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foreclosures: BANK OF AMERICA WILL PROCEED WITH 16,000 FORECLOSURES THIS MONTH - 12/16/10 11:18 AM
Bank of America said it is now ending its foreclosure freeze and promised to get its act together after a series of sloppy home seizures prompted the lender to step back, put its foreclosures on hold and re-examine the whole process.
"We have identified areas of our process that can be improved and while we make these improvements, it's important that we move ahead with efforts to reduce the number of abandoned properties across the country," said Barbara Desoer, president of Bank of America Home Loans, in a statement. "The properties can drag home values down in neighborhoods and slow the … (1 comments)
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foreclosures: THE KEY DEFECTS OF THE HAMP PROGRAM - 11/04/10 11:35 AM
Senator Ted Kaufman used a baseball analogy at a Capitol Hill hearing Wednesday as he tried to put into perspective a key defect of the Home Affordable Modification Program (HAMP), a defect that watchdog groups and experts have been lamenting for months now. "What matters is not how often you swing the bat, but how often you reach the bases," said Kaufman, who now chairs the Congressional Oversight Panel (COP), which is charged with policing initiatives that fall under the TARP (Troubled Asset Relief Program), including the Treasury's foreclosure prevention efforts.
"Sound oversight must start with an understanding of a program's goals. … (4 comments)
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foreclosures: JP Morgan Chase to delay more than 56,000 foreclosure proceedings - 10/02/10 04:03 PM
It started with GMAC and now continues with JP Morgan Chase, which said a couple of days ago that it will delay more than 56,000 foreclosure proceedings due to paperwork that was "signed without the signer personally having reviewed those files." This leads us to raise questions like: do the other servicers follow the letter of the law, or not? Is this only the beginning? So what will that mean to the larger foreclosure crisis and the already weakening housing recovery?
Laurie Maggiano, Policy Director in the Treasury Departmen's Homeownership Preservation Office sees a slowdown in the pace of foreclosures.
"I … (4 comments)
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foreclosures: HAMP report Criticized for Missing Metrics - 08/14/10 01:43 PM
The performance metric used to measure if assisted home owners are having difficulties (re-defaulting) on their modified mortgages financed by U.S. tax payers is hardly criticized by experts.
After the monthly Obama administration review of the report on the path breaking foreclosures prevention program, the department of Treasury claimed a problem at Fannie Mae that handles the Home Alternative Modification Program (HAMP). So the public cannot estimate any more if homeowners with HAMP modifications that reduces monthly payments up to 31% of income level are being directed to permanent modification. The report talks about the HAMP program effort to help 3-to … (0 comments)
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foreclosures: Foreclosure Filings Show Slight Decrease in Q2 - 07/31/10 02:46 PM
According to Default Research, there are substantial signs of pre foreclosure statistics improving all over the research areas including Las Vegas, Miami and Phoenix. A 30% decrease of pre foreclosures is in Miami-Dade County , but it's not the only with the positive changes. This was aided by new laws encouraging mortgage modification plans and short sales. Another good news is, that banks seem to become more cooperative and efficient regarding short sales, which is also easing the foreclosure crunch. Finally, homeowners can modify their mortgages to stay in their home, with the help of continuous education and assistance. The statistics … (0 comments)
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foreclosures: Bank of America faces lawsuit - 07/22/10 11:37 AM
15 mortgage holders have decided to charge the nation's biggest bank with a "systematic home loan scheme", so they filed a lawsuit against Bank of America. The lawsuit was filed by the Texas Justice League, a nonprofit organization who represent these mortgage owners. This lawsuit can involve thousands of Texas mortgage holders, who charge they were abused and financially damaged by Bank of America employees handling their mortgages. As a result of these problems three of the homeowners were foreclosed. The suit was filed in Victoria, a small community in Texas, 30 miles north of the Golf of Mexico, about two … (7 comments)
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