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making home affordable loan modification program

Treasury Press Release: Expedite Permanent Modifications

by Moe Bedard

Administration Updates Documentation Collection Process and Releases Guidance to Expedite Permanent Modifications

WASHINGTON – As part of the Administration’s ongoing housing market stabilization plan, the U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) today released updated guidance for servicers participating in the Administration’s mortgage modification program. This guidance refines the [...]

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Government to make changes to mortgage modification plan

by Moe Bedard

The Treasury Department on Thursday plans to unveil changes designed to streamline burdensome paperwork required for its foreclosure relief plan, according to people briefed on the matter.

The tweaks to the problem-plagued program could help more borrowers complete loan modifications. But they are unlikely to placate critics who have been calling for far more dramatic changes.

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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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Should the Treasury Get Into the Loan Modification Business?

by Moe Bedard

Here’s an idea being pushed by John Taylor, chief executive of the National Community Reinvestment Coalition, which represents local organizations that promote affordable housing and community development. Mr. Taylor wants the U.S. Treasury to buy large numbers of troubled mortgages at a discount to face value and then ease the terms to make them affordable [...]

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A Treasury rule on loan modifications riles the securities market

by Moe Bedard

The $1.7 trillion mortgage securitization market is still a mess, despite (or in part because of) the Federal Reserve’s $700 billion splurge into the market. But another reason may be Treasury’s decision to undermine private mortgage-backed securities (MBS) contracts.
BlackRock Inc. Chairman Laurence Fink went so far recently as to call this “one of the biggest [...]

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Mortgage relief hard to come by

by Moe Bedard

Orion Wisness tried to control his temper as a Wells Fargo representative delivered the bad news: No, Wisness did not qualify for a new federal program that would give him a break on his monthly mortgage payments.
Five months had passed since Wisness, 35, lost his job at a Minneapolis law firm and asked to enroll [...]

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Low expectations for new loan help program

by Moe Bedard

Dial back the pie-in-the-sky projections.
Last month, the Obama administration launched a program to help homeowners with loans insured by the Federal Housing Administration. About 850,000 FHA borrowers are behind on their payments or in foreclosure, yet the program will assist just 45,000.
The effort targets homeowners who were ineligible for the government’s other loan modification plans. [...]

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Making Home Affordable Program on Pace to Offer Help to Millions of Homeowners

by Moe Bedard

US Treasury Public Release of Data Provides Transparency on Servicer Performance
WASHINGTON – Today, the Obama Administration released its first monthly Servicer Performance Report detailing the progress to date of the Making Home Affordable (MHA) loan modification program.  The purpose of the report is to document the number of struggling homeowners already helped under the program, [...]

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