California Governor Arnold Schwarzenegger has been working with four major mortgage loan servicers to help keep troubled homeowners out of foreclosure. Between them the companies, Countrywide Financial, GMAC Financial Services, Litton Loan Servicing and HomeEq Servicing, hold twenty-five percent of the servicing market.
The agreement that Governor Schwarzenegger worked out with the [...]
Many experts in finance and the economy are likening the current mortgage foreclosure crisis and it’s many ramifications to a house of cards, They are saying that the country’s economy is approaching the point where it won’t take more than a stiff breeze to blow the house down. And that adds up to a full-blown [...]
The Hope Now alliance, which is a partnership between non-profit housing counselors and mortgage companies backed by the White House, was created specifically to ward off a rising wave of mortgage foreclosures. Next week, 300,000 letters from the Hope Alliance will be posted to homeowners who may be having difficulty meeting their monthly mortgage payments. [...]
The Hope Now alliance, which is a partnership between non-profit housing counselors and mortgage companies backed by the White House, was created specifically to ward off a rising wave of mortgage foreclosures. Next week, 300,000 letters from the Hope Alliance will be posted to homeowners who may be having difficulty meeting their monthly mortgage [...]
Continue reading: Alliance Takes Steps To Curb New Foreclosures
Foreclosed homeowners in Ohio are getting a surprise break from the courts these days and the judge’s rulings may set a nationwide precedent and give troubled homeowners more time. It’s all happened because a federal judge in Ohio has ruled against a long-time practice and created an obstacle for lenders who are attempting to reclaim [...]
Continue reading: Creditors Without Proof Of Ownership Face Foreclosure Delays
The sub prime mortgage crisis was born in a decade-long housing boom fueled by low interest rates and excess liquidity. During these ‘boom’ years, mortgage brokers enticed by the lure of big commissions, talked buyers with poor credit into accepting housing mortgages with little or no down payment and without proper tax documentation [...]
Continue reading: The Subprime Mortgage Crisis: How Did It All Start?
In the face of never-ending increases in mortgage foreclosures, the House of Representatives just voted to put legal pressure on mortgage lenders. The new bill would force lenders to become licensed, require them to ascertain whether borrowers have the ability to repay their loans and imposes fines for those who ‘steer’ borrowers into sub [...]
Continue reading: House Bill To Crack-Down On Mortgage Lenders Passes
According to RealtyTrac’s latest report on the mortgage industry, the rate of foreclosure loans has not declined nationwide and has increased in those states where investors did most of their speculation by buying-up homes and condominiums. In three of these states, California, Florida and Ohio, foreclosure rates are 100% higher than they were last [...]
Continue reading: Nationwide Foreclosure Filings Still Increasing
