rand | Posted 05.25.2011 | Chicago
Dory Rand

HAMP's momentum appears to be slowing, as permanent modification growth slows and the number of trial modifications decreases more sharply.

Nearly 500,000 Have Abandoned Obama's Mortgage Aid Plan

AP | ALAN ZIBEL | Posted 05.25.2011 | Business

WASHINGTON — The Obama administration's flagship effort to help people in danger of losing their homes is falling flat. More than a third of th...

Are Loan Modifications Causing Foreclosures?

Richard Gaudreau | Posted 05.25.2011 | Business
Richard Gaudreau

Not only is HAMP helping far fewer homeowners than promised, there's evidence that HAMP may be leaving more homeowners worse off than if they never had entered the "loan mod" program in the first place.

Shahien Nasiripour

Famed Investor Bill Gross Calls For Massive Taxpayer-Backed Mortgage Refinance Initiative | Shahien Nasiripour | Posted 05.25.2011 | Business

The head of the world's biggest bond fund, bemoaning the slow economic recovery, reignited debate Tuesday by publicly supporting a massive new refinan...

Serving Your Country? Bank of America Wants Your House...At Any Cost.

Richard Zombeck | Posted 05.25.2011 | Business
Richard Zombeck

The HAMP program has done little more than give mortgage servicers an incentive and in some people' s eyes the encouragement by Treasury to suck what little money homeowners have left before throwing them out of their homes.

Shahien Nasiripour

EXTEND AND PRETEND: The Obama Administration's Failed Foreclosure Program | Shahien Nasiripour | Posted 05.25.2011 | Business

President Barack Obama's signature plan to combat the housing crisis has fallen short of its goals -- rather than significantly and permanently reduci...

Shahien Nasiripour

HAMP Report Revised After Analysts Question New Metric | Shahien Nasiripour | Posted 05.25.2011 | Business

This story was updated at 8:00 p.m. ET to include two comments from a Treasury Department official. The Obama administration has revised its latest m...

Homeowners Facing Foreclosure Find Advocate In NACA's Save-A-Thon

Posted 05.25.2011 | Impact

According to foreclosure-tracking firm RealtyTrac, one out of 411 housing units in the U.S. received a foreclosure filing last month. To save their ho...

Shahien Nasiripour

Sputtering Obama Foreclosure Program May Threaten Recovery | Shahien Nasiripour | Posted 05.25.2011 | Business

The number of new homeowners entering the Obama administration's signature foreclosure-prevention effort dropped 35 percent to a one-year low in June,...

Shahien Nasiripour

Average Homeowner In Obama Foreclosure Program Deeply Underwater, Drawing Calls From GOP To Cut Off Help | Shahien Nasiripour | Posted 05.25.2011 | Business

The average beneficiary of the Obama administration's flagship homeowner-assistance program owes their mortgage lender more than $1.50 for every dolla...

Shahien Nasiripour

Potentially 'Thousands' Of Homeowners Improperly Denied Obama Mortgage Modifications, Administration Admits | Shahien Nasiripour | Posted 06.29.2010 | Business

This report was updated at 10 a.m. ET on Wednesday, June 30, to include additional information on HAMP. Potentially "thousands" of troubled homeowner...

Shahien Nasiripour

Taxpayer-Owned Fannie Mae Attacks Struggling Homeowners | Shahien Nasiripour | Posted 06.23.2010 | Business

Taxpayer-owned mortgage giant Fannie Mae is targeting families by going after struggling homeowners who strategically default on their mortgage, the f...

Shahien Nasiripour

Less Than One Percent Of Modified Mortgages In Obama Foreclosure Plan Involve Principal Cuts | Shahien Nasiripour | Posted 05.25.2011 | Business

This story was updated at 6:10 p.m. ET. As few as 0.1 percent of mortgage modifications initiated under the Obama administration's signature foreclos...

Shahien Nasiripour

Bailout Watchdog Criticizes Geithner Over Obama Housing Plan | Shahien Nasiripour | Posted 05.25.2011 | Business

The panel created to keep tabs on the federal bailout grilled Treasury Secretary Timothy Geithner on Tuesday over the lackluster performance of the ad...

Shahien Nasiripour

Five Times As Many Homeowners Bounced From Obama Plan To Slow Foreclosures As Granted New Relief | Shahien Nasiripour | Posted 05.25.2011 | Business

More than five times as many homeowners were kicked out of the Obama administration's primary foreclosure-prevention program last month than were gran...

Shahien Nasiripour

JPMorgan Chase, Citing Sanctity Of Contracts, Argues Against Mortgage Modifications | Shahien Nasiripour | Posted 05.25.2011 | Business

With millions of homeowners losing their homes to foreclosure during this recession, megabank JPMorgan Chase plans to argue against the Obama administ...

Saxon Mortgage, Subsidiary Of Morgan Stanley, Has Biggest Loan Mod Logjam

ProPublica | Paul Kiel | Posted 05.25.2011 | Business

Last week, the government released data [1] showing that there's a big problem at Saxon Mortgage, a subsidiary of Morgan Stanley. Of all the mortgage ...

Shahien Nasiripour

Obama Foreclosure Plan Makes It Harder For Banks To Reduce Principal For Underwater Homeowners | Shahien Nasiripour | Posted 05.25.2011 | Business

The Obama administration's plan to help struggling homeowners has had the unintended consequence of making it harder for them to get the most effectiv...

Bank Of America To Start Reducing Principal On 'Underwater' Mortgages

AP | IEVA M. AUGSTUMS | Posted 05.25.2011 | Business

CHARLOTTE, N.C. — Bank of America Corp. is giving some of its most troubled mortgage borrowers relief from the threat of foreclosure. The bank,...

Shahien Nasiripour

HAMP Update: Twice As Many Homeowners Kicked Out Of Obama Foreclosure Program As Given Permanent Relief, New Data Show | Shahien Nasiripour | Posted 05.25.2011 | Business

More than twice as many homeowners were kicked out of the Obama administration's signature foreclosure-prevention program last month as were granted p...

Shahien Nasiripour

JPMorgan Chase Warns Investors About Underwater Homeowners Walking Away | Shahien Nasiripour | Posted 05.25.2011 | Business

The nation's second-biggest bank is warning investors that underwater homeowners may walk away from their mortgages. In a Monday filing with the Secu...