Mortgages

8 October 2009 -- Washington, DC – The House today passed the Service Members Home Ownership Tax Act of 2009, H.R. 3590, which includes a Blumenauer provision that allows members of the armed services, Foreign Service, and intelligence community to take full advantage of the 2009 First Time Homebuyer Tax Credit. The bill passed 416-0.

Currently, this credit cannot be claimed by those on temporary government assignment overseas, since the law requires the buyer to live in the home for 36 consecutive months.    » read more »

12.6 percent increase in home sales within 2009 due to federal tax credit; Calls for extension of federal tax credit to ensure home sales continue to rise

9 October 2009 -- Cherry Hill, NJ - Congressman John Adler (NJ-03), a member of the House Financial Services Committee, today released a report highlighting how the first-time homebuyer tax credit has helped stabilize New Jersey and Pennsylvania's housing market. Joined by the New Jersey Association of REALTORS®, Congressman Adler called for an extension of the federal program.    » read more »

62,989 Home Affordable Modifications done under U.S. program through Sept. 30; total of 354,994 trial and completed modifications done in 2009

DES MOINES, Iowa — October 8, 2009 -- Wells Fargo & Company (NYSE:WFC) said today that it has done 62,989 trial and completed Home Affordable Modifications through Sept. 30; nearly double what the U.S. Treasury reported last month. Also, using its own programs, Wells Fargo has done 292,005 trial and completed home loan modifications.

This brings the total number of modifications Wells Fargo has done this year to 354,994; a 25 percent increase over last month. In addition, the company has refinanced about 987,000 mortgage loans, thereby assisting more than 1.3 million households this year with mortgage payment relief.    » read more »

HB 232 is part of broad statewide effort to combat foreclosure and foreclosure-related fraud

October 05, 2009 -- WILMINGTON – Delaware Governor Markell signed legislation into law today clarifying protections of homeowners in foreclosure. House Bill 232 clarifies that companies that offer to negotiate modifications of secured debt, such as a mortgage, on behalf of consumers are subject to the provisions of the Mortgage Rescue Fraud Protection Act, which prevents companies from charging homeowners who are in foreclosure thousands of dollars in up-front fees to negotiate with loan servicers or lenders.    » read more »

Amid Foreclosure Crisis, Local Prosecutors Lack the Resources, Manpower to Fight New Wave of Mortgage Scams

September 29, 2009 -- WASHINGTON, DC—U.S. Senators Charles E. Schumer (D-NY) and Jon Kyl (R-AZ) announced new legislation Tuesday to better protect homeowners from the recent wave of mortgage scams by providing up to $200 million over two years for State and local prosecutors offices to battle real estate fraud. The bill authorizes the Justice Department to award competitive grants to prosecutors’ offices that seek to hire specialized staff—including investigators, forensic accountants, and attorneys—to combat such scams.    » read more »

August 24, 2009 -- ANCHORAGE, AK—United States Attorney Karen L. Loeffler announced that on August 21, 2009, lead defendant Lance Lockard was sentenced to 70 months in prison for his leadership of a large-scale mortgage fraud scheme.    » read more »

(Phoenix, Ariz. – August 4, 2009) Responding to a report issued today on the results of the federal “Making Home Affordable” loan modification program, Arizona Attorney General Terry Goddard again called upon mortgage loan servicers to ramp up their efforts to help homeowners at risk of foreclosure.

According to the report, Arizona lenders and servicers vary greatly in the results of their modification programs. Many of the lenders with the biggest Arizona market shares have only single-digit success rates in their modification programs.    » read more »

HUD Secretary announces eligibility for borrowers up to 125% underwater in Las Vegas with Senate Majority Leader Harry Reid and Congresswoman Dina Titus

July 1, 2009 -- WASHINGTON - U.S. Housing and Urban Development Secretary Shaun Donovan today announced an expansion of the Obama Administration's Home Affordable Refinance Program to include participation by borrowers who are current but up to 125 percent underwater on their mortgage.

