Mortgages

Mortgage Reform will save consumers an average of $700; HUD withdraws 'required use' definition after review of 1,200 public comments

May 11, 2009 -- WASHINGTON - U.S. Housing and Urban Development Secretary Shaun Donovan today announced his intention to implement the mortgage reforms under the Real Estate Settlement Procedures Act (RESPA) that are scheduled to take full effect on January 1, 2010. For the first time in more than 30 years, HUD is updating mortgage rules to help consumers shop for the lowest cost mortgage, avoid costly and potentially harmful loan offers, and save an average of $700.    » read more »

May 7, 2009 -- WASHINGTON, DC - U.S. Housing and Urban Development Secretary Shaun Donovan today unveiled the Department's fiscal year 2010 budget, which focuses on responsibility, effectiveness and transparency. The proposed 2010 budget exercises strong fiscal discipline, consolidating or eliminating 27 programs and activities, and investing in initiatives to increase transparency and accountability.    » read more »

May 7, 2009 -- Acting United States Attorney Michelle L. Jacobs announced today that a federal grand jury in the Eastern District of Wisconsin returned a twenty four count indictment charging five people with wire fraud and money laundering in connection with a mortgage fraud scheme. Charged were Paul J. Zaleski, 60, formerly of Richmond, Illinois; Michael Pembroke, 45, of Twin Lakes, Wisconsin; John F. Hochrek, Jr., 48, of Spring Grove, Illinois; Patricia Lynn Kay, 47, of Kenosha, Wisconsin; and Robert Farrell, 29, formerly of Richmond, Illinois.    » read more »

April 27, 2009 -- WASHINGTON - A federal grand jury has indicted four defendants, and an information has been filed against a fifth defendant, for their participation in a massive mortgage fraud scheme that allegedly promised to pay off homeowners’ mortgages on their "Dream Homes," but left them to fend for themselves, Assistant Attorney General of the Criminal Division Lanny A. Breuer and U.S. Attorney for the District of Maryland Rod J. Rosenstein announced today.

The indictment was returned on April 22, 2009, and unsealed today.    » read more »

Latest series of “Opportunity Knocks’’ homebuyer fairs will be held at 10 shopping malls across the state on May 2 and May 9

BOSTON – April 24, 2009 – As part of his Massachusetts Recovery Plan to secure the state’s economic future, Massachusetts Governor Deval Patrick today announced today that the latest series of free “Opportunity Knocks’’ regional homebuyer fairs and open houses to promote affordable homeownership opportunities in Massachusetts will held on Saturday, May 2, and Saturday, May 9, at 10 shopping malls across Massachusetts.    » read more »

April 22, 2009 -- FRANKFORT, Ky. – Kentucky Governor Steve Beshear announced today a special initiative by Kentucky Housing Corporation (KHC) to offer up to $4,500 for down payment and closing costs for first-time home buyers who obtain a KHC home loan. The program will begin on May 1, 2009 and continue through Nov. 30, 2009.

The First Home Advantage Program provides a second mortgage with principal and interest payments deferred until July 1, 2010 for KHC-approved, first-time home buyers.    » read more »

New Offering Addresses Rising Volume of Mortgage Loan Modification Requests

ARMONK, NY - 23 Mar 2009: IBM (NYSE: IBM) today announced a new offering that enables mortgage loan servicers to process large volumes of loan modification requests with greater speed, efficiency and accuracy.

A loan modification is a permanent change in one or more of the terms of a loan that allows the loan to be reinstated and results in a payment the borrower can afford. Recent actions by the U.S. Government intended to aid challenged homeowners are creating a substantial increase in the volume of loan modification requests across the mortgage lending industry.    » read more »

Funding aimed at neighborhoods hard-hit by foreclosure

March 19, 2009 -- WASHINGTON - U.S. Housing and Urban Development Secretary Shaun Donovan today approved nearly $731 million in funding for 48 States and local communities seeking to recover from the effects of high foreclosures and declining home values.

