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Administration reforms HAMP

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 foreclosure settlement draft reached the final stage

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 [...]

Oregon Attorney General warns of foreclosure review scam

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) [...]

Failed HAMP trials ending up in foreclosure show a significant increase

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% [...]

HAMP loan modifications pass 900,000 as we enter into the election year

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 [...]

Seriously delinquent mortgages on the rise, LPS found

According to recent data released by the controversial Lender Processing Services, mortgages aren’t performing too well. The comprehensive report shows a nearly 3% increase in seriously delinquent mortgages at the and of November. The LPS reports that 8.15% of the country’s mortgages is more than 30 days past due, however, it is not yet in [...]

The need for defined foreclosure timeline

Both Freddie Mac and Fannie Mae representatives upheld the companies’ practice of collecting penalties from servicers who fail to meet defined timelines for processing foreclosures. It is clear now, that both Fannie and Freddie representatives aim to keep borrowers in their home, because it is the better outcome for GSEs, but Edward Seiler, a director [...]

OCC investigates wrongful foreclosure of 5,000 military members

The possibility of wrongful foreclosure of about 5,000 military members is now investigated by the Office of the Comptroller of the Currency (or OCC) according to an article by DsNews. The wrongful foreclosure is based on the Servicemembers Civil Relief Act signed into law in 2003, which protects military members from foreclosure while they are [...]

Banks will gain FHA relief under foreclosure servicing settlement

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 [...]

The foreclosure settlement amount suddenly shrinks from $25bn to $18.5bn

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 – [...]