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Government Help to Stop Foreclosure

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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Year of the short sale

by Moe Bedard

But homeowners who are underwater and struggling to offload their homes through a short sale may get relief soon through Home Affordable Foreclosure Alternatives (HAFA). Part of the government’s Making Home Affordable program, HAFA is designed to incentivize borrowers and lenders to avoid foreclosure. It takes effect April 5, lasts through Dec. 31, 2012, and [...]

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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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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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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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Obama Administration Facing Pressure to Retool its Troubled Mortgage Relief Program

by Moe Bedard

The $75 billion program pays lenders to modify the mortgages of troubled borrowers, typically lowering their payments by about $500 a month.
But so far, fewer than 200,000 borrowers have received a permanent change to their loans, according to Treasury Department data released Wednesday, a small fraction of the 3 to 4 million borrowers who government [...]

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Fear Taking Over as Government Housing Aid Winds Down

by Moe Bedard

ELKHART, Ind. — Over the next six months, the federal government plans to wind down many of its emergency programs for housing. Then it will become clear if the market can function on its own.
People here are pretty sure the answer will be no.

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Flaws in the Government Loan Modification Plan

by Moe Bedard

Ten months into the government’s third program in two years to stop a record wave of foreclosures, homeowners, housing counselors, consumer advocates and attorneys working with borrowers report that the latest effort is falling far short of its goal. In many cases, lenders are moving to foreclose even after homeowners get approved for loan modification, [...]

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Homeowners Get the Foreclosure Shaft Under the Obama Plan

by Moe Bedard

WASHINGTON — Ten months after the Obama administration began pressing lenders to do more to prevent foreclosures, many struggling homeowners are holding up their end of the bargain but still find themselves rejected, and some are even having their homes sold out from under them without notice.
These borrowers, rich and poor, completed trial modifications of [...]

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Permanent Loan Modifications Aren’t Happening

by Moe Bedard

Rick Mullen of Valencia has waited more than a year for his lender, JPMorgan Chase, to finalize a loan modification. (Anne Cusack / Los Angeles Times / November 17, 2009)
 ”I’ve talked to them at least 50 times, and it’s always the same: . . . ‘Oh, we’re missing some documents, your modification is at risk,’ [...]

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Government Foreclosure Plan Causing Much Confusion

by Moe Bedard

For help she turned to “Making Home Affordable,” or MHA, the Obama administration’s program to help homeowners facing financial hardship, refinance their mortgages and avoid foreclosure.
For the Shrauners, it sounded like the perfect solution: a chance to cut their payments and keep their home.
But it wasn’t that easy. They would soon find that confusion over [...]

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Homeowners Not Happy With Government Housing Fix

by Moe Bedard

Trillions spent on propping up banks, buying mortgages, tax credits and new programs designed to lower payments and prevent foreclosures. And yet a new survey from Move Inc., the parent of Realtor.com, says Americans are growing increasingly dissatisfied with how Washington is handling the housing mess.
The October 2009 survey found that the federal government’s approval [...]

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The Great U.S. Property Robbery Of The 21st Century

by Moe Bedard

Given losses like these, White said he was “perplexed that lenders and their representatives were resisting reducing principal when they modify loans.”
His data shows how rare it is for lenders to reduce principal.
The foreclosure paradox: Foreclosures breed foreclosures. Cutting you a deal to keep you in your home is a win-win-win, the lender would keep [...]

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Dennis Kucinich: ‘Hey, you took care of Wall. St. Why didn’t you take care of Main St?

by Moe Bedard

Foreclosures are “hurting families, marriages and lives,” McCoy says.
Georgia leads the country in bank failures—a majority being small community banks. Westmoreland says that little banks are getting hit unfairly, with a widespread ripple effect.
Yet, there’s little indication at the moment that Congress will act anytime soon to stem more foreclosures. Kucinich acknowledged that with Congress [...]

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Panel: Government Foreclosure Plan Failing to Help Homeowners

by Moe Bedard

PHOENIX — Months after President Barack Obama came to Phoenix to announce his plans to fix the foreclosure crisis, some experts and homeowners say a key component of the program is not working.
“From the consumer’s point, it’s a failure,” said Kevin Hardin, Thomson Conant Mortgage Mediation Group Director.
Since the program was announced in February, Hardin’s [...]

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Government Loan Modification Numbers Way Off

by Moe Bedard

Mortgage expert and one-time Fannie Mae Chief Credit Officer Edward Pinto blasts the claim that 500,000 homeowners have entered into HAMP (Home Affordable Modification Program).
Based on comments being made by industry participants and program results to date, HAMP is rapidly becoming: I will pretend to modify your loan if you pretend that you will make [...]

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Washington One Step Closer to Forming Consumer Protection Agency

by Moe Bedard

Democrats have said the proposed Consumer Financial Protection Agency would help to reach across various businesses to stop fraud and abusive practices. That regulators didn’t monitor nonbank institutions like mortgage brokers was considered a major factor in subprime lending abuses that led to the housing market crash.
But there’s plenty of fine print that will limit [...]

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