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Making Home Affordable

Deck Stacked Against Homeowners

Richard Zombeck | Posted 05.25.2011 | Business
Richard Zombeck

My wife and I have been involved in negotiations with our loan servicer for over a year now. It seems that the deck, as Arianna points out, is most certainly stacked against us

Loan Modifications: Half Of All Who Get Help End Up Falling Behind

AP | Alan Zibel | Posted 05.25.2011 | Business

WASHINGTON - Lenders are ramping up efforts to avoid home foreclosures, but a report by bank regulators says more than half of borrowers who get help ...

Loan Modifications: Half Of All Homeowners Who Help End Up Redefaulting

AP | ALAN ZIBEL | Posted 05.25.2011 | Home

WASHINGTON — Lenders are ramping up efforts to avoid home foreclosures, but a report by bank regulators says more than half of borrowers who get help fall behind again.

More than 50 percent of homeowners with loans modified in the first half of last year had missed at least two months of payments a year later, the federal Office of the Comptroller of the Currency and the Office of Thrift Supervision said Wednesday.

But the results were better among those who saw their payments drop substantially.

About one in three borrowers whose monthly payments were reduced by 20 percent or more had fallen behind again within a year. That compares with more than 60 percent for borrowers whose loan payments were left unchanged or increased.

The report by highlights a significant challenge for the Obama administration's plan to tackle the foreclosure crisis, backed by $50 billion in money from the financial industry bailout fund.

Mortgage Modifications Are Increasing Payments, Fees For Some Homeowners

usatoday.com | Stephanie Armour | Posted 05.25.2011 | Business

Tens of thousands of financially strapped homeowners who have asked lenders to lower their mortgage payments are instead winding up with higher monthl...

Arthur Delaney

Making Home Affordable: 12 Percent Of Eligible Borrowers Helped So Far

HuffingtonPost.com | Arthur Delaney | Posted 05.25.2011 | Business

Twelve percent of distressed homeowners eligible for mortgage modifications under the Obama administration's signature effort to reduce foreclosures h...

Arthur Delaney

Eligible For Help Under Obama Plan But Still Facing Foreclosure

HuffingtonPost.com | Arthur Delaney | Posted 05.25.2011 | Business

Donna Whitaker applied for a mortgage modification on April Fools' Day. The joke was on her: Her bank, JPMorgan Chase, lost her paperwork and then den...

Making Home Affordable Program Hasn't Helped Enough, Some Say

CNN | Jessica Yellin CNN National Political Correspondent | Posted 05.25.2011 | Business

(CNN) -- When President Obama unveiled the Making Home Affordable Program in March, he said it would help "responsible folks who have been making thei...

Shahien Nasiripour

Subprime Culprits Are Modifying Loans With Taxpayer Money: Center For Public Integrity

HuffingtonPost.com | Shahien Nasiripour | Posted 05.25.2011 | Business

Many of the lenders who helped fuel the subprime mortgage boom are now receiving billions in taxpayer money to modify those same loans, according to a...

While Debt Mounts, Couple Chases BofA Loan Modification

ProPublica | Alexandra Andrews | Posted 05.25.2011 | Business

Bank of America is the biggest mortgage servicer in the business. And judging by Treasury Department data, its customers searching for loan modificati...

About 60,000 Homeowners Have Refinanced Under Obama's Plan

washingtonpost.com | Renae Merle | Posted 05.25.2011 | Business

A government program that allows borrowers with little or no equity in their home to refinance has helped about 60,000 homeowners so far, according to...

Making Home Affordable: The Waiting Game

HuffPost's Eyes & Ears | Margo Irvin | Posted 05.25.2011 | Business

Last week, the US Treasury reported that only 9% of eligible homeowners had been helped by the Obama Administration's Making Home Affordable program. ...

Banks Still Cheating People Out of Their Homes

Mike Elk | Posted 05.25.2011 | Business
Mike Elk

We can't allow Wall Street to go on cheating people out of the most important possession of their lives -- their home.

Only 15 Percent Of Eligible Have Been Offered Mortgage Help

AP | ALAN ZIBEL | Posted 05.25.2011 | Business

WASHINGTON — The government's $50 billion program to ease the mortgage crisis is helping only a tiny fraction of struggling homeowners, and a li...

Foreclosures Bring Big Fees For Mortgage Servicers

nytimes.com | PETER S. GOODMAN | Posted 05.25.2011 | Business

This week, the Obama administration summoned mortgage company executives to Washington to demand they move faster to lower payments for homeowners sli...

Foreclosures Often More Profitable For Lenders

washingtonpost.com | Renae Merle | Posted 05.25.2011 | Business

Government initiatives to stem the country's mounting foreclosures are hampered because banks and other lenders in many cases have more financial ince...

Subprime Lenders Are Modifying Home Loans For Government

nytimes.com | PETER S. GOODMAN | Posted 05.25.2011 | Business

LOS ANGELES -- From the ninth floor of a downtown office building on Wilshire Boulevard, Jack Soussana delivered staggering numbers of mortgages to ho...

How To Prepare For Your Loan Modification

AP | ADRIAN SAINZ | Posted 05.25.2011 | Business

Homeowners worried about missing mortgage payments and entering foreclosure may have another option: a loan modification. Despite some signs of stabi...

Lenders Avoiding Mortgage Modifications: Boston Fed

The Boston Globe | Posted 05.25.2011 | Business

Mortgage lenders don't try to rework most home loans held by borrowers facing foreclosure because it would probably mean losing money, a study release...

Philadelphia's Foreclosure Prevention Program Is Mandatory For Banks -- Unlike Obama's Making Home Affordable

Huffington Post | Margo Irvin | Posted 05.25.2011 | Business

Reuters reports today that the Mortgage Foreclosure Diversion Pilot Program in Philadelphia has saved almost 60 percent of participants from foreclosu...

Obama's Bailout For Homeowners Making Shaky Progress: One Homeowner's Story

The Huffington Post | Margo Irvin | Posted 05.25.2011 | Business

"I can't say if the Making Home Affordable plan is 'working' per se, but it isn't a total failure so far," one homeowner says.

Homeowners Seeking "Making Home Affordable" Loan Modifications Frustrated By Inefficiency

Huffington Post | Margo Irvin | Posted 05.25.2011 | Home

Lost paperwork, miscommunications and delays are some of the difficulties homeowners face in the loan modification process.

Dispatches From The Displaced

Huffington Post | Posted 05.25.2011 | Home

Dispatches from the Displaced is a HuffPost Eyes&Ears series on the real-life effects of the housing crisis. We're collecting stories from HuffPost re...

Obama's Homeowners' Bailout: Is It Really Making Home Affordable?

Huffington Post | Margo Irvin | Posted 05.25.2011 | Business

The $75 billion "homeowners' bailout" may only delay the inevitable for many who currently face foreclosure.

Obama's Homeowners' Bailout: Is It Working?

Posted 05.25.2011 | Business

In our series, Dispatches from the Displaced, HuffPost's Eyes & Ears has highlighted the stories of Americans who are facing foreclosure or who have a...

Arthur Delaney

Short Sales: Treasury Announces New Programs For Distressed Homeowners

HuffingtonPost.com | Arthur Delaney | Posted 05.25.2011 | Business

The Treasury Department on Thursday announced two new programs to help distressed homeowners avoid foreclosure. One program will provide incentives fo...