Funded under HUD's Neighborhood Stabilization Program (NSP),these plans will target emergency assistance to particular neighborhoods by acquiring and redeveloping foreclosed properties that might otherwise become sources of abandonment and blight.

The neighborhood stabilization plans approved today include a $145 million plan submitted by the State of California, a program President Barack Obama recognized during a town hall meeting today in Los Angeles.    » read more »

Features Self Assessment Tools, Calculators to Help Borrowers Determine Eligibility, Payment Reductions under Administration's Refinancing and Loan Modification Program

March 19, 2009 -- Washington, DC-- The U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) today launched a new website for consumers seeking information about the Obama Administration's Making Home Affordable loan modification and refinancing program. MakingHomeAffordable.gov offers features including interactive self-assessment tools that will empower borrowers to determine if they're eligible to participate and calculate the monthly mortgage payment reductions they could stand to realize under the Making Home Affordable program.    » read more »

San Francisco — March 19, 2009 -- Wells Fargo & Company (NYSE: WFC) said today that it extended $51 billion in loans and loan commitments to its customers in January, bringing the total credit extended to customers to $144 billion in the last four months. The Company said that is nearly six times the $25 billion capital investment the U.S. Treasury made in Wells Fargo last fall.

“Wells Fargo has remained ‘open for business’ throughout the credit crises and continues to prudently extend credit to creditworthy consumer and business customers throughout the United States,” said Chief Financial Officer Howard Atkins.    » read more »

HUD Funds Will Help N.C. Communities With Foreclosures, Other Housing Crisis Issues

3/18/2009 -- Raleigh -- North Carolina Governor Bev Perdue today announced that 20 local governments, nonprofits and other organizations have received grant awards totaling $48.85 million under the new federal Neighborhood Stabilization Program developed late last year by the U.S. Department of Housing and Urban Development. The program’s purpose is to assist those areas hit hardest by the housing crisis.    » read more »

Remedies would benefit millions of potential borrowers

March 13, 2009 -- Today, the NAACP filed separate lawsuits in U.S. District Court in California against two of the country’s largest lenders, Wells Fargo, and HSBC. These lawsuits allege systematic, institutionalized racism in sub-prime home mortgage lending. The remedies being asked for in the lawsuit include measures for increased accountability and transparency.

* Original Complaint against Wells Fargo Bank & Wells Fargo Home Mortgage    » read more »

March 10, 2009 -- Connecticut Governor M. Jodi Rell and the co-Chairs of the Legislature’s Banks Committee – Senator Bob Duff and Representative Ryan P. Barry – today announced they have reached agreement on legislation that would make mediation a mandatory part of all real estate foreclosures in Connecticut, a move that could sharply reduce the number of borrowers losing their homes.    » read more »

Says State of Economic Emergency Means Families Need Help Today

March 9, 2009 -- HARRISBURG - As the grip of a national recession continues to tighten around families across Pennsylvania, Governor Edward G. Rendell today announced unprecedented emergency executive actions intended to provide immediate relief to citizens in need and spark economic recovery.

The Governor’s proposed 2009-10 budget, which is awaiting action now by the General Assembly, includes a significant economic relief and recovery agenda that would provide tuition relief, health care assistance and job creation. However, the Governor said immediate action is needed because some families cannot wait any longer for help.    » read more »

Alliance Pools Expertise, New Resources to 27 Highly Impacted Communities

CHICAGO, March 5 -- Ethnic communities hardest hit by the foreclosure crisis will receive much needed resources to help preserve homeownership thanks to a new national coalition announced today. The Alliance for Stabilizing our Communities - led by the National Urban League (NUL), the National Council of La Raza (NCLR), and the National Coalition for Asian Pacific American Community Development (National CAPACD) - was created, with the help of Bank of America, to assist multicultural homeowners facing foreclosure identify and procure the best housing solutions possible.    » read more »