Tag Archives: loan servicers

CA Passes Foreclosure Protection Legislation

California will now have the toughest regulations in the country against foreclosing on homeowners who are in the midst of renegotiating their mortgage. All this legislation makes the mortgage business less profitable for lenders so that they will have less … Continue reading

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Settling Foreclosure Lawsuits Against The Big Banks

Banks are expected to pay out $20 billion to settle a variety of lawsuits for their sloppy paperwork processing of foreclosures. Banks have been overwhelmed by the number of foreclosures and they lose about $40,000 at least with each foreclosure. … Continue reading

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1.76 Million Mortgages Modified In 2010

For all the wailing and gnashing of teeth by the news media, frustrated home owners and politicians, lenders modified nearly two million mortgages in 2010. The modifications required a ton of paperwork and received much scrutiny. During the last third … Continue reading

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Obama’s Home Affordable Modification Program (HAMP) Struggles To Refine Its Goals

HAMP has helped about 700,00 homeowners so far. I wonder how many it has hurt? If we subsidize poor decisions, won’t we get more of them? I don’t see why I should subsidize people who bought more mortgage than they … Continue reading

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Lawsuits Over Mortgage Modifications

Unable to pay their mortgages, millions of Americans are trying to renegotiate their deals with banks. Some of these Americans claim that banks are not being sufficiently cooperative. They apparently have no compunction or embarrassment about failing to fulfill the … Continue reading

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Politicians Jawbone Bank of America, Wells Fargo

The banks received $70 billion from taxpayers. Politicians have taken them to task for not modifying enough loans. The banks just reported big profits. The Obama administration set a target of 500,000 homeowners helped by its HARP program by Oct. … Continue reading

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We Are Two Years Into The Mortgage Crisis

The flood of defaults and evictions hasn’t slowed. It’s only getting worse. Legislators want to do something. Many of their plans will cost a lot of money and reward inefficient economic behavior. In the first quarter of this year, 800,000 … Continue reading

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Lenders Take Action To Reduce Foreclosures

With unemployment rising rapidly, we’re looking at an increase in foreclosures. A year ago, foreclosures were concentrated in places with speculative real estate bubbles such as California and Florida. Now they’re more widespread. Fannie Mae and Freddie Mac are leading … Continue reading

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