March 16, 2011 (Shirley Allen) Just days after the House of Representatives voted to kill the Federal Housing Administration’s (FHA) Short Refinance Program, Bank of America, JPMorgan Chase, and Citigroup have joined Wells Fargo and Ally Financial/GMAC as participants in the struggling program. Read more...
March 16, 2011 (Brian Moore) First mortgage defaults rates declined to 2.45 percent in February 2011, which was14.04 percent lower than January 2011 and 43.27 percent lower than February 2010 according to the Standard & Poor/Experian Consumer Credit Default Indices. Second mortgage defaults also experienced a decline to 1.46 percent, which was 3.41 percent lower [...]
March 16, 2011 (Chris Moore) As the House Republicans prepare to vote this week on ending the under-performing Home Affordable Modification Program (HAMP), Tim Massad, Acting Assistant Secretary of the Treasury for Financial Stability, has decided to weigh-in on his feelings in defense of the government's flagship anti-foreclosure program by sharing five things about HAMP [...]
March 15, 2011 (Jeff Alan) Although the Republicans efforts to end the Obama Administrations anti-foreclosure programs will probably never see fruitation, the Department of Housing and Urban Development (HUD) has sounded off on the Republicans efforts to end the programs as “irresponsible.” Read more...
March 15, 2011 (Jeff Alan) Larger than expected price declines in the fourth quarter of 2010 has led JPMorgan Chase to downgrade its expectations that housing prices will improve. The revision indicates that after housing gains in the first half of last year, the market may now double dip. Read more...
March 15, 2011 (Chris Moore) In a presentation for investors, Bank of America chronicled the life and times of 100 random mortgage loans that were 60 days or more delinquent on their way down the path to a permanent HAMP loan modification. HAMP is in the House Financial Services Committee’s crosshairs this week, aiming to [...]
March 14, 2011 (Chris Moore) The House of Representatives voted 256 to 171 to kill the Federal Housing Administration's (FHA) Short-Refi program. The $8 billion dollar program was launched in September but came under heavy Republican criticism as an example of wasteful government programs that spend more to save a single borrower than it costs [...]
March 14, 2011 (Jeff Alan) Bank of America today announced the new “Military Loan Modification Program,” aimed at providing mortgage relief for active duty military customers behind on their payments and extending mortgage protections for servicemembers beyond active duty. The program takes effect April 1, 2011. Read more...
March 14, 2011 (Shirley Allen) The U.S. House voted 242-177 to cancel the Emergency Homeowner Loan Program (EHLP) for homeowners who have lost their jobs as Republicans move to eliminate funding for President Barack Obama’s anti-foreclosure efforts. The $1 billion emergency loan program to help borrowers keep their houses was funded by a Democrat-led Congress [...]
