September 12, 2016 |
It came as quite a shock to many distressed homeowners that the U.S. Treasury's Home Affordable Modification Program and Home Affordable Refinance Program would end Dec. 31. You still have until then to get out from the "under" that the bursting of the housing bubble put you in. Although the programs were extended past their original expiration dates because the nationwide foreclosure crisis was deeper and lasted longer than anyone had imagined,...
March 30, 2011 |
WASHINGTON - House Republicans pushed through legislation Tuesday to terminate an underachieving Obama administration program designed to reduce mortgage payments for homeowners in danger of losing their homes to foreclosure. Most Democrats, while acknowledging that the Home Affordable Modification Program had fallen short of original goals, protested the vote to kill it. The White House, in a statement, said that if the bill ever reaches President Obama's desk, his senior advisers would recommend that he veto it. The House vote was 252-170.
June 10, 2011 |
The Obama administration said Thursday that it was withholding financial incentives from three home-loan servicers needing to substantially improve their performances in the government's mortgage-modification program. The three are Bank of America, JPMorgan Chase, and Wells Fargo, according to the Treasury Department, which oversees the Home Affordable Modification Program. Treasury's review of first-quarter performance by lenders that participate in the voluntary program also cited Ocwen Financial as needing substantial improvement.
March 29, 2013 |
Seriously delinquent borrowers with mortgages owned or backed by Fannie Mae and Freddie Mac will be able to reduce their monthly payments without documenting their finances, under a program introduced by the companies' regulator. The move announced Wednesday by the Federal Housing Finance Agency is designed to stem losses to the U.S.-owned firms by letting borrowers at least 90 days behind on their mortgages bypass the administrative hurdles of typical loan modifications. Homeowners may still give their lenders documents on financial hardships, and can save more money by doing so, the agency said.
September 10, 2009 |
More than a half-million homeowners have been offered a chance to modify their mortgages to lower interest rates since February's launch of Obama administration efforts to reduce foreclosures nationwide. Yet in testimony yesterday before a subcommittee of the House Financial Services Committee, Assistant Treasury Secretary Michael Barr indicated that the Home Affordable Modification Program, though more successful than previous steps, still had problems. A continuing issue, Barr said, is the failure of some of the 45 loan servicers in voluntary compliance with the program to convert offers of trial modification into the real thing.
March 27, 2010 |
Criticized for its "ready, fire, aim" approach to reducing foreclosures through voluntary mortgage modification, the Obama administration announced plans yesterday to more actively help homeowners who are unemployed or owe more than their houses are worth. Under the rules that previously governed the Home Affordable Modification Program, unemployed homeowners could not qualify for mortgage assistance. As outlined by the Treasury Department, the "enhancements," to be funded by $50 billion from the Troubled Asset Relief Program, include these changes: Instead of lowering interest rates or extending loan maturities, or both, to reduce monthly mortgage payments to 31 percent of household income, lenders would gradually lower the principal if homeowners remained current on their payments.
February 18, 2010 |
Relatively few troubled borrowers are having their mortgage payments permanently reduced under the Obama administration's year-old Home Affordable Modification Program, data for January released yesterday by the Treasury Department show. Of the 1.3 million "trial" modifications started under the program since February 2009, just 116,000 have been made permanent. Still, the number of permanent modifications has increased substantially since December, when just 65,000 were reported.
September 11, 2009 |
Foreclosure filings in August dipped less than 1 percent from July but were 18 percent above August 2008 numbers, RealtyTrac of Irvine, Calif., reported yesterday. As has been the case for most of the three-year-old housing downturn, most of the filings - 60 percent of the total - were in Florida, California, Nevada, Arizona, and the upper Midwest. Pennsylvania and New Jersey had filing increases, though both states remained below the national average. Pennsylvania's foreclosure rate was one in every 950 houses; New Jersey's was one in every 421. The U.S. rate was one in 357. No. 1 Nevada's rate was one in every 62 houses.
September 28, 2009
LAST WEEK, the Congressional Oversight Panel held a hearing here in Philadelphia on how well a new federal program is working to slow down the rate of foreclosures. The answer: not so much. According to the testimony, and to observations offered by the panel, the Home Affordable Modification Program (HAMP) has real problems. HAMP provides financial incentives to lenders to work out mortgages, but while there have been nearly 400,000 trial modifications to date, those testifying on behalf of homeowners say there are enough problems with the program that they will be unable to handle the nine million foreclosures projected to come over the next three years.
March 12, 2010 |
February witnessed the lowest year-over-year increase in foreclosure filings since January 2006, RealtyTrac Inc., of Irvine, Calif., reported yesterday. Filings also fell 2 percent from January, RealtyTrac said. Two major snowstorms that struck the Northeast in the first two weeks of February might have contributed to the monthly drop as well as the small year-over-year increase. "Severe winter weather appears to have temporarily slowed the processing of foreclosure records in some Northeastern and Mid-Atlantic states," said James J. Saccacio, RealtyTrac chief executive officer.