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.
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.
Frank seeks strict mortgage rules
Frank seeks strict mortgage rules
House Financial Services Committee chairman Barney Frank plans to unveil a bill to more tightly regulate the way loans are sold to investors.
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| U.S. Rep. Barney Frank plans to unveil a plan to tighten regulation of the mortgage market. |
CAMBRIDGE, Mass (Reuters) — The chairman of a powerful U.S. Congressional committee plans to unveil legislation intended to provide longer-term stability to the U.S. mortgage market by preventing lenders from securitizing the full value of their loans.