From the category archives:

Government

Reports on the Home Affordable Modification Program are “glossing over disappointing results”

by Moe Bedard

March 17 (Bloomberg) — The Obama administration is inflating the success of programs that prevent foreclosures by skewing data on loan modifications and revising the goals, according to House Republicans.

Reports on the Home Affordable Modification Program are “glossing over

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Washington Governor Gregoire signs two bills designed to protect consumers

by Moe Bedard

Olympia – The Washington State Department of Financial Institutions is pleased to announce the signing of two requested bills offering stronger protection for consumers and establishing guidelines for more sound business practices: HB 2608 regarding Loan Servicers and Loan Modifications and ESHB 2564 regarding Escrow Agents.

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5 states rush foreclosure plans for $1.5 billion in housing aid

by Moe Bedard

PHOENIX—The five states hardest hit by the foreclosure crisis have been given only weeks to plan how to spend $1.5 billion in federal funding announced by the Obama administration last month.

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Government says permanent loan modifications grow by 45%

by Moe Bedard

The Obama administration Friday said its mortgage modification program continued to make progress, with the number of homeowners receiving permanently reduced monthly payments in February increasing by 45% to 168,708.

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90,000 borrowers lose mortgage aid under HAMP

by Moe Bedard

About 90,000 distressed borrowers have lost their mortgage aid under the government’s foreclosure prevention plan and many more are at risk of losing the help, according to Treasury data released Friday.

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Home Affordable Foreclosure Alternatives kicks in April 5th

by Moe Bedard

A new government push to clean up bad home loans could dent bank earnings because the industry may have to take losses on the assets sooner than some investors expect.
The new effort, called Home Affordable Foreclosure Alternatives, or HAFA, kicks in April 5. Some banking and real-estate industry experts see it as a

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American Home Funding: Colorado Senator Ted Harvey investigated for mortgage fraud

by Moe Bedard

DENVER (AP) – The Colorado Division of Real Estate is investigating allegations that a state senator and the mortgage company where he works engaged in false advertising.
Division Director Erin Toll says state investigators believe Republican Sen. Ted Harvey and the company where he works as a mortgage broker, American Home Funding, misled customers with an [...]

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FDIC to pump up the mortgage market with $1.8 deal

by Moe Bedard

NEW YORK, March 1 (Reuters) – The U.S. Federal Deposit Insurance Corp is planning to sell $1.8 billion of guaranteed asset-backed debt, according to IFR, in what may be a step toward restoring confidence in securities closely tied to the financial meltdown.
The debt will be backed by residential mortgage assets of failed banks seized

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Latest effort to scale back some tax deductions on mortgage interest falters

by Moe Bedard

The latest effort to scale back some tax deductions on mortgage interest, one of the nation’s most-enduring tax breaks, is finding little support in Congress.
President Barack Obama’s latest budget proposal, released in February, includes a provision that would shrink deductions for mortgage interest,

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Ohio lawmakers demand foreclosure relief from Washington

by Moe Bedard

WASHINGTON D.C. — Congressmen Dennis Kucinich (D-OH) and Steven LaTourette (R-OH), with 11 other members of the Ohio delegation, have sent a letter to President Obama, demanding that the administration reassess the criteria used to develop the $1.5 billion “innovation fund” to provide grants to “the states that are the hardest hit by this housing [...]

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Rebublicans claim government foreclosure programs have failed

by Moe Bedard

Republicans say foreclosure aid ‘has failed’
The Obama administration’s chief foreclosure-prevention program “has failed” and may hurt more homeowners than it helps, according to a report by two Republican members of the House Committee on Oversight and Government Reform. The report will be presented at a subcommittee hearing Thursday.

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Lenders may be tempted for another carrot from Washington

by Moe Bedard

Last week, President Obama launched yet another initiative to avert foreclosures, offering $1.5 billion from the $700-billion Troubled Asset Relief Program to housing finance agencies in California and four other states where home prices have dropped by at least 20%. The administration gave states a great deal of flexibility in using the aid, which will [...]

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FDIC getting ready to sell bonds from failed banks

by Moe Bedard

Feb. 23 (Bloomberg) — The Federal Deposit Insurance Corp. may start selling bonds tied to the assets of failed banks as soon as next month.
Initial offerings may include about $2 billion of the FDIC’s remaining stakes in loans from Corus Bank and Franklin Bank, according to people familiar with the discussions who declined to be [...]

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Government may make changes to mortgage modification program

by Moe Bedard

The U.S. Treasury is considering new guidelines to mortgage lenders that would give distressed borrowers more time to try to qualify for a federal program aimed at averting foreclosures.

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Mortgage servicers to be held more accountable in Oregon

by Moe Bedard

Today the Oregon State Senate unanimously passed HB 3610-A, which will provide homeowners facing foreclosure with more tools with which to pursue a loan modification. The legislation does two things:
1) Provides a 5-day window prior to the sale of a home at foreclosure within which the affidavit of compliance with the mortgage modification provisions required [...]

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Video: President Obama announces $1.5 billion in foreclosure aid

by Moe Bedard

President Obama announces $1.5 billion in funding to help homeowners in states hardest hit by the housing crisis in a town hall meeting at Green Valley High School in Henderson, NV.

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Ohio will not get any government foreclosure help

by Moe Bedard

WASHINGTON A new White House plan to help struggling homeowners avoid foreclosure will not provide any assistance to Ohio even though the state has one of the highest foreclosure rates in the country.
In a town-hall meeting today in Nevada, President Barack Obama outlined a $1.5 billion plan designed to help unemployed homeowners in five states [...]

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California to recieve federal foreclosure funds for mortgage assistance

by Moe Bedard

Targeting California and the four other states hardest hit by the housing crisis, President Obama on Friday offered a $1.5 billion “innovation fund” to devise solutions for homeowners struggling against foreclosure.

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5 states to get $1.5 billion in Fed money to fight foreclosure

by Moe Bedard

LAS VEGAS — President Obama will announce a plan Friday to direct $1.5 billion in taxpayer money to five state housing finance agencies to help them develop new programs for addressing the housing crisis in their communities, according to a senior administration official.
The five states — California, Nevada, Arizona, Michigan and Florida — have been [...]

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Treasury Auto Loan Program May End Soon

by Moe Bedard

A $5 billion U.S. Treasury Department lending program extended to automotive parts suppliers – but criticized by them for being too expensive and confusing – could end by April.
In March 2009, the Obama administration said it would provide $5 billion in financial aid to auto parts manufacturers. The Auto Supplier Support

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