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obama foreclosure plan

Dennis Kucinich upset at Obama administration for excluding Ohio from $1.5 billion foreclosure program

by Moe Bedard

Rep. Dennis Kucinich and other members of Congress from Ohio on Thursday called the Obama administration on the carpet for excluding Ohio from a new $1.5 billion program to fight mortgage foreclosures.

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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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Is Obama’s Loan Modification Program Just False Hope?

by Moe Bedard

Is the mortgage modification program making things worse?  An article in the New York Times gives voice to fears that by encouraging homeowners to stay in homes that they cannot really afford, Obama’s Making Home Affordable program is actually increasing the agony of homeowners, who pour money down the rathole of their mortgage rather than [...]

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White House Points Fingers at Mortgage Servicers

by Moe Bedard

“I don’t hold out a great deal of hope that the administration will do more” to complete more loan modifications, said Patricia McCoy, a University of Connecticut law professor who studies financial services regulation. “There’s just no political will for that.”

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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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Is a Loan Modification the Holy Grail or Hell for Homeowners?

by Moe Bedard

Trial modification, take 2Richton Park resident Rose Chisholm received a trial modification this summer from Chase that reduced the payments of her mortgage, which had been an option ARM, to $1,534 and set a fixed interest rate. After staying current, she expected to see the trial converted to a permanent modification.
Instead, three weeks ago she [...]

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EX-Freddie Mac CEO: Obama Administration’s $75 Billion Plan Will Not Work

by Moe Bedard

TULSA – The former chief executive officer of Freddie Mac said he repeatedly told President Barack Obama’s administration he did not believe the $75 billion home modification loan program would help the housing bubble, but was continually rebuffed.
Meeting with current U.S. Treasury Secretary Tim Geithner, Moffett said he was told, “You now work for us. [...]

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Ohio Among States Least Helped By Fed Foreclosure Plan

by Moe Bedard

A new study shows that Ohio is one of the states least helped by President Barack Obama’s plan to help borrowers in trouble. It’s a distinction the state can hardly afford. Ohio has long been one of the worst hit states in the country’s foreclosure crisis. ideastream®’s Mhari Saito reports.
According to the US Treasury, just [...]

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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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Government foreclosure plan is working, but how good is the question

by Moe Bedard

The number of homeowners getting help from the government’s massive foreclosure program is growing, according to data released Tuesday, but it is unclear how many of these borrowers might still lose their homes.
Under the effort, called Making Home Affordable, lenders are paid to lower a borrower’s mortgage payments. The program has struggled since its launch [...]

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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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Obama’s Plan is a Particular Disappointment, Consumer Advocates Say

by Moe Bedard

The relative failure of Obama’s plan is a particular disappointment, consumer advocates say. After spending hundreds of billions of dollars in bank bailouts, the administration proposed a plan that would pay mortgage servicers for successfully modifying eligible delinquent home loans. Investors that owned securitized mortgages that were modified would get paid, too. Most importantly, distressed [...]

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Anti-foreclosure programs are not enough: watchdog

by Moe Bedard

WASHINGTON (Reuters) – Government programs to fight the U.S. home foreclosure crisis look increasingly inadequate and should be reworked, expanded and supplemented with new ideas, a congressional watchdog said in a report on Friday.
With a foreclosure filing occurring every 13 seconds, the United States is mired in a housing slump that is destroying billions of [...]

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Panel: Obama Loan-Mod Effort Ill-Suited To Avert Foreclosures

by Moe Bedard

WASHINGTON -(Dow Jones)- The Obama administration’s loan modification effort is ill-suited to tackle the current causes of the foreclosure crisis, financial rescue watchdogs concluded in a new report.
Meanwhile, the Home Affordable Modification Program, or HAMP, wasn’t designed to address these problems, nor is it geared towards averting a looming wave of foreclosures caused by resetting option adjustable-rate [...]

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After $75 Billion, Homeowners Ask: Where’s the Money?

by Moe Bedard

Complaints about the federal loan modification plans continue to pile up, as do foreclosures.
Darrell Goldberg of Chicago says he has been waiting since April for the packet of paperwork promised to him by CitiMortgage. Lori Gonzalez of Fox River says she has faxed and re-faxed a thick packet of her documents to Bank of America [...]

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Obama admin: foreclosure prevention effort on track

by Moe Bedard

WASHINGTON (Reuters) – The Obama administration’s effort to combat rising U.S. home foreclosures is on track to meet the goal of modifying more than half a million delinquent mortgages by November 1, a senior administration official said.
In testimony prepared for delivery at a congressional hearing on Wednesday, Federal Housing Administration Commissioner Dave Stevens said mortgage [...]

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Homeowners frustrated by mortgage assistance program

by Moe Bedard

“I don’t want a handout. I want to do the right thing,” Mark Kollar said. “I thought this was supposed to give us a chance.”
A CNN investigation revealed that the Kollars are far from alone. Housing counselors, homeowners and consumer advocates tell endless stories of banks giving homeowners the runaround: declining apparently eligible applicants; pressuring [...]

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Loan Modification Program Cries for Help: Are Mortgage Lenders Listening?

by Moe Bedard

But if my inbox (which is stuffed) is any indication, the troubles with loan modifications are multiplying across the country as home prices continue to sink.
Several weeks ago, President Obama called in the top mortgage lenders for a meeting and reportedly told them to get on the stick and do more loan modifications. The lenders [...]

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Frustration rises over mortgage relief program

by Moe Bedard

Nearly two years after the federal government’s first program to slow the relentless rise in the pace of home foreclosures, the latest attempt, known as Making Home Affordable, is turning out to be another painful disappointment for millions of Americans at risk of losing their homes.
Dozens of e-mails from msnbc.com readers report months of futile [...]

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