Ever wonder why loan modifications haven’t become the silver bullet that would solve the foreclosure crisis? Via Patrick.net, USA Today explains in simple terms a phenomenon TWI also has noted, when it comes to loan mods: Borrowers who can’t afford their mortgages and go looking for relief More…
Just when you thought it was a tough time to be a banker comes this heartwarming tale of a bank executive effectively squatting in a $12 million Malibu foreclosure. From The Associated Press:
A Wells Fargo executive who oversees foreclosed properties hosted parties and spent long summer weekends
Here’s a fascinating exchange between Rep. Maxine Waters (D-Calif.), chairman of the House Financial Services subpanel on housing, and Mary Coffin, executive vice president of Wells Fargo‘s mortgage servicing division, during yesterday’s hearing to examine how effectively the administration’s voluntary mortgage modification program is preventing foreclosures. (More…
The White House program designed to prevent foreclosures by paying banks to alter loans voluntarily isn’t doing nearly enough to keep struggling borrowers in their homes, several powerful Democrats charged Wednesday. Rep. Barney Frank (D-Mass.), who chairs the House Financial Services Committee, and Richard Durbin (Ill.), the Senate’s No. 2 More…
Earlier today, the Treasury Department revealed that the administration’s anti-foreclosure program — which encourages banks to alter mortgages voluntarily — has enrolled roughly 360,000 struggling homeowners in trial modifications.
Sen. Richard Durbin (D-Ill.) is hardly impressed.
The upper-chamber’s second-ranking Democrat issued a statement just hours later More…
Just a year ago, the theory that poor and minority borrowers were to blame for the housing crisis took hold with a vengeance, and so did the belief that the government forced lenders to make subprime mortgages to meet affordable housing goals. The view took on greater More…
CNN examines the stalled efforts to rework troubled mortgages, noting that only 6 percent of 4 million eligible homeowners have been helped so far under the Obama administration’s Making Home Affordable program. The piece notes that banks say they are trying to do loan modifications, but need more time More…
Despite the recent good news that U.S. home prices rose 2.9 percent in the second quarter of 2009, it’s too early to call a turnaround for the battered housing sector. Although this modest increase in the S&P/Case-Shiller national home index is the first uptick since 2006, the number of homes More…
As expected, President Obama reappointed Federal Reserve Chairman Ben Bernanke to another term today today, noting in remarks delivered in Martha’s Vineyard that Bernanke led the nation, and the world, through one of the worst fiscal crises it has ever faced, Bloomberg reports.
“As an expert on the causes
The percentage of homeowners either in foreclosure or late on a mortgage payment topped 13 percent nationwide in the second quarter of 2009, the Mortgage Bankers Association reported today. The figure is the highest since the MBA began keeping records 37 years ago.
And the trouble is expected More…
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