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 [...]
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 [...]
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 [...]
The House Veterans’ Affairs Committee ordered his staff to investigate the cases of cheated veterans and taxpayers as the nation’s biggest lenders have charged these people illegal fees in their struggle to refinance home loans. The chairman’s action comes after a whistleblower lawsuit was filed in federal court in Atlanta showing hard evidence of the [...]
JPMorgan Chase announced during its third-quarter earnings call that the news of imminent AG settlement is not real. Jamie Dimon, JPMorgan Chase CEO said the settlement talks are on hold because of the many varying demands of each of the “50” state attorneys general, a couple of which have already pulled out of the negotiations, [...]
The Obama Administration’s Response to the Housing Crisis hearing wasn’t so smooth as it was planned to be, as several housing programs came under attack. The Obama administration responded to the housing crisis with several program such as Emergency Homeowners Loan Program (EHLP), the Neighborhood Stabilization Program (NSP), the Home Affordable Modification Program (HAMP) and [...]
The number of attorneys general leaving the settlement is growing day by day, but this doesn’t seem to bother Tom Miller, Iowa Attorney General, who said he would forge ahead with the mortgage servicer settlement talks. After New York Attorney General was kicked out by Miller, now California AG Kamala Harris showed no interest in [...]
The OCC helped the banks with their future plans: 14 servicers who received consent orders from federal regulators earlier this year will have long and dusty road ahead, as they need to spend the next year or more recompensing for past documentation errors, coming from their faulty foreclosure proceedings. “Unfortunately, such a complex process will [...]
12 months after evidence surfaced about the existence of robo-signing practices, state attorneys general aren’t getting closer to a consensus on what the settlement should include or not. Fact is, Kentucky Attorney General Jack Conway and Minnesota Attorney General Lori Swanson now took Schneiderman’s role and they are now speak against the settlement agreement, which [...]
The unregulated housing market ended up collapsing a couple years ago and this isn’t what the government-sponsored enterprises want to witness again, so they published new guidelines which took effect at the end of last month. These guidelines cover the work of appraisers and help the GSEs to build a massive database of every appraisal [...]
Eureka was incredibly patient and assured me that we would close on our contracted close date. Although, we had a few sticking points come up with the short sale, they were right, we closed @ 10am on our contracted close date!! My fellow realtors couldn’t believe that we closed on time…their experiences with short sales have been “nightmares”. Thank you Eureka!
Jonna Juul-Hansen
Pacesetter Properties