Under authorization provided by the Federal Housing Finance Agency, borrowers whose mortgages are currently owned or guaranteed by Fannie Mae and Freddie Mac will now be allowed to refinance those loans according to the terms of the Home Affordable Refinance program established earlier this year.    » read more »

155,000 more modification requests in process or under review Has prevented 565,000 foreclosures since 2007

NEW YORK, June 30, 2009 -- Chase announced today that it has approved 138,000 trial mortgage modifications for struggling homeowners since April 6, when it began processing trial modifications through President Obama's Making Home Affordable program.

Since 2007, Chase has continued to expand its comprehensive plan to keep families in their homes, helping prevent 565,000 foreclosures - including the 138,000 trial modifications -- for Chase, WaMu and EMC customers. Another 155,000 applications are in the review process.    » read more »

Has Led To Indictment Of 8 Individuals And The Opening Of More Than 80 Cases - Unit Cracking Down On Flood Of Mortgage Fraud Cases Infecting Brooklyn

June 22, 2009 -- Today, U.S. Senator Charles E. Schumer and Kings County District Attorney Charles J. Hynes announced that the Kings County Mortgage Fraud and Real Estate Crimes Unit has led to the indictment of eight individuals and the opening of more than 80 cases. One such case involves Thomas Prusik-Parkin, the man accused of impersonating his deceased mother to collect Social Security benefits and rent subsidies.    » read more »

June 20, 2009 -- WASHINGTON – In his weekly address, President Barack Obama explained the necessity of his proposed Consumer Financial Protection Agency. It is clear that one of the major causes of the current economic crisis was a breakdown of oversight leading to widespread abuses in the financial world.

The Consumer Financial Protection Agency will have the sole job of looking out for the financial interests of ordinary Americans by banning unfair practices and enforcing the rules. This is the type of reform that will attack the causes of the current crisis and prevent further crises from taking place.

The audio and video will be available at 6:00am Saturday, June 20, 2009 at www.whitehouse.gov.

Prepared Remarks of President Barack Obama
Weekly Address    » read more »

June 18, 2009 -- Citing a story in this morning’s Washington Post, Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today slammed financial industry groups who have expressed opposition to the Obama Administration’s proposal to create an independent consumer financial protection agency.

Dodd is an outspoken advocate for the creation of such an agency, and reiterated his strong support for the idea at today’s Banking Committee hearing where Treasury Secretary Timothy Geithner testified about the Administration’s proposal to modernize the framework of American financial regulation and supervision.    » read more »

Combined with federal tax credits, total incentives for first time buyers can be as high as $15,000

June 18, 2009 -- PORTLAND – Maine Governor John E. Baldacci announced today some good news for first-time homebuyers – and for Maine’s housing market. MaineHousing is starting a new “Gift of Green” homeownership initiative that provides eligible First Home program borrowers with up to $5,500 in financial incentives to purchase a home.    » read more »

Gov. Markell Announces Foreclosure Mitigation Initiative and Declares June ‘Homeownership Month’

June 17, 2009 -- DOVER – Delaware Governor Jack Markell today signed a proclamation officially declaring June as “Delaware Homeownership Month”. To help celebrate the First State’s ongoing commitment to homeownership, Governor Markell also announced the Foreclosure Mitigation Initiative – formed through a partnership among federal and state governments, local jurisdictions, legislators, financial institutions, housing counselors, and other for-profit and nonprofit organizations. The Initiative consists of three basic ideas:    » read more »

Gov. Schwarzenegger Announces Implementation of California Foreclosure Prevention Act to Help Families at Risk of Losing Their Homes

06/15/2009 -- California Governor Arnold Schwarzenegger today announced the implementation of the California Foreclosure Prevention Act, a law intended to promote affordable loan modifications for distressed California homeowners who might otherwise face foreclosure. The Act was proposed by the Governor and adopted by the legislature in the February budget package.    » read more »