The foreclosure crisis is far from over. Rather, as this chart from Daniel Indiviglio at The Atlantic shows, it is in some ways just peaking. Last month, banks foreclosed on more homes than ever before. More than a million families are predicted to lose their homes this year.
Given that it is housing day in Washington, with a major conference on the future of housing finance at Treasury, it is worth taking a look at ProPublica’s latest report on the Home Affordable Modification Program, the Obama administration’s signature effort to help families remain in their homes by More…
Today, Edward Pinto, Fannie Mae’s chief credit officer from 1987 to 1989 and a prominent housing consultant, testified before the House Oversight Committee on the question of whether loan servicers are doing enough to prevent foreclosure and preserve homeownership. His bottom line: The Treasury Department’s Home Affordable Modification Program, More…
Today, the Department of Housing and Urban Development and the Treasury Department unveiled a new monthly scorecard on the administration’s efforts to stabilize the national housing market, taking the place of the old monthly More…
Tomorrow, the House Financial Services Committee, headed by Rep. Barney Frank (D-Mass.), starts a series of hearings on mortgage modification and the housing market. The schedule is as follows:
President Obama’s mortgage modification program, known as the Home Affordable Modification Program or HAMP, was supposed to be the fulfillment of Obama’s promise to take care of Main Street more than Wall Street. Yet, just over a year into his presidency, Wall Street is on the rise and Main Street More…
For an administration that once said that it would pay more attention to Main Street than Wall Street, the failure of the its signature initiative for Main Streeters — the mortgage modification program — should be a wake-up call that it’s far past time to pay attention to the problems More…
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…
Given that President Obama’s recently announced mortgage assistance program is only 2 percent of what he gave to banks for the mostly unsuccessful mortgage modification program, one might be forgiven for thinking that the housing market is on an upward trajectory. If JPMorgan Chase’s recent SEC More…
It is with great fanfare that President Obama will roll out his new plan to help keep struggling homeowners from going into foreclosure. His $1.5 billion program will provide block grants to states in which housing prices have dropped 20 percent from their all-time highs. Thus, More…
rss