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Posts marcados ‘LOAN’

EYE ON LOAN MODIFICATION

Lawsuit Reveals How a Middleman Is Blocking Mortgage

Modifications for Homeowners

by Paul Kiel
ProPublica

.Pamela Jeter of Atlanta, Ga., is currently facing foreclosure. (Photo courtesy of Pamela Jeter)

Pamela Jeter of Atlanta, Ga., has been trying to get a mortgage modification for more than two years. She seems like an ideal candidate. She has shown she can stay current with a reduction in her monthly mortgage payments. Everybody would seem to win. Even the investors who ultimately own her loan think she should be able to get one. So, why is Jeter facing foreclosure? (mais…)

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Eye on Loan Modifications

Despite Finding Big Problems in Mortgage Industry,

Regulators’ Punishment Unclear

by Paul Kiel
ProPublica,

.(Justin Sullivan/Getty Images)

Federal regulators say they’re going to crack down after finding “critical deficiencies” with how banks and mortgage servicers have been handling struggling homeowners. But it’s an open question just what form a punishment will take, with one regulator reportedly pushing lighter penalties than the others. (mais…)

Eye on Loan Modifications

New York State Foreclosure Mediation Shows Glimmers of

Hope in Helping Homeowners

by Karen Weise
ProPublica

.Homeowners sit with counselors to help them modify their mortgages at the Jacob Javits Convention Center on Dec. 12, 2009, in New York City. (Michael Nagle/Getty Images)

With foreclosures at close to record highs, local and state governments around the country have tried to intervene to both make sure banks aren’t taking shortcuts and to help keep people in their homes.

New York State has one of the most aggressive efforts, mandating that homeowners and banks meet regularly under court supervision. The idea is simple: Banks and mortgage servicers have often done a poor job communicating with homeowners, and if the two sides are forced to sit down, there may be fewer foreclosures. Banks can proceed with foreclosure only if the court finds the two sides can’t reach a resolution. (mais…)

EYE ON LOAN MODIFICATIONS

BofA Blames Investors for Lack of Loan Modifications, But

Evidence Points Elsewhere

 

by Karen Weise
ProPublica

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Bank of America’s top mortgage official Barbara Desoer testifies before the Senate Committee on Banking, Housing ad Urban Affairs. (Photo courtesy of the Senate banking committee)

In prepared Congressional testimony coming today, Bank of America’s top mortgage official, Barbara Desoer, says it’s Wall Street investors, not the bank, that are making it hard to help homeowners. “Bank of America is constrained by our duties to investors,” she says [1]. “Many investors limit Bank of America’s discretion to take certain actions.” (mais…)

EYE ON LOAN MODIFICATIONS

The Government’s Incredible Shrinking Mortgage Mod

Program

by Karen Weise
ProPublica

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A homeowner sits with a Bank of America negotiator as she tries to restructure her mortgage loan at the Palm Beach Convention Center on Aug. 27, 2010. (Joe Raedle/Getty Images)

The U.S. government’s effort to help struggling homeowners is approaching a standstill, and the number of homeowners in ongoing mortgage modifications could start shrinking in several months if current trends continue, according to a ProPublica analysis of Treasury Department data. (mais…)

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