An ambitious plan to update the Carter-era Community Reinvestment Act that supporters hope to see signed into law in 2010 comes amid charges that this legislation was responsible for nothing less than the subprime crisis and the resulting collapse of the residential real estate market.
The plan, sponsored by 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…
As Mike pointed out today, the slow pace of loan modification progress has prompted some lawmakers to once again call for mortgage cramdown legislation that would allow bankruptcy judges to modify loans and keep borrowers in their homes.
But the Obama administration is signaling clearly that while it may More…
As bank-owned foreclosed properties pile up across the country, from abandoned houses in hard-hit neighborhoods to empty big box retail stores in failed strip malls, the fight over holding someone responsible for the brick and mortar mess left behind by the mortgage crisis continues More…
Because servicers in the lending industry can make more money collecting delinquency fees on mortgages than by modifying loans, guess which road they are taking? The New York Times says today that the longer borrowers remain behind on their payments, the more money servicers collect, even after the home More…
Six thousand American families are due to lose their homes in foreclosure today.
Many more American families are going to be grist for the foreclosure machine unless Congress acts to help them. But, as of today, it appears that any bailout of the financial institutions that are now More…
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