August 30, 2012 |
WASHINGTON - The nation's five largest banks are off to a good start on their promise to help ease the foreclosure crisis, providing nearly 140,000 struggling homeowners with a total of $10.6 billion in mortgage debt relief, according to a government report. But the banks have much more work to do to fulfill their requirements under a $25-billion agreement reached in February to settle federal and state foreclosure abuse investigations, key officials said. And to keep the pressure on, the government released the preliminary report Wednesday - the first look at how Bank of America Corp., JPMorgan Chase & Co., Wells Fargo & Co., Citigroup Inc. and Ally Financial Inc. were carrying out their commitments.
January 26, 2012 |
Two new initiatives from President Obama to address the foreclosure crisis — more help for struggling homeowners and aggressive investigations of financial firms — face significant hurdles as the nation's real estate troubles linger in a volatile election year. A new refinancing plan that expands on an existing initiative would allow homeowners who are current on their mortgage payments to retool their loans and save as much as $3,000 a year on payments. This expansion would be paid for by a new tax on large banks that Obama originally proposed in 2010 that has gone nowhere in Congress — and is unlikely to be approved by Republicans facing reelection in the fall.
April 21, 2010 |
The California foreclosure crisis appears to be abating, new data show, as the federal government and big lenders step up efforts to keep troubled borrowers in their homes. Mortgage default notices — the first step toward foreclosure — plunged 40.2% statewide in the first three months of the year compared with the same period in 2009, according to San Diego research firm MDA DataQuick. Foreclosure sales dropped 1.7% from a year earlier and 16.1% from the last three months of 2009, DataQuick said Tuesday.
August 9, 2012 |
WASHINGTON - New federal rules would require banks to provide homeowners with better information about their mortgages to avoid costly surprises, such as sharp interest rate increases, and provide better service to help them avoid foreclosure. The rules, to be proposed Friday by the Consumer Financial Protection Bureau, are designed to prevent a repeat of the foreclosure crisis. They track an outline released in April by the agency, which was created in 2010 in part to help protect borrowers.
March 13, 2012 |
Home prices are tumbling to fresh lows, but new data show the rental market is on an upswing, an early indicator that housing may be headed into recovery. Rents are increasing because the foreclosure crisis has created a steady supply of renters in recent years, analysts said, and those people — with their tarnished credit records preventing them from quickly becoming homeowners again — need places to live. Adding to the housing squeeze is the nascent jobs recovery, which is fueling desire for rental housing as people find employment and strike out on their own. Many renters with the potential to buy a home are also sticking to the rental market given the home price slump and the difficulty these days in getting a mortgage.
August 14, 2012 |
WASHINGTON - Rep. Dennis Cardoza, a Democrat from California's Central Valley, plans to resign his seat Wednesday rather than retire at the end of the term as he had originally planned. “Tomorrow, I will be submitting my formal letter of resignation from Congress to Gov. Jerry Brown and Speaker John Boehner, effective midnight Aug. 15,” he said in a statement Tuesday. Cardoza, a House member since 2003, announced his retirement plans last fall after redistricting scrambled the state's political boundaries, further shaking up the state's congressional delegation.