Government officials are likely to offer a sweetener for the banks sitting at the foreclosure servicing settlement table, by releasing these lenders from liability relating to their loss-mitigation efforts on delinquent FHA-insured loans, sources cited by the American Banker say. The deadline for resolving their differences is Christmas, so the government is ready to give [...]
State attorneys general are working with banksters to finalize the foreclosure settlement agreement, but it looks like they are losing field each day. DsNews and the Wall Street Journal blames California Attorney General, Kamala Harris for the failure. The initial deal – at the time when California AG was still part of the committee – [...]
Rep. Elijah Cummings (D-Maryland) has several questions to ask from the GSEs’ regulators, such as “Did policies in place at Fannie Mae and Freddie Mac help fuel foreclosure abuses such as robo-signing?” According to documents obtained by Cummings, the nation’s two largest mortgage financiers assessed $150 million in fines against servicers last year for not [...]
President Obama gave green light to a government spending bill yesterday morning which reinstalled higher conforming loan limits for the FHA (Federal Housing Administration) through the end of 2013. This means that starting yesterday, FHA can ensure loans up to $729,750 from $625,500 in the most expensive neighborhoods. An earlier proposed amendment to the bill [...]
The central bank will soon issue a long-awaited package of proposed rules, implementing the Dodd-Frank Act, Federal Reserve Board Vice Chairman Janet Yellen said. “The Federal Reserve will soon release for comment its proposed rule on enhanced prudential standards that would apply to large bank holding companies and systemically important nonbank financial firms,” Yellen said [...]
The Federal Housing Finance Agency (FHFA) and the Treasury signed off recently on $12.79 million performance-based bonuses for the 10 highest-ranking executives at the GSEs. And this happened after the two giants were asking of more than $15 billion bail-out combined. The reply of the lawmakers: the amount of bonus pays is outrageous, so they [...]
A new progress report was released by the Treasury on its Making Home Affordable initiative. The report covers all “H” acronyms: HAMP, HAFA and HARP. HAMP started in April 2009 and since then 857,000 homeowners have received permanent loan restructurings and 894,000 have refinanced their mortgages through the Home Refinance Program, or HARP. According to [...]
Freddie Mac, the nation’s second largest mortgage company submitted its request to the Treasury for another $6 billion in capital support. The request comes after Freddie posted its quarterly results: the company recorded a net loss of $4.4 billion for the third quarter of 2011, more than twice the loss it recorded in the second [...]
The Special Inspector General of the Troubled Asset Relief Program (SIGTARP) concluded: federal funding mortgage relief programs are a failure, as they struggle to reach their targets, troubled homeowners. The recently released report say only 5.4% or $2.5 billion of the $45.6 billion in TARP funds have been spent. SIGTARP said participation in the HAMP [...]
Rep. Scott Garrett (R-New Jersey), the chairman of the House subcommittee responsible for matters related to Fannie Mae and Freddie Mac presented his plan for reforming the secondary mortgage market and winding down the GSEs There is no question that the GSEs should cease to exist, and it is time to put a plan into [...]
We want to say thanks to Eureka for making our short sale possible
Roger and Lisa Pringle
Austin, Texas
