December 11, 2009 |
Federal data released Thursday showed just how poorly banks are doing at turning the growing number of temporary loan modifications into permanent ones under the Obama administration's effort to curtail foreclosures. Only 31,382 of more than 700,000 mortgage modifications under the federal program had been made permanent by the end of November. The numbers reinforced the bleak picture that Treasury Department officials painted last week when they said the number of permanent reductions was low. They unveiled new measures, including the threat of fines, to push mortgage servicers to improve their performance.
June 22, 2010 |
More borrowers dropped out of the Obama administration's foreclosure prevention program last month than were added, but many of those homeowners found private help from their mortgage companies, according to data released Monday. The number of mortgages with permanently reduced payments under the Home Affordable Modification Program increased 15% in May to 340,459. The pace of new temporary three-month modifications eased in May, with an increase of just 2.5% to 1,244,184. But cancellations of mortgage modifications continued to grow.
April 3, 2013 |
Banks aren't living up to pledges they made as part of a $26-billion settlement of government investigations into mortgage servicing and foreclosure abuses, according to an advocacy group's survey of California housing counselors and lawyers. The survey, the ninth in a series conducted by the California Reinvestment Coalition, also found that providers of mortgage customer service are violating consumer-protection provisions in the California Homeowner Bill of Rights, the package of foreclosure-prevention laws sponsored last year by state Atty.
February 17, 2011 |
Major U.S. banks are about to get penalized for "critical deficiencies" and shortcomings in how they handled foreclosures, a top federal regulator said Thursday at a Senate Banking Committee hearing examining the Dodd-Frank Act six months after its congressional approval. "These deficiencies have resulted in violations of state and local foreclosure laws, regulations or rules," said John Walsh, acting comptroller of the currency. Banking regulators are preparing sanctions and "remedial requirements," he said.
February 18, 2010 |
The number of mortgages with permanently lowered monthly payments under the Obama administration's foreclosure prevention program increased dramatically in January. In all, the number went up to 116,297, with an additional 76,482 modifications approved and awaiting acceptance by the borrower, the Treasury Department reported Wednesday. Administration officials said that the program, which offers banks and other mortgage servicers cash incentives to reduce monthly payments, has saved homeowners a total of $2.2 billion.
March 6, 2012 |
Up to 3 million homeowners could save about $1,000 a year because of a reduction in fees, announced Tuesday by President Obama , on refinancing their government-backed mortgages. In addition, the White House said it was taking new steps to help military members whose homes were improperly foreclosed by large mortgage servicers. Among the steps, the servicers have agreed to conduct a review overseen by the Justice Department of all foreclosures of military members since 2006 to determine if they violated a federal ban on such actions for active duty service members. Any violations will result in the servicer paying the military member's lost equity, plus interest, plus $116,785.
July 8, 2012 |
Deadlines are looming for anyone seeking a review of their foreclosure proceeding and for homeowners considering a short sale. Few taking advantage of foreclosure review Under the terms of an enforcement action between Uncle Sam and large mortgage servicers, you still have time to ask someone to ensure that you were treated fairly if you were involved in a foreclosure. In February, the Office of the Comptroller of the Currency and the Federal Reserve Board extended the deadline for the "independent foreclosure review" to July 31 from April 30. Now the deadline has been extended again, to Sept.
October 21, 2010 |
A government review of botched foreclosure paperwork so far has found that the problems do not pose a "systemic" threat to the financial system, a top Obama administration official said Wednesday. But Housing and Urban Development Secretary Shaun Donovan said a comprehensive review of mortgage foreclosure procedures would not be completed until the end of the year. He said the administration was "very, very focused" on addressing the issue, promising to hold banks accountable if problems are uncovered.
October 2, 2009 |
A report from federal regulators contains bits of encouragement for struggling homeowners seeking to have their mortgages modified. In the second quarter, 78% of loan modifications involved actually reducing borrowers' payments, up from 54% in the first quarter, the report says. The shift came as mortgage servicers became less likely to merely add missed payments to the balance of a reworked loan. The joint report from the Office of the Comptroller of the Currency, which regulates national banks, and the Office of Thrift Supervision, the federal overseer for savings and loans, surveyed servicers of 64% of all U.S. home loans.
June 10, 2011 |
The Obama administration has punished three of the nation's largest banks, judging them unworthy of receiving financial incentives through its signature foreclosure relief program until they improve their practices. Bank of America Corp., JPMorgan Chase & Co. and Wells Fargo & Co. were found to be in need of "substantial improvement" under the $75-billion Home Affordable Modification Program, officials said. It was the first time that the administration had taken any major punitive action against the banks in its program, which has been criticized by consumer advocates and Republicans as ineffective and falling short of its goals.