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 [...]
John Kroger, Oregon Attorney General has issued a public warning to consumers in the state –but this warning can be set public nationwide – to be prepared for scammers showing up offering independent foreclosure reviews as part of the mandate to major mortgage servicers issued by the OCC (Office of the Comptroller of the Currency) [...]
The number of failed Home Affordable Modification Program trials put into foreclosure is rising, according to Treasury Department’s recent data released last week. Canceled HAMP trials, that hit 615,000 last year are likely to end up in foreclosure and the percentage of failed trials pushed through foreclosure doubled compared to last year, by reaching 10.6% [...]
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 their goals. Last week Federal Reserve Chairman Ben Bernanke submitted a white paper to Congress providing “a framework [...]
According to the Treasury Department’s report released Monday the Home Affordable Modification Program or HAMP is a great success (sic) as nearly 910,000 homeowners have received permanent loan modification to date through the federal program. The numbers are amazing: the Treasury said these loan mods saved an estimated $9.9 billion in monthly mortgage payments. The [...]
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 US Department of Labor stated that the nation’s unemployment rate trends down. According to the department’s data [...]
Sen. Scott Brown believes the civil lawsuit filed by the SEC (Securities and Exchange Commission) a couple days ago against ex-CEOs of Freddie Mac and Fannie Mae, fails to achieve justice and accountability for the American. He is trying to push the Justice Department and the SEC to open immediately criminal investigations into Freddie and [...]
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 unchanged over the quarter, the OCC said in its latest report. Looking at these mortgage delinquencies separately, the [...]
Eureka, was instrumental in helping us sell our home. As our family experienced financial hardship we were left with limited options in dealing with our home. Because of our current financial situation and future plans to support our kid’s through college we chose to sell our home. Eureka was creative and always showed to have a solution regardless of the situation. If you are lost, facing foreclosure, or have any questions regarding selling your home, call Eureka a call they will have an answer.
Heriberto Garcia
Austin, TX
