Mortgages

Washington, D.C., March 5, 2009 — The Securities and Exchange Commission has charged Los Angeles resident Bruce Friedman and two of his companies with securities fraud, and obtained an emergency court order to freeze their assets and halt an alleged ongoing investment scheme involving purported real estate and mortgage lending ventures.    » read more »

March 5, 2009 -- AARP Executive Vice President Nancy LeaMond applauded House passage of the Mortgage Relief Bill and urged the Senate to prevent further foreclosures by quickly taking up the Bill. Following is her statement:

“The bankruptcy provision that passed the House today will allow people at risk of foreclosure, especially older Americans, to rework their mortgages in bankruptcy court and stay in their homes in situations where previous voluntary loan modifications had failed. With rising foreclosures undermining everyone’s property values, this new option will not only help hundreds of thousands of homeowners save their homes, it will help keep everyone’s property values from sliding further.    » read more »

NEW YORK, March 4, 2009 - JPMorgan Chase announced today that it strongly supports the Administration's mortgage modification program, as detailed today.

"This builds on the efforts we have already implemented and extends them to more struggling homeowners and provides us and other servicers more options to keep families in their homes," said Jamie Dimon, Chief Executive Officer of JPMorgan Chase & Co. "The plan appropriately balances the interest of homeowners, mortgage servicers and investors. As a result, more families will be helped with long-term and sustainable solutions through a consistent process, including a verification of income."

We support the program because:    » read more »

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 »

With Detailed Program Requirements, Servicers Can Now Begin `Making Home Affordable' Loan Modifications; Extensive Borrower Outreach Efforts Underway

March 4, 2009 -- Washington, DC – The Obama Administration today announced new U.S. Department of the Treasury guidelines to enable servicers to begin modifications of eligible mortgages under the Administration's Homeowner Affordability and Stability Plan – announced by President Barack Obama just two weeks ago.    » read more »

March 3, 2009 -- To view the White Paper, Terms and Conditions, and Frequently Asked Questions, visit www.FinancialStability.gov.

In carrying out the Financial Stability Plan, the Department of the Treasury and the Federal Reserve Board are announcing the launch of