Hello Mr. President . . . Please send help on these mortgages !
Obama mortgage plan needs work
Many borrowers are not getting help under president’s modification or refinancing plan. Officials don’t expect problems to be fixed until the fall.
By Tami Luhby, CNNMoney.com senior writer
Last Updated: July 8, 2009: 8:10 AM ET
NEW YORK (CNNMoney.com) — Mr. President, help us get one of your mortgage workouts now.
That’s what many borrowers are saying nearly five months after President Obama unveiled his housing rescue plan. The program is beset with problems, say borrowers, housing counselors and even the president himself.
Mortgage rates soar
Mortgage rates have been rising steadily over the last few weeks and if ever there was a time to “lock in” your rate then that it is NOW.
With current CPI, PPI and Unemployment reports being surprising optimistic and the belief on Wall Street that “the worst is over” the rates on the 10yr Treasury have started to sky rocket. This in turn is forcing mortgage rates to move up by more than a full % point in the last 4 weeks.
Pending home sales rebounding
Pending home sales rebounding
Number of signed sales contracts continues bounce off record lows for third consecutive month.
NEW YORK (CNNMoney.com) — The number of home sales contracts signed in April continued to bouce back from record lows hit last winter, according to a widely watched industry report. This is the third consecutive month of gains.
The Pending Home Sales Index from the National Association of Realtors rose 6.7% in April after jumping 3.2% in March. That was far above the forecasts of experts surveyed by Briefing.com, who predicted a 0.5% increase. The index was 3.3% higher than 12 months earlier.
Troubled mortgages hit record high
Troubled mortgages hit record high
More than 616,000 homeowners were hit with foreclosure actions in the first 3 months of the year, the Mortgage Bankers Association reports.
NEW YORK (CNNMoney.com) — Despite all the hand-wringing and attempts to contain the foreclosure plague, the problem still spread during the first three months of 2009, as the number of foreclosure actions started hit a record high, according to a quarterly report.
Renewed HOPE for Homeowners
Renewed HOPE for Homeowners
Congress passed a bill amending HOPE for Homeowners that may make the program more useful.
NEW YORK (CNNMoney.com) — One of the biggest disappointments of the foreclosure prevention fight has been HOPE for Homeowners, a plan Congress passed in an attempt to help as many as 400,000 underwater, delinquent borrowers from going into foreclosure.
In its first five months, HOPE for Homeowners helped one family stay in its home.
Congress and the Obama administration are hoping to do a lot better than that.
Foreclosures: ‘April was a shocker’
Foreclosures: ‘April was a shocker’
A record number of foreclosure filings took place during April, but the number of repossessions fell 11%.
NEW YORK (CNNMoney.com) — Foreclosures in April exceeded even March’s blistering pace with a record 342,000 homes receiving notices of default, auction notices or undergoing bank repossessions, according to a regular industry report.
One of every 374 U.S. homes received a filing during the month, the highest monthly rate that RealtyTrac, an online marketer of foreclosed properties, has recorded in four-plus years of record keeping.
Home prices slide 14%
Home prices slide 14%
National median home price falls a record 13.8% in first quarter of 2009, primarily because the market is flooded with lower-priced foreclosures and short sales.
NEW YORK (CNNMoney.com) — The steep slide in home price accelerated at a record pace during the first three months of 2009, according to an industry report issued Tuesday.
The national median home price of single family homes sold during the first quarter fell 13.8% to $169,000 year over year, and 6.2% compared with the last quarter 2008, according to the National Association of Realtors (NAR). That was the largest year-over-year decline in the 30-year history of the report.
Pending home sales jump 3.2%
Pending home sales jump 3.2%
Buyers defy expectations with an increase in sales contracts signed during March.
NEW YORK (CNNMoney.com) — Is the housing meltdown ending?
Pending home sales rose in March for the second consecutive month and are up year over year. The Pending Home Sales Index from the National Association of Realtors showed a 3.2% gain to 84.6 from February, when it was 82. The index stands 1.6% higher than a year ago.
The consensus forecast of industry experts polled by Briefing.com had predicted no increase in the index.
Record Jump in Foreclosure filings
Foreclosure filings in record jump
Hope Now reports a 20% increase in initial foreclosure filings during March. But there was a steep drop in bank repossessions.
NEW YORK (CNNMoney.com) — Lenders continued to rewrite troubled mortgages at a fast clip during March, but the weakening economy still sent foreclosure starts soaring to a record high.
March mortgage workout results announced on Thursday by Hope Now – a coalition of mortgage lenders, servicers, investors and community groups put together to fight the foreclosure plague – were a decidedly mixed bag.
No bankruptcy help for homeowners
No bankruptcy help for homeowners
Measure to modify delinquent loans in bankruptcy court fails in Senate. Obama administration loses big stick to prod loan servicers to aid troubled borrowers.
NEW YORK (CNNMoney.com) — The Obama administration lost a bid to add a powerful weapon in its fight against foreclosure Thursday, after the Senate voted down a proposal to allow bankruptcy judges to modify mortgages.
The defeat left many housing advocates questioning the effectiveness of the president’s loan modification plan. The so-called cramdown provision, which would have allowed judges to reduce mortgage principal, would have put pressure on servicers to modify loans before borrowers file for bankruptcy.
Obama expands foreclosure fix
Obama expands foreclosure fix
Two steps: Second liens now covered by modification program; servicers must offer eligible borrowers principal reduction under Hope for Homeowners.
NEW YORK (CNNMoney.com) — The Obama administration said Tuesday it is expanding its foreclosure prevention program to cover second mortgages and to direct more troubled borrowers to the Hope for Homeowners program.
Announced with great fanfare in mid-February, the president’s $75 billion program has gotten off to a slow start. Loan servicers only recently started taking applications and many delinquent borrowers have complained about being left in the cold because their home values have dropped or they’ve lost their jobs.
Obama launches mortgage rescue plan
Obama launches mortgage rescue plan
First participants in the Treasury Department’s program to help homeowners avoid foreclosure include some of the nation’s largest banks.
NEW YORK (CNNMoney.com) — The Obama administration’s loan modification program is finally underway.
The Treasury Department announced Wednesday the first six participants to sign up for President Obama’s plan. They include three of the nation’s largest banks: JPMorgan Chase (JPM, Fortune 500), which will get up to $3.6 billion in subsidy and incentive payments; Wells Fargo (WFC, Fortune 500), $2.9 billion; and Citigroup (C, Fortune 500), $2 billion. The others are GMAC Mortgage, $633 million; Saxon Mortgage Services, $407 million; and Select Portfolio Servicing, $376 million.
Mortgage help: Do you qualify?
Mortgage help: Do you qualify?
President Obama’s new real estate rescue plan offers two key possible benefits: More refinancing opportunities and greater chance for a loan modification.
NEW YORK (CNNMoney.com) — The eagerly anticipated foreclosure prevention program unveiled Wednesday by President Obama targets 9 million borrowers for help – are you one of them?
The $75 billion effort, dubbed the Homeowner Affordability and Stability Plan, boils down to two basic solutions:
First, the government is aiming to help more homeowners refinance to take advantage of new low interest rates.