July 11, 2014
SOME GOOD THINGS are going on in the economy these days. Just like temperatures across the country, the stock market has been hot lately. The economy added 288,000 jobs in June. Unemployment dropped to 6.1 percent. Yet plenty of Americans still need financial help, especially with mortgages. We can't lose sight of these people, because they are vulnerable to predators peddling loan-modification fixes. Barbara Floyd Jones, senior manager of national homeownership programs at NeighborWorks America, said loan-modification scams are on the rise.
May 12, 2013 |
Considering the hoops that too many borrowers have to go through to obtain mortgage modifications, the news from the Treasury Department wasn't encouraging. In an April 24 report to Congress, the Office of the Special Inspector General for the Troubled Asset Relief Program, or TARP, reported that homeowners whose mortgages had been modified under the federal Home Affordable Mortgage Program were defaulting "at an alarming rate. " Data from the Treasury Department, which oversees HAMP, showed that the longer a homeowner remained in the program, the more likely he or she was to re-default out of the program.
January 29, 2013
ALFREDA WILLIAMS has been on the front lines for a long time, shepherding through some tough battles. Williams is a senior foreclosure counselor for HomeFree-USA, one of many agencies approved by the Department of Housing and Urban Development to help people save their homes if possible. She has seen the ugly side of the expensive and predatory mortgages that helped create the housing crash we've been trying to recover from for several years. "The hardest thing for me is working with the older clients who have owned their homes for years," Williams said.
September 9, 2012 |
If Lisa Fiorilli were a contestant on Let's Make a Deal , Bank of America's latest offer might have made a little more sense to her. Behind curtain 1 would be a mortgage-loan modification - with few details beyond what it will cost to claim it: $1,513 a month for the next three months. Pay the first installment by Thursday, the bank says, or lose out. And behind curtains 2 and 3? Maybe the mortgage modification she thought she was getting last year, under the federal Home Affordable Modification Program (HAMP)
June 8, 2012 |
IN THE REGION ResCap hires in Ft. Washington Residential Capital L.L.C., the bankrupt mortgage unit owned by Ally Financial Inc., plans to hire as many as 125 back-office employees to help process mortgage applications, according to its chief executive officer. About 100 of the hires will be in the Fort Washington, Montgomery County, office, with 20 to 25 more targeted for the California cities of Burbank and Costa Mesa, Thomas Marano said in a phone interview Thursday. The new hires will process loan files for originations and modifications, said Marano, who's also chairman of ResCap.
February 5, 2012
"After extensive deliberations with the board, I recommended to them that I was no longer the right person to lead Sunoco as it progresses to the next phase of its future. " - Lynn L. Elsenhans, announcing she will step down as chief executive officer of Sunoco Inc. after leading the Philadelphia company in winding down its oil-refining businesses. "She was brought here to do something, she did it, and now she's going. I know a couple thousand people who wouldn't mind helping her pack.
October 17, 2011 |
One recurring theme in reader questions, especially from creationists, is that Darwinian evolution can't explain big changes - the invention of fur or feathers, kidneys or brains. These readers don't see how such innovation could possibly come about through random spelling errors in DNA, no matter how many millions of years they had to accumulate. ". . . the concept of 'descent with modification' cannot generate more complex systems . . . the old adage that if you give 1,000 monkeys 1,000 years to randomly type we could get the works of Shakespeare is false.
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.
April 7, 2011
Dear Harry: Our family has hit on very hard times. Both my brother and my husband have lost their jobs in the last year. To make matters worse, my brother got scammed in an attempt to get his mortgage payments spread out over a longer period than the eight years remaining on the original schedule. He gave someone $500 up front to get a promised deal for 15 years with a lower interest rate as icing on the cake. The guy cashed my brother's check and disappeared. The TV station that carried this guy's ad was never paid, either.
July 1, 2010 |
Newton Conover, behind on his bills after a series of illnesses, thought he found the help he desperately needed when Hope Now Modifications of Cherry Hill promised to secure lower mortgage payments. Instead, Conover, 65, of Galloway, was among 514 customers in New Jersey and other states who fell victim to a company that preyed upon those looking to avoid foreclosure on their homes and who paid large fees for services never provided, state officials said. On Wednesday, the New Jersey Attorney General's Office announced the company, which also uses the name Hope Now Financial Services Corp.