According to the latest Supplemental Directive the Treasury increases incentives for second lien investors when loans receive principal reductions. The new incentives apply to permanent HAMP modifications with principal reductions through the government’s PRA (Principal Reduction Alternative) which start their trial period March 1 or later. The incentives are also available when second liens are [...]
Republican lawmakers question Obama’s budget proposal, which specifically targets banks through a Financial Crisis Responsibility Fee, through which the President intends to raise $61 billion (sic!) from the nation’s largest banks. According to Obama, the money is intended to “compensate the American people for the extraordinary assistance they provided to Wall Street, as well as [...]
Director of the Consumer Financial Protection Bureau Richard Cordray said the other day that as many as 10 million homeowners are at risk of default. Looking back to the housing bubble, Cordray calls that period “the wild West of lending”, as time when consumers were steered into high-priced mortgages, first time buyers opted for balloon [...]
The robo-signing settlement is imminent as the deadline for signing the paper that will bring relief for banks is Monday. Last Monday the deadline was set to Friday, but it was later postponed to Monday. Iowa Attorney General Tom Miller and the committee it lead already has the papers with the participating states. And surprises [...]
Illinois Attorney General Lisa Madigan sued Standard & Poor’s (S&P) last week, alleging the ratings agency used deceptive practices by inflating ratings of MBS (mortgage-backed securities) investments. Madigan strongly believes this was one of the main cause of the financial crisis that hit not just the country but the globe. The lawsuit was filed in [...]
After seeing that HAMP failed to reach the targeted homeowners, the Obama administration announced the extension of the program to bring relief to a larger share of struggling homeowners as well as renters.. Principal reduction is one of the key adjustments the modification centers around. HAMP currently includes an option for servicers to provide underwater [...]
The first announcement came from HUD Secretary Shaun Donovan, who said last week that the state attorneys general are ready to sign the settlement with the nation’s largest servicers in just a few week. Now DsNews reports that a spokesperson for Iowa Attorney General Tom Miller’s office is corroborating the claim, saying that the settlement [...]
Director of the Consumer Financial Protection Bureau Richard Cordray said the other day that as many as 10 million homeowners are at risk of default. Looking back to the housing bubble, Cordray calls that period “the wild...
The robo-signing settlement is imminent as the deadline for signing the paper that will bring relief for banks is Monday. Last Monday the deadline was set to Friday, but it was later postponed to Monday. Iowa Attorney...
Illinois Attorney General Lisa Madigan sued Standard & Poor’s (S&P) last week, alleging the ratings agency used deceptive practices by inflating ratings of MBS (mortgage-backed securities) investments. Madigan strongly believes this was one of the main cause...
While the Congress and the Fed have a common goal: the economic recovery, which relies on the housing market recovery, they seem to disagree when it comes to make action, because they have different action plans achieving...
It came as a relief for unemployed: Freddie Mac extended forbearance for its clients without jobs, which means starting now some unemployed troubled homeowners can receive up to 1 year forbearance. The announcement came Friday, right after...
The nation’s biggest lenders’ servicing portfolio is likely to stabilize, as nearly 90% of all first lien mortgages are still current, the office of the Comptroller of the Currency reported. Both early stage and serious delinquencies remained...
The Treasury and the HUD recently released the latest edition of the Obama Administration’s Housing Scorecard. The most recent survey featured as news the scan of the nation’s 10 largest mortgage servicers participating in the Making Home...
We want to say thanks to Eureka for making our short sale possible
Roger and Lisa Pringle
Austin, Texas
