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…
Less then a month after the announcement that the federal government was going to start an incentive program to encourage buyers and banks to sell houses at depressed values without foreclosures, David Streitfeld of The New York Times has the details — and they’re a little 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…
On the heels of our report detailing short-sale flipping and other kinds of mortgage fraud that are on the rise, the Federal Housing Administration plans to announce it will tighten lending standards to try to stem rising defaults.
The Washington Post reports Housing and Urban Development Secretary Shaun More…
With home prices continuing to fall and more foreclosures yet to come, it’s clear that tough times remain for a housing market recovery. And to add to the troubles, another threat to any rebound is emerging: mortgage fraud.
The risk of mortgage fraud in 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…
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