President Obama today unveiled his administration’s fourth attempt to stave off the worst effects of the mortgage and housing crisis, the latest in a series of efforts that started with the Home Affordable Modification Program and now includes special assistance for the hardest-hit states and incentives for banks More…
The Comptroller of the Currency’s new report on the mortgage market in the fourth quarter of 2009 also sheds light on some of the problems reported by borrowers accepting all temporary and permanent HAMP modifications (including ones in HAMP) — problems which, left unchecked, will likely More…
While economists insist the worst of the economic crisis us behind us (unless you’re in Greece) and the administration celebrated the success of the year-old stimulus package yesterday, many Americans aren’t reaping the benefits of the recovery they keep hearing has arrived. Today’s news shows that — yet again 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…
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…
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