ARCHIVED BLOG POSTS
2010
Neil Barofsky, special inspector general for the Troubled Assets Relief Program (TARP), admitted that far fewer homeowners will receive assistance under the HAMP program and other government efforts to ease foreclosure than originally estimated. Barofsky estimates that only 1.5 million to 2 milli...
03/30/2010
The Hope Now Alliance is the private sector loan modification alliance of mortgage servicing companies, mortgage insurers and non-profit counseling agencies who are dealing with non-HAMP qualified loans. Primarily these are vacant and investor-owned homes that no longer have a resident owner. Acc...
03/28/2010
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Despite the news from some quarters that delinquency rates may be starting to slow down, California is initiating more notices of default starting in February than in previous months. NODs jumped by 19.7% in February after a four month decline. While properties scheduled for foreclosure continued...
03/26/2010
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The Senate has introduced a Financial Reform Bill, introduced by Banking Committee Chairman, Christopher Dodd (D-Connecticut). If the bill is passed it will create a Consumer Financial Protection Bureau to watchdog unfair, abusive and predatory financial services and products. It will be housed w...
03/26/2010
The pace of new delinquencies has slowed during the winter months, according to a report by the valuation company, Lender Processing Services (LPS). The company believes that the trend is a reflection of the slowed pace of foreclosures due to HAMP and private loan modification programs. With 7.5 ...
03/24/2010
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The HAMP program issued one bit of good news: permanent loan mods were up 45% in January. The bad news is, this is just a miniscule amount of the 1.8 million homeowners who are behind in their payments in the U.S. The total HAMP permanent loans processed during the month of January Were 170,000 a...
03/23/2010
Many homeowners who tried to do the right thing by saving their home through a loan modification under the Home Affordable Modification Program are being startled by the news that their credit score has fallen by 100 points or so as a result. What credit counselors say causes this drop is that du...
03/22/2010
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Some States Hit Record High Unemployment The Labor Department has released January unemployment figures and has revealed record jobless rates in five states including South Carolina (12.6%), California (12.5%), Florida (11.9%), North Carolina (11.1%), and Georgia (10.4%). Nine states saw a decrea...
03/21/2010
The fourth quarter of 2009 saw a huge upsurge in court action taken against two types of defendants: homeowners with delinquent mortgages and alleged perpetrators of mortgage fraud. The statistics have been reported by Mortgagedaily.com for the period October 1- December 31, 2009. A total of 134 ...
03/20/2010
The fourth quarter of 2009 saw a huge upsurge in court action taken against two types of defendants: homeowners with delinquent mortgages and alleged perpetrators of mortgage fraud. The statistics have been reported by Mortgagedaily.com for the period October 1- December 31, 2009. A total of 134 ...
03/20/2010
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