Reports that only 25 percent of eligible homeowners have applied for inclusion in President Obama’s $75 billion mortgage modification program and only 5 percent have received permanent relief have left the Administration struggling for new ways to assist homeowners fighting foreclosure. Its latest idea is stunning More…
The media might be turning their attention to the looming crisis in commercial real estate, but some on Capitol Hill still doubt that the White House is doing enough to curtail residential foreclosures.
With that in mind, the House Oversight Committee’s Domestic Policy subpanel will hold a hearing More…
With Obama’s much-vaunted mortgage modification program all but deemed a failure — one million applications have resulted in 31,000 modifications in the $75 billion program — the administration is set to embark on a new phase in its project to resolve the ongoing mortgage crisis. That phase involves More…
Only a year ago, hopes were high that a big push by the government to stop foreclosures would be a great success, living up to its billing as “Help for America’s Homeowners.”
Last January started out with a foreclosure moratorium, allowing time for the More…
It was last December when Julio Angulo ignored the bitter cold and sat on a rusted patio chair in the front yard of his foreclosed home in suburban Manassas, Va. He sighed, resting his hand on his knee. He stared despondently at the sky. His lender had foreclosed on his More…
The payday lending industry, stung by losses in states that either refused to authorize their high-rate, short-term loans or moved to limit finance charges, isn’t giving up without a fight.
Payday lenders are out in full force in Wisconsin, where a legislative battle is underway over efforts More…
This should get interesting: some Republicans are calling for further investigations into the Countrywide VIP mortgage scandal, The Wall Street Journal reports. As you might recall, a Senate Ethics Committee probe last month cleared Sens. Christopher Dodd (D-Conn.)., and Kent Conrad (D-N.D.) regarding discounts on mortgages they received from More…
The watering down of the proposal for a new consumer financial protection agency continues, with the latest victim the end of vanilla option. Treasury Secretary Timothy Geithner announced at a hearing of the House Financial Services Committee this week that the option was being dropped. Via Felix More…
Now that commentator and PBS talk show host Tavis Smiley has severed his ties to Wells Fargo & Co., what about the bank itself? As Smiley noted in his decision to cut business ties with Wells, the bank is facing several lawsuits charging that it engaged in illegal More…
Senate Majority Leader Harry Reid (D-Nev.) on Thursday put his weight behind the congressional push to extend by six months the $8,000 tax credit to first-time homebuyers. The current credit, passed as part of the $787 billion economic stimulus bill, expires Dec. 1.
Sens. John Ensign (R-Nev.) and Ben Cardin More…
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