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foreclosure moratorium

Foreclosure Moratorium Extended for Additional 90 Days

by Paul Maciel

Banking company Marshall & Ilsley Corp. said Tuesday it was extending its moratorium on foreclosures by another 90 days.
The moratorium now ends March 31, 2010. The initial moratorium was announced Dec. 18, 2008.

The moratorium applies to owner-occupied residential loans for customers who work to reach a repayment agreement. Loans in all the bank’s markets are [...]

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A Message to Lenders From California: Offer Loan Modifications or Else!

by Moe Bedard

“Many distressed homeowners in California are underwater by more than 5% on their home loan, which makes them ineligible to apply for refinance assistance,” said Lieu, author of a state foreclosure moratorium law that Gov. Arnold Schwarzenegger signed last week.

What is the The California Foreclosure Prevention Act?

The California Foreclosure Prevention Act, known as SB 1137 is the first law in the nation to impose a foreclosure moratorium and encourage quality loan modifications. SB 1137, the new California foreclosure prevention act became fully effective on September 6, 2008. This legislation only applies to foreclosures on loans made between January 1, 2003 and December 31, 2007. It sunsets December 31, 2013.

Who’s money is paying for all this?

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Governor Schwarzenegger Places 90 Day Freeze on California Foreclosures

by Moe Bedard

California Governor, Arnold Schwarzenegger signed into law a 90-day moratorium on home foreclosures on Tuesday. The foreclosure freeze bill will impose a 90-day moratorium on foreclosures in the state of California.  The bill exempts lenders who have a loan modification program in place meeting the standards set forth in the bill.

One such mortgage servicing standard [...]

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Chase CEO writes Barney Frank a letter / Franks says $50 billion for housing is not enough

by Moe Bedard

House Financial Services Chairman Barney Frank (D.-Mass.) received a letter last week from JP Morgan Chase CEO Jamie Dimon announcing a three week foreclosure moratorium.

This just a day or so after Frank had called on mortgage servicers to impose a foreclosure moratorium to delay unneccasary foreclosures until the Obama adminisaration announces the housing details of the recently passed stimlus plan on Wednesday.

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Lender sues Michigan sheriff for halting foreclosures

by Moe Bedard

“I will not allow one more family to be put out of their home in Wayne County until I am satisfied they have been afforded every option they are entitled to under the law to avoid foreclosure,” Evans said in a statement.

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Citi issues statement on mortgage foreclosure moratorium

by Moe Bedard

Today’s announcement expands on Citi’s current foreclosure moratorium in which Citi does not initiate or complete a foreclosure sale on any eligible borrower where Citi owns the mortgage, the borrower is seeking to stay in the home, which is his or her primary residence, is working in good faith with Citi and has sufficient income for affordable mortgage payments.

“Since the start of the housing crisis in 2007, Citi has worked successfully with approximately 440,000 homeowners to avoid potential foreclosure on combined mortgages totaling approximately $43 billion. Last year, Citi kept approximately four out of five distressed borrowers with mortgages serviced by Citi in their homes.”

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Frank, regulator urge suspension of foreclosures

by Moe Bedard

“I would ask all of you now to please make sure that we have a moratorium in effect,” said House Financial Services Committee Chairman Barney Frank, D-Mass., at a hearing where the CEOs of eight major banks testified about how they were using money from a $700 billion bank bailout fund.

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Moe’s Housing Predictions for 2009

by Moe Bedard

I feel we are on the verge of that prediction coming true. So, I thought I would reveal some of my common sense housing predictions for 2009 that have been in my head all year and share them with my readers.

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CA Attorney General Urged to Seek Injunction Halting Foreclosure on Deceptive Countrywide Mortgages

by Moe Bedard

The California Reinvestment Coalition and the Greenlining Institute today sent an urgent letter to California Attorney General Jerry Brown urging him to take immediate action against Countrywide Financial/Bank of America. The community groups are asking Brown to secure a foreclosure moratorium on mortgages that fit the profile of the deceptive loans and practices cited in [...]

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Clinton Writes Paulson a Letter and Asks For 90 Day Ban on Foreclosures

by Moe Bedard

From the Senate: Senator Clinton Calls for Immediate Action to End Foreclosure Crisis
 Washington, DC – Senator Hillary Rodham Clinton today sent the following letter to Treasury Secretary Henry Paulson calling for needed steps to end the foreclosure crisis.
December 3, 2007
The Honorable Henry M. Paulson, Jr.
Secretary
United States Department of the Treasury
1500 Pennsylvania Avenue, N.W.
Washington, D.C. 20220
Dear [...]

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