The nation’s biggest mortgage lenders and banks have steadily increased their real estate portfolio acquiring a glut of foreclosed homes that now has overgrown and threatens to deepen the housing slump and delay the economic recovery. The numbers are shocking: the nation’s biggest players own more than 872,000 homes as a result of the groundswell [...]
It started with Deutsche Bank and now a set a of confidential federal audits accuse the nation’s five biggest lenders of defrauding taxpayers in their handling of foreclosures on homes purchased with loans backed by the government. The five separate investigations were conducted by the Department of Housing and Urban Development’s inspector general and examined [...]
President Obama has made a public call for servicers and mortgage lenders to help struggling homeowners with long-term modifications and principal reductions when it fits the situation. He referred to the American taxpayer’s bailout of the banking system, describing it as the most unpopular action the government has ever done. “We were there for you [...]
The Federal Deposit Insurance Corp. said that may servicers have “lax foreclosure documentation, ineffective controls over foreclosure procedures, and deficient loss mitigation procedures and controls” in its “Special Foreclosure Edition” issued last Wednesday. According to the FDIC foreclosure process comes short at the adequate organization and stuffing of loan servicing staff, as the report highlighted [...]
The Federal Reserve, OTS and the OCC all announced enforcement actions on April 13 against 65% of the nation’s mortgage loan servicers. These actions include MERS and LPS, two service providers for mortgage services. And the FDIC is also raised its voice saying that it is watching things closely, because reform of the mortgage servicing [...]
Deliberately walking away from the commitments of mortgage loan is “unacceptable” for 59 percent of American home owners, even at times of distress. However there is also a sizeable portion – 36 percent – among them, who participated in a Pew Research Center study this year to reply in the affirmative. Basically the underwater situation, [...]
How to put back U.S. economy on its original track from the present recessionary trend? The answer to this million dollar question, tendered unanimously by economic experts is to concentrate on job growth. While the mortgage crisis in the real estate industry triggered the down-turn of the economy – the reason found out during the [...]
The federal foreclosure relief program – Home Affordable Modification Program (HAMP) is receiving, ever since its introduction in 2009, innumerable criticism and comments. While important personalities like the IMF Chief have commented in favor of the government’s measures in at least containing the crisis, if not addressing it fully, there is a school of thought [...]
Right from their introduction, the mortgage relief programs of the federal government met with criticism from knowledgeable circles, on their inadequacy to meet the needs and address the woes of the distressed home owners. There cannot be two opinions about the good intentions behind, but the way in which these programs were devised and executed, [...]
It is reported in the media that the federal government is contemplating a new bailout plan by name “Restoring American Financial Stability Act of 2010”. Experts are of the opinion that the intended new rules imposed on mortgage lenders, would only add up the indirect cost of mortgages – already having higher pricing – entered [...]
A company of integrity is what I thought of Eureka. I was repaid for the roof repair as soon as I faxed the receipt. Everyone was happy. My clients got their new home that was a dream and a blessing for them. Thanks again.
WILDA RODRIGUEZ
Nations Realty
