Foreclosure

Nation’s Top Mortgage Servicer Says Program Expands Solutions for Borrowers

March 4, 2009 -- CALABASAS, Calif. – Bank of America, the nation’s largest mortgage servicer, announced that it will participate in the Making Home Affordable Plan based on program guidelines released today by the U.S. Department of the Treasury, extending new foreclosure prevention and refinancing options to eligible customers nationwide. While the company becomes operationally ready, Bank of America will extend its foreclosure sale moratorium for borrowers that potentially qualify for the program.    » read more »

March 02, 2009 -- FRANKFORT, Ky. – Kentucky Governor Steve Beshear today announced that Kentucky will use $37 million in federal funding to help communities respond to the effects of high home and property foreclosures in the wake of the country’s economic crisis.

Surrounded by Lexington Mayor Jim Newberry and members of concerned community nonprofit groups,, Gov. Beshear said the emergency assistance, made available from the U.S. Department of Housing and Urban Development (HUD), will help the state and communities such as Lexington acquire and re-develop foreclosed properties that might otherwise become sources of abandonment and blight within their communities.    » read more »

February 25th, 2009 -- The first dollars from the American Recovery and Reinvestment Act are headed out the door today, as the federal government makes $15 billion available to help states shore up their Medicaid funds.

And there's more coming up.

Just a week after President Obama signed the Act into law, the Department of Housing and Urban Development (HUD) today allocated 75% of its recovery funds -- $10 billion -- to create green jobs, to revive housing markets with high rates of foreclosure, and curb homelessness.    » read more »

FHA implements temporary higher loan limits to help families keep their homes

February 25, 2009 -- WASHINGTON - More American families will be eligible this year to purchase or refinance their homes using affordable, FHA-insured mortgages, thanks to the economic stimulus package signed into law by President Obama last week. The American Recovery and Reinvestment Act of 2009 will allow HUD's Federal Housing Administration to temporarily increase its maximum loan limit, allowing FHA to insure larger mortgages at a more affordable price in high-cost areas of the country.    » read more »

February 5th, 2009 -- The people at the Department of Housing and Urban Development (HUD) have a crucial role to play in our economic recovery, the First Lady told the staff of the Department during a visit there yesterday.

"At times like these -- and we know times are hard right now -- there's so many families who've lost their homes, and millions are struggling to keep up with their mortgages," Mrs. Obama said.

First Lady Michelle Obama addresses the staff of the Department of Housing and Urban Development: White House photo.    » read more »

Protection Center to Help Kentuckians in Danger of Losing Their Homes

August 11, 2008 -- OWENSBORO, Ky. – Kentucky Governor Steve Beshear today announced at a press conference in Owensboro the creation of the Kentucky Homeownership Protection Center to address the foreclosure crisis in the commonwealth. The Protection Center, created by the passage of HB 552 during the 2008 General Assembly, will help Kentuckians in financial trouble become more proactive in keeping their homes.    » read more »

May 22, 2008 -- SAN DIEGO -- California Attorney General Brown today shut down a team of scam artists that acquired deeds to hundreds of homes in foreclosure by convincing desperate consumers to place their property in a “land grant,” a phony and worthless real estate document.

Federal Land Grant Company—a San Diego-based business run by Bill Hutchings, his wife Xiaoke Li and former wife Shawna Landis—tricked desperate homeowners into believing that they could protect their homes from foreclosure by deeding their property to “federal land grants.” Land grant transfers, used hundreds of years ago when the United States was still acquiring land from other countries, are no longer recognized by any court or county assessor.    » read more »

National operation includes more than 180 actions against instances of telemarketing fraud

May 20, 2008 -- TALLAHASSEE, FL – Florida Attorney General Bill McCollum, Florida Agriculture and Consumer Services Commissioner Charles H. Bronson, the Federal Trade Commission (FTC), and a series of Florida partners today announced the results of a national telemarketing fraud sweep, including several actions taken throughout Florida over the past few months.    » read more »

May 09, 2008 -- "Working people applaud the bipartisan effort by the U.S. House of Representatives to help struggling homeowners retain their piece of the American dream. This bill is an important step toward keeping millions of struggling families from losing everything they have worked for all their lives.

President Bush’s threat to veto this legislation is both inhumane and dangerously short-sighted. The funds in this legislation are an investment in healthy communities, vibrant neighborhoods and a stable economy.    » read more »

May 8, 2008 -- Washington, D.C. – Speaker Nancy Pelosi released the following statement today after the House approved comprehensive bipartisan legislation to address the housing foreclosure crisis:

“The New Direction Congress acted today to protect the American Dream of homeownership with a comprehensive package of housing policy reforms that will help protect families facing foreclosure and stem the continuing drop in home values around the country.    » read more »

Legislation Headed to House Floor

May 8, 2008 -- Chicago – Illinois Attorney General Lisa Madigan, State Representative Marlow Colvin (D-33rd) and State Senator Jacqueline Collins (D-16th) have initiated new legislation to assist struggling homeowners to help save their homes. The measure, introduced as the Homeowner’s Rights Act (HB 838) by Rep. Colvin and set to be sponsored in the Senate by Sen. Collins, was voted out of house committee Wednesday and, if passed, will amend the Illinois Mortgage Foreclosure Law.    » read more »

May 7, 2008 -- WASHINGTON, DC - U.S. Senators Bob Casey (D-PA) and Johnny Isakson (R-GA) today introduced a bipartisan bill to help prevent injured veterans from losing their homes while awaiting adjudication on their disability claims.

The Disabled Veterans Homeownership Preservation Act would help disabled veterans who are caught up in the extensive backlog of claims pending in the U.S. Department of Veterans Affairs (VA).

Wounded Iraq veterans: Photo by soldiersmediacenter (CC)    » read more »

Mortgage Late? Don’t Wait!

BALTIMORE, MD (May 6, 2008) – Maryland Governor Martin O’Malley, Baltimore City Council President Stephanie Rawlings-Blake, Department of Labor and Licensing Secretary Thomas Perez, Department of Housing and Community Development Secretary Raymond Skinner and other officials today kicked off a comprehensive, multimedia advertising campaign to help tackle rising foreclosures in the State and ensure Maryland homeowners are aware of the programs available to provide assistance and relief.

Protesters outside the home of Fed Chief Ben Bernanke: Photo by cioproject (CC)    » read more »

April 25, 2008 -- Washington, DC – U.S. Senator Dianne Feinstein (D-Calif.) is urging the chief executives of six major banks to take more robust action to help American homeowners avoid foreclosure.

In a letter to the bank executives, Senator Feinstein noted the broad economic damage caused when Americans lose their homes.

Bank of America security guards: Photo by Steve Rhodes (CC)    » read more »

4/27/2008 -- For more than a year, Hillary Clinton has been fighting to solve the housing crisis and keep American families in their homes. And she has a long record of fighting for the men and women of our Armed Forces, Reserves, and National Guard - for better health care, job opportunities, and affordable homes.

Hillary Clinton: Photo by Marc Nozell (CC)    » read more »