Posts tagged as:

fha loan

New Homebuyer Program Already Seeing Signs of Mortgage Fraud

by Moe Bedard

While government officials said many suspect claims could turn out to be simple errors, the report found examples of claimants who already owned homes or had not yet bought one. Some 582 taxpayers were under 18 years old — as young as 4. Of the 1.4 million people who have claimed nearly $10 billion in [...]

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Home Loans Brokered By Nonprofits Helped Fuel The Housing Crisis

by Moe Bedard

Nehemiah, the Sacramento, Calif.-based inventor of seller-funded down payment assistance, and its closest competitor, AmeriDream of Gaithersburg, Md., together facilitated 40 percent of all such loans backed by the FHA. Over eight years, they arranged 392,000 mortgages worth $54 billion, records from the Department of Housing and Urban Development show.

While the two nonprofits earned tens [...]

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FHA foreclosures up, reserves down

by Moe Bedard

As the Federal Housing Administration rapidly increases its role in the mortgage lending business, it’s starting to face a growing number of foreclosures. While in 2006 the FHA’s market share was just 2.7 percent, now that the subprime market is just about dead, the FHA has picked up the slack and its market share reached [...]

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No Hope for These Homeowners Part 1

by Moe Bedard

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 the Hope for Homeowners program; however, the home retention unit states that I am not [...]

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Hope for Homeowners: Will it Help You?

by Moe Bedard

The Hope for Homeowers (H4H) program has been launched and as I have mentioned before here on LoanWorkout, I am very apprehensive as to what this will do for struggling homeowners on Main Street. The reason I am looking at the H4H so pessimistically is because it still leaves lender and mortgage servicer participation in [...]

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Uncle Sam Realty and Loans Inc.

by Moe Bedard

Sadly, recent events in Washington suggest that this optimism of some kind of meaningful rescue plan for Main Street may have been misplaced and that politicians, never the most economically intelligent of mankind, may be working towards constructing the Great Depression - Part II.
The reality now is that we are heading into a major recession and the [...]

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American Housing Rescue and Foreclosure Prevention Act

by Moe Bedard

Washington, DC – The House this week will consider the American Housing Rescue and Floreclosure Prevention Act.  This bill will amend the Senate-passed H.R. 3221 (As amended by the Senate).  Click here to view the legislation
Everyone—homeowners, lenders, neighborhoods, indeed our entire economy is worse off when a foreclosure occurs and when significant quantities of homes [...]

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Barney Frank Makes Threats and the Bush Administration Undermines the House

by Moe Bedard

Business as usual in Washington.
I have been ranting on this blog for almost a  year now on why our government needs to step in and demand action from lenders and servicers to do more to help clean up the toxic mortgages that are eating up our country one home, one family and one city at a time. 
Barney Frank [...]

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The FHA Secure Flop and The No Hope Now Plan = 2 Strikes for the Bush Administration

by Moe Bedard

In only the first 4 months of FHASecure, more than 40,000 households have refinanced under the new housing insurance program to protect their families’ investment in the American Dream.  Announced by President Bush on August 31, 2007, along with HUD Secretary Jackson and Treasury Secretary Paulson, FHASecure is already helping thousands of American families, faced [...]

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FHA Secure Facts

by Moe Bedard

Website are starting to pop up left and right as the next internet gold rush is on the way. With the announcement of the FHA Secure, struggling loan officers, lenders and webmaster rushed to register domain names and jump on the new lending band wagon. Hell, they have been starving for loans and many loan [...]

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