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Home Loan News

HUD Inspector General Subpoenas 15 Mortgage Companies

by Moe Bedard

HUD INSPECTOR GENERAL PROBES MORTGAGE COMPANIES WITH SIGNIFICANT CLAIM RATES

WASHINGTON – U.S. Department of Housing and Urban Development (HUD) Inspector General Kenneth M. Donohue and Federal Housing Administration (FHA) Commissioner David H. Stevens announced today an initiative focusing on mortgage companies with significant claim rates against the Federal Housing Administration mortgage insurance program.
HUD Office of [...]

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Giving Up the American Dream Has Benefits

PALMDALE, Calif. — Schoolteacher Shana Richey misses the playroom she decorated with Glamour Girl decals for her daughters. Fireman Jay Fernandez misses the custom putting green he installed in his backyard.

But ever since they quit paying their mortgages and walked away from their homes, they’ve discovered that giving up on the American dream has its [...]

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Debtor’s Strategies: Walk Away or Pay Mortgage

PHOENIX — Should I stay or should I go? That is the question more Americans are asking as the housing market continues to drag.
In good times, it would have been unthinkable to stop paying the mortgage. But for Derek Figg, a 30-year-old software engineer, it now seems like the best option.

Mr. Figg felt trapped in [...]

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U.S. Rep. Bill Delahunt is Co-sponsoring Bill to Give Bankruptcy Judges the Right to Modify Mortgages

by Moe Bedard

U.S. Rep. Bill Delahunt is upset with uncooperative lenders and mortgage servicers and says he is co-sponsoring a bill to give bankruptcy judges the right modify mortgages for homeowners.

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N.Y. regulator urges more support for homeowners

by Moe Bedard

NEW YORK (Reuters) – The U.S. Treasury Department plan to stabilize banks is a positive step, but the federal government must do more to support individual homeowners, New York Superintendent of Banks Richard Neiman said on Thursday.

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FDIC Chairwoman Says Loan Modification Plan Being Developed

by Moe Bedard

Sheila Bair, Chairwoman of the Federal Deposit Corporation (FDIC) is leading the loan modification charge in Washington and is gaining increasing support from Congress in her efforts.
Bair said in prepared remarks delivered before the Senate Banking Committee that the FDIC is working with the Bush administration to create a loan guarantee program that would serve as [...]

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Foreclosure Fighter McCain Says, “Buy Home Loans From Banks and Re-negotiate the Terms to Keep Families in Their Homes.”

by Moe Bedard

In contrast to Barack Obama’s own homeownership plan, John McCain has suggested a plan to involves more direct federal ownership of distressed mortgage assets. McCain’s plan, entitled the McCain American Homeownership Resurgence Plan, seeks to utilize the recently granted Treasury Secretary authority to use federal funds to help adjust mortgage terms for homeowners.
Simply put, the [...]

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Foreclosure Fighter Obama Says, “Allow Bankruptcy Court Judges to Modify Mortgage Payments”

by Moe Bedard

Turn on the TV today, and there’s a pretty good chance you’ll hear the line, “and I approve this message.”
Yes, we’re in the heat of one of the most competitive Presidential campaigns in modern history, with more advertising spend than any previous election. While it is possible to gleam information from these ads, as well [...]

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Unexpected foreclosure help causing unexpected headaches

by Moe Bedard

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 2008 specifically to assist state and local governments in addressing problems with abandoned or foreclosed homes. [...]

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Developers use new laws to stave off foreclosure

by Moe Bedard

As residential and commercial real-estate markets falter, developers are increasingly turning to bankruptcy to stave off foreclosure on their troubled properties.
In the past, developers often filed for bankruptcy for the entire company, tying up all properties owned by their companies.
Changes to tax law and the U.S. Bankruptcy Code in the past decade enable developers to [...]

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FDIC to Sign Major Lease in Orange County

by Moe Bedard

The Federal Deposit Corporation (FDIC) has a job to do and this job may be the biggest clean up effort by any government or non-government agency ever in the history of our country and quite possibly the world.
Their job is to clean up the toxic mortgages and assets left by failed banking institutions ceased by the the [...]

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HUD Chief Questions McCain’s Bold Mortgage Plan

by Moe Bedard

“The housing crisis is the fault of predatory lenders, irresponsible buyers and careless Wall Street investors. I’m particularly amazed that people (on Wall Street) who had all these sophisticated models and were trained to analyze all this stuff bought it and distributed these loans around the world,” said HUD chief, Steve Preston, in a town hall [...]

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Key to the Crisis: It’s the Housing Market, Stupid

by Moe Bedard

“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 houses in foreclosure (three times the normal rate), and about 3.5 million other homeowners behind [...]

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Why Wait? HSBC is Modifying Some Loans Before Clients Ask

by Moe Bedard

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 $1.3 billion of adjustable-rate mortgages were due to lapse this year. And a bottom in [...]

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Frank and Waters Call For FDIC’s Bair to Lead Country’s Loan Workout Efforts

by Moe Bedard

Barney Frank and Maxine Waters are calling on the FDIC’s Sheila Bair to take the loan workout reins and lead the charge to put the brakes on our nation’s foreclosure epidemic. In a letter to President Bush today, they wrote that they were “very impressed” with Bair’s recent work at the failed Indymac with her loan modification program [...]

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Broken Big Time

by Moe Bedard

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,” Ms. Formariz said. “I tried to hang on to it because I thought I was going [...]

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Trapped in American nightmare

by Moe Bedard

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 mortgage servicers are held accountable, Main Street and plumber Joe will continue to drown in [...]

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Home-Loan Help Lags, As More Borrowing Goes Bad

by Moe Bedard

More must be done, say loan modification specialists IBD spoke with.
Overloaded With Loans
“Really, we have a national catastrophe,” said Moe Bedard, president of Loan Safe Solutions, a mortgage-auditing firm in Corona, Calif.
Hard-hit by foreclosures, California is seeing a rise in efforts to help homeowners, but also a backlog. In July, the latest month for which [...]

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Bair, “Permanently modify it, get people in a mortgage they can afford.”

by Moe Bedard

FoxBusiness – Let me begin with the FDIC Chair Sheila Bair who is featured on the cover of today’s Wall Street Journal criticizing the federal government’s plan for failing to address homeowners at risk of foreclosure. Her comments could not be better timed. Thankfully someone within the economic team is saying what certain members of [...]

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NJ Gov. Corzine Wants Foreclosure Mediation

by Moe Bedard

TRENTON (AP) ― Gov. Jon S. Corzine laid out a sweeping financial rescue plan for New Jersey on Thursday that includes immediate assistance for homeowners facing foreclosure, tax breaks for businesses, and plans to create jobs by jump-starting highway and school construction projects.
Corzine, the one-time head of the global investment firm of Goldman Sachs and [...]

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