Tag Archives: loss mitigation

CA’s AG Seeks An End To Mortgage Foreclosures In That State

California’s attorney general seems to believe we can just legislate unpleasant economic realities such as mortgage foreclosures. She wants Fannie Mae and Freddie Mac to stop foreclosing in California. Fannie and Freddie have required a $160 billion in taxpayer funds … Continue reading

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Bank Of America’s Mortgage Servicing Downgraded

The SEC requires that one of three private credit rating agencies give a grade to all new bond offerings and the like. So, yes, this is a private business, but it is also a government mandated cartel. Bloomberg reports: Bank … Continue reading

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Mortgage Losses Drop Bank Of America Profits

Thanks to its acquisition of Countrywide, Bank of America owns more mortgages than any bank, but that is not good news for its profits. Litigation and foreclosures have caused the bank major losses. Here’s a report: Bank of America’s profits … Continue reading

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Mortgage Modifications Hard To Get

Here are the three basic reasons according to this Washington Post article: “Loan modifications often don’t work out because the homeowner doesn’t understand what’s out there, the lender is reluctant to write off part of the loan or, as in … Continue reading

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Little Response To ‘Hope For Homeowners’

From the AP: How many people will enroll in the new “Hope for Homeowners” program? It was started Oct. 1. It was created by politicians yearning to appear responsive to the mortgage meltdown. The CBO says 400,000 homeowners will take … Continue reading

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FHA Offers Mortgage Relief

Report: WASHINGTON, D.C. – U.S. Department of Housing and Urban Development Secretary Steve Preston announced that 400,000 families have refinanced their mortgages with HUD’s affordable mortgage insurance program. Since expanding its refinance program in September 2007, HUD’s Federal Housing Administration … Continue reading

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FHA Offers Refinance Opportunities

Refinancing on pace to help half-million homeowners by year’s end WASHINGTON – U.S. Department of Housing and Urban Development Secretary Steve Preston today announced that 400,000 families have refinanced their mortgages with HUD’s affordable mortgage insurance program. Since expanding its … Continue reading

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John McCain’s Mortgage Response

Source: This line of argument is flawed in four specific ways: 1.) These strictures are stated to apply only to programs “established under this section” – in sec. 101. As such, they do not apply to sec. 109, which states … Continue reading

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Tips For Keeping Your Home

The following information, along with other helpful advice, can be found at the Arizona Department of Housing website: The Arizona Department of Housing is contracting with Community Information and Referral Services to staff the call center which will connect homeowners … Continue reading

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Fast Relief For Those Facing Foreclosure

Report: • Section 1402, effective Oct. 1, 2008, allows troubled mortgage holders to avoid foreclosure by refinancing into smaller, more affordable, Federal Housing Administration (FHA)-backed mortgages, provided they give Uncle Sam a piece of the equity-growth action and provided the … Continue reading

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