ARCHIVED BLOG POSTS
2010
2
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Ocwen is gaining a reputation as one of the most aggressive lenders when it comes to offering programs for loan modification under the Home Affordable Modification Program (HAMP). Ocwen’s rate of converting trial modifications to permanent ones is 10 to 20 times higher than other lenders, and the...
03/10/2010
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Between 150,000 and 200,000 seriously delinquent mortgage backed security (MBS) loans will be purchased by Fannie Mae in March. As of December 31, 2009 it was thought that there were $127 billion in loans that were at least 120 days late that were eligible for this program. Fannie Mae will contin...
03/09/2010
HUD has a new website, Preventloanscams.org, to build a data base of shady loan modification practices and reported scams. The database will allow non-profit agencies trying to help homeowners to identify problems across regional lines. In the past HUD could not share such data with non-profits. ...
03/09/2010
The Obama Administration is considering further sanctions against Lenders who foreclosure before all Home Affordable Modification Program options have been explored. The HAMP guidelines strongly urge Lenders to look at all options before foreclosing, but falls short of requiring Lenders to examin...
03/07/2010
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A news broadcast in southwestern Ohio reported recently about a man who bulldozed his home rather than allow the bank to take his home after the bank failed to accept a Short Sale offer of $170,000 for the $350,000 home. The homeowner, Terry Hoskins, hoped that his actions would help make banks “...
03/07/2010
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Despite some slowing in the housing price decline in most markets, the number of mortgages that are now larger than the home value continues to grow. First American CoreLogic estimates the number of U.S. households with underwater mortgages as of the end of 2009 was 11.3 million, or 24% of all ho...
03/06/2010
2
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In an effort to shore up its disappearing reserves, the Federal Housing Administration has issued new loan standards which will go into effect this summer. FHA is an important source of loans for first time homebuyers and those who have struggled to get credit scores into range to be able to qual...
03/04/2010
Rainer
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Dave Rosenmarkle
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