Archive for April 2008
You are browsing the archives of 2008 April.
Countrywide Sells Home for $1
CNBC
Psst, looking for a cheap place to live? Just how cheap can you buy a home for in some of America’s biggest cities?
Check out Countrywide’s [CFC 5.798 0.018 (+0.31%) ] cnbc_quoteComponent_init_getData(”CFC”,”WSODQ_COMPONENT_CFC_ID0EUE15839609″,”WSODQ”,”true”,”ID0EUE15839609″,”off”,”false”); website of homes they have for sale: http://www.countrywide.com/purchase/f_reo.asp
On that site, you can find homes as low as:
–$1 [...]
Popularity: 1% [?]
Frank said he expects the Bush administration to threaten to veto two foreclosure assistance bills
Among the many golden nuggets he gave reporters this morning: Frank said he expects the Bush administration to threaten to veto two foreclosure assistance bills the House Financial Services Committee, which Frank chairs, is expected to send to the floor.
Frank said they’ve known for some time that the Bush administration would issue a veto threat [...]
Popularity: 1% [?]
House representatives argue that new Federal funds are needed to defend homeowners against foreclosure
Amen!
It finally looks like members of our congress finally realize that the Hope Line, AKA 995-Hope, operated by Neighborhood Works, is not a cure all for distressed homeowners.
In fact, many who call the Hope Line are in need of legal assistance. HUD trained counselors who operate these phone lines, do not have the legal savy or mortgage skills to [...]
Popularity: 1% [?]
FHA Commissioner Brian D. Montgomery - We must not federalize the housing market
Testifying before the Senate Finance Committee on April 9 Montgomery said, “We must not federalize the housing market. And we must not harm our economy through solutions that, however well-intentioned, further erode the foundation of the nation’s housing market, hurt homeowners who are meeting their mortgage obligations, or prolong the correction.”
There are two elements that [...]
Popularity: 1% [?]
Foreclosure Assistance Solutions Forced To Pay Back Homeowners
A defunct business accused of doing little or nothing for Washington homeowners after promising to rescue them from foreclosure has agreed to pay partial refunds.In a settlement with the state attorney general’s office, Foreclosure Assistance Solutions of Clearwater, Fla., did not admit any wrongdoing. A similar deal involving the same company was announced last month [...]
Popularity: 4% [?]
Beware the fine print in tax waiver law
The new law waives federal income tax on certain types of mortgage debt that might go away when a homeowner is foreclosed upon, sells the home for less than the outstanding debt (called a short sale), gives the lender a deed in lieu of foreclosure or gets a loan modification that reduces the outstanding balance.
Now [...]
Popularity: 1% [?]
Renters can’t escape housing foreclosure crisis
On a chilly night after work last November, Christopher and Jenell Chow relaxed, watching the evening news while their children scampered around their rented two-story stucco home. Someone knocked at the door.
An officer was standing on the doorstep, eviction papers in hand. That’s when the Chows learned that the North Las Vegas home they’d rented [...]
Popularity: 1% [?]
MTV Wants to Hear Your Story -I’m Losing My Home
“MTVemailed me and was wondering if any of my readers can help them with a story they are doing called, “I’m Losing My Home”. I want to endorse MTV and the Tru Life documentary series as one of the best and true shows that tells it like it is from the peoples perspective. The more stories that [...]
Popularity: 1% [?]
Foreclosure Prevention Efforts Falling Short of Need, Miller Says
Industry measures to keep homeowners out of foreclosure are barely keeping pace with the rising rate of homeowners in trouble, according to Iowa Attorney General Tom Miller and other state officials. “The number of borrowers in loss mitigation has increased,” Miller said, “but the gains have been matched by an increasing level of delinquent loans.”
The [...]
Popularity: 1% [?]
Lender & Servicer Loss Mitigation 2.0 - The Homeowner is Now in Control
Let’s face reality America. Almost every home in America is sitting in quicksand.
Slowly, but surely your home is sinking down, further and further and it looks like main street America is getting hip to the fact that lenders, servicers, Hope Now and our mighty government isn’t going to help them.
A new study, compiled by the [...]
Popularity: 1% [?]
The Fed’s Krozner Wants Loan Modifications Streamlined
Federal Reserve Board Governor Randall Kroszner said on Monday, ” With the continuing high rates of foreclosure and the high costs associated with foreclosures, it is in the interest of lenders, investors, and borrowers to develop prudent loan modification programs to help borrowers on a larger scale and at sustainable levels.
Efforts to streamline or standardize [...]
Popularity: 1% [?]
More homeowners mailing keys to lenders instead of payments
Instead of mailing in their monthly mortgage payment, a growing number of homeowners are sending lenders their keys.
As housing prices fall and rates on some mortgage loans rise, more homeowners are walking away from their homes, according to housing-market watchers.
These typically are people who can afford their mortgage but don’t want to pay on a [...]
Popularity: 1% [?]
FHA to Handle Foreclosure Crisis
It looks like the brunt of the foreclosure problems in our country will rest on the shoulder of the Federal Housing Administration - FHA.
All the key players in the housing and mortgage crisis plus the democratic presidential candidates have all agreed that there will be no new agency created to deal with the national foreclosure crisis.
House financial [...]
Popularity: 1% [?]
Homeowners take mortgage crisis to the grounds of the Minnesota governor’s mansion
ST. PAUL - In response to Governor Tim Pawlenty’s threats to veto the Minnesota Subprime Foreclosure Deferment Act, families facing foreclosure brought the crisis to the governor’s mansion on Summit Ave in Saint Paul.
On Saturday, members of the housing-focused community organization ACORN and other groups constructed “Subprime City – the fastest-growing city in the nation” [...]
Popularity: 1% [?]
Economic and Housing Rescue Legislation Introduced in the House
Mark up of both measures set for April 23rd and 24th
Washington, DC - In response to the nationwide economic downturn caused by the housing and credit crisis, members of the House Financial Services Committee today introduced legislation to combat the unprecedented rise in foreclosures, and the associated impact on cities and states. The legislation first [...]
Popularity: 1% [?]
Emergency Mortgage Loan Modification Act of 2007
HR 4178 IH
110th CONGRESS1st SessionH. R. 4178To amend the Truth in Lending Act to remove an impediment to troubled debt restructuring on the part of holders of residential mortgage loans, and for other purposes. IN THE HOUSE OF REPRESENTATIVESNovember 14, 2007Mr. CASTLE introduced the following bill; which was referred to the Committee on Financial Services
A [...]
Popularity: 2% [?]
MBA’s Story Testifies on Loan Modifications
WASHINGTON, D.C. (April 15, 2008) – Robert E. Story, Jr., CMB, Vice Chairman of the Mortgage Bankers Association (MBA) and President of Seattle Financial Group of Seattle, WA testified today before the House Financial Services Subcommitee on Capital Markets, Insurance and Government Sponsored Enterprises. In his testimony, Mr. Story discussed H.R. 5579, The Emergency Loan [...]
Popularity: 26% [?]
Lawmaker Steps Up Modification Pressure
Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, said in an interview with reporters and editors of The Associated Press that loan servicing companies - which collect mortgage payments and distribute them to investors - should help modify and refinance more home loans.
“If there’s not a lot of voluntary participation now, that’s [...]
Popularity: 1% [?]
Banks Must Write Down Loans to Prevent a Mass Homeowner Exodus
The word is out and the banks and servicers need to get a clue. People are walking from their underwater homes in droves. What was once taboo has become the “smart” thing to do for many Americans.
This rhetoric that 50% of homeowners do not speak with their lenders or servicers is actually true.
But it isn’t because they [...]
Popularity: 1% [?]
McCain Finally Goes to Bat for Homeowners
Sen. John McCain addressed small business owners in Brooklyn, N.Y. this Thursday that the government should play a bigger role in easing the mortgage crisis. McCain has called for federal aid to distressed homeowners Thursday, saying, “There is nothing more important than keeping alive the American dream to own your own home.”
Under McCain’s “HOME Plan,” homeowners [...]
Popularity: 1% [?]
Bush, House jockey over foreclosure fix
Discussion of both plans, at a House Financial Services Committee hearing, highlighted the complex fault lines in the debate over how far the government should go to ease the mortgage crisis. It’s a tough question since there’s plenty of blame to go around: Lenders, brokers, investors, ratings agencies, federal regulators and some homeowners all played [...]
Popularity: 1% [?]
Safe Loan Modification Service
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- JacMac … you are not ignorant … you got caught up in the “shell game” that was being promoted by several lenders to mortgage brokers (354)
- Countrywide's Mozilo Hushes Homeowner With an Unaffordable Loan Modification (208)
- Deutsche Bank Foreclosures Tossed Out of Ohio Federal Court - "They Own Nothing!" (185)
- Talk to Litton to Modify Your Loan Today (164)
- Ex- Countrywide Employee Reveals a Secret Ingredient in Mr. Mozillo's Original Toxic Loan Recipe (158)
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Did they change the terms of your loan to an arm? This is too risky
catan785 | 13Aug08 | More -
catan785 | 13Aug08 | More -
How about also arresting this Countrywide employee, Cheaters Among Us, Sue Barry, http://reno.broowaha.com/article.php?id=3415.Sue Barry has been a loan officer and ...
Edward | 13Aug08 | More
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