Bank of America reached a $17 billion agreement with federal regulators over faulty mortgages. What’s in it for you?
About $2.5 billion of Citi’s $7 billion settlement will go to consumers
Will hassle-free loan modifications finally help some borrowers?
Only a fraction of the loan modifications completed in 2012 were through the government’s HAMP
Forget for the time being all the Three Stooges document-fumbling surrounding the housing collapse. Set aside the obvious malfeasance of robosigning and rocket dockets. The question on the table now is, were America’s largest mortgage lenders stealing homes? The recent lawsuit filed by Massachusetts Attorney General Martha Coakley against five of the nation’s largest banks
Banks can work with borrowers, help them avoid foreclosure and remain profitable. That’s a lesson large lenders should learn from Webster Financial Corp., a regional bank based in Waterbury, Conn. The bank, which services $8 billion in mortgages and home-equity loans, has been able to prevent foreclosures, for the most part, by helping borrowers and
Two federal government agencies have unveiled a website that allows homeowners who are struggling with their mortgage payments to run their own net present value (NPV) tests. These calculations, which use dozens of inputs to compute the NPV of a house or condominium, are a crucial test in whether a homeowner will qualify for easier
First, there was “robosigning.” Now, there is IntelliMods. The name might sound like science fiction, but, in fact, IntelliMods is a new Web-based computer application that purports to help loan servicers decide whether to approve borrowers’ requests for a loan modification. IntelliMods is a product of CoreLogic, an corporation traded on the New York Stock
The debate over the success or failure of the federal government’s Home Affordable Mortgage Program, or HAMP, entered a new phase two weeks ago, when Rep. Jim Jordan, R-Ohio, introduced a bill that would all but eliminate the entire program. The bill, H.R. 430, HAMP Repeal and Deficit Reduction Act of 2011, would end any
Borrowers who can’t make their mortgage payments may wonder why lenders are loathe to accept less in lieu of foreclosure. The reasons can be found in a recent Congressional oversight panel report about the Treasury’s Home Affordable Modification Program, or HAMP. The report focuses on HAMP, but much of the information is equally applicable to non-HAMP