October 2008

JPMorgan Chase & Co. (JPM) the largest U.S. bank by market value, plans to offer $110 billion in loan modifications of mortgages with plans to expand its modification program within the next 90 days to help 400,000 homeowners avoid foreclosure. [...]

NACA, the Neighborhood Assistance Corporation of America says Fannie Mae was bailed out by the government with taxpayer money, but now Fannie Mae is turning its back on the same people whose money bailed them out. NACA is led by [...]

For almost a year, Luis Flores has been lobbying mortgage lender IndyMac Federal Bank FSB to cut his house payments. They have doubled since he refinanced his home loan in 2005 and he can’t afford them, Flores says. “Every time [...]

THE US Treasury Department needs to take the same kind of aggressive steps to ease financial strains on homeowners that it took to guarantee the investments of banks and financial institutions. The economy can’t turn around until the housing market [...]

De Las Mercedes, on October 20th, 2008 at 8:34 pm Said: I am having a problem with Countrywide/Bank of America allowing me to apply for this program because I have not been delinquent. I meet all the qualifications outlined by [...]

Local officials are getting their first whiff of a direct benefit from the federal bailout of Fannie Mae and Freddie Mac – and getting a little lightheaded. Congress buried about $4 billion in the Housing and Economic Recovery Act of [...]

“It’s the housing market, stupid.” That’s what an increasing number of policymakers and economists are saying as they push for widespread mortgage modifications as a way to address a root cause of the financial crisis. With more than 1.5 million [...]

HSBC Finance Corp. wanted a better mortgage modification mousetrap.At the beginning of the year, nearly a fifth of the Mettawa, Ill., lender’s real estate loan portfolio had been modified after becoming delinquent. Freezes on initial rate resets for another roughly [...]

If you’re having difficulty paying your existing home loan in the context of changes in your income or in the market generally, there are a number of options to consider. You should never assume that your only route out is [...]

She scrambled to renegotiate her loan and got trapped in a red-tape nightmare. The bank would not talk to her because she was not yet late on her payments. “I ended up renting it out, my income was going down,” [...]

“San Diego will become ground zero for mortgage fraud litigation,” a very happy Michael Aguirre, San Diego’s city attorney, said Wednesday. San Diego, CA— All lawsuits filed across the nation against Countrywide Financial Corporation alleging predatory lending practices were ordered [...]

Here on LoanWorkout.org, I have been writing about the American Nightmare and the resistance homeowners recieve from their mortgage servicers when reaching out for help. And until this “serious issue” in our mortgage and housing crisis is addressed and these [...]