The Washington Independent

Posts Tagged Making Home Affordable

Servicers, White House Point Fingers as Foreclosure Plan Fails

By | 01.04.10 | 6:00 am

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…

White House Loan Modification Plan Falls Flat

By | 12.10.09 | 1:54 pm

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…

Here’s Why Loan Mods Don’t Work: Borrowers End Up With Higher Payments

By | 09.16.09 | 8:58 am

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…

Financial Services Industry Wastes No Time Fighting Cramdown

By | 09.11.09 | 9:18 am

This should come as no surprise: Even the mere mention of the possibility of bringing back cramdown legislation prompted the Mortgage Bankers Association to spring into action. Here’s the group’s rapid response to comments this week from several powerful Democrats, who who threatened to renew efforts to allow More…

Banks Contradict Themselves on Why Loan Modifications Aren’t Working

By | 09.01.09 | 9:12 am

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…

The Progress on Loan Modifications Isn’t Quite What It Seems

By | 08.05.09 | 9:29 am

The Treasury Department’s report on the progress — or lack of it — among servicers doing loan modifications makes it seem like the Obama administration is keeping a close eye on its Making Home Affordable Program. But Felix Salmon at Reuters takes a second look at Treasury report, More…

Loan Servicers Work the Fine Print in Obama Foreclosure Plan

By | 07.30.09 | 6:00 am

Even as the Obama administration presses the lending industry to get more mortgage loans modified, the practice of forcing borrowers to sign away their legal rights in order to get their loans reworked is a tactic that some servicers just won’t give up on.

Waivers requiring borrowers to More…