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SATURDAY, NOVEMBER 21, 2009
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NEWS ABOUT: mortgage modification

mortgage modification stories: 5 news summaries

Watchdog: Feds Need to Expand Foreclosure Plan

$50B plan proving ineffective as more mortgage holders lose their jobs

Oct 10, 09 5:00 AM CDT
(Newser) - The Treasury's $50 billion loan-modification program is in danger of being swamped as the foreclosure crisis accelerates, the Congressional Oversight Panel said in a report yesterday. The Home Affordable Modification Program has met its target of 500,000 trial mortgage modifications started by November 1, but the watchdog warned that... More »

MORE ABOUT:
housing market • subprime mortgages • foreclosure • mortgage • subprime crisis • negative equity • Obama administration • TARP • mortgage modification • underwater mortgage • Home Affordable Modification Program

mortgage meltdown

 Sleazy Middlemen 
 Stiff Homeowners 
 Trying to Refi 

Foot-dragging 'mortgage servicers' step into role of fox in henhouse

Oct 4, 09 3:31 PM CDT
(Newser) - The federal mortgage modification program is mired in trouble, with just 12% of the 3 million eligible loans in the process of modification, the "servicers" that helped create the problem tasked with helping to untangle it, and the Treasury Department falling down on the oversight job. In one... More »

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Iowa • North Carolina • mortgage • Treasury Department • GAO • Government Accountability Office • refinanced mortgages • TARP • mortgage modification • CitiFinancial • Home Affordable Modification Program

Treasury's Secret Formula Slows Loan Modifications

But one thing's clear: it favors banks, not homeowners

Sep 16, 09 8:15 AM CDT
(Newser) - The Obama administration’s mortgage modification program has been a big disappointment, and part of the reason could lie in the invisible hurdle troubled homeowners have to clear to get their mortgages renegotiated: the NPV test. Devised by the Treasury, the secret formula is designed to determine if modification is... More »

MORE ABOUT:
mortgage • Treasury Department • mortgage modification • loan modification

(Newser) - The government's foreclosure prevention program is failing largely because of mortgage companies who can make more money when loans go delinquent, industry insiders tell the New York Times. Companies servicing mortgage loans charge many lucrative fees as loans go bad—recoverable, if necessary, out of the proceeds when the foreclosed... More »

MORE ABOUT:
foreclosure • mortgage • mortgage loans • mortgage lender • mortgage delinquency • Obama administration • mortgage modification

(Newser) - There’s a big problem with government efforts to keep delinquents in their homes by modifying mortgages: Banks would usually rather foreclose, economists tell the Washington Post. Lenders are only interested in modification for the small group of borrowers who will keep paying only if they get help. For those... More »

MORE ABOUT:
foreclosure • mortgage • default • mortgage defaults • Obama administration • banking industry • mortgage modification

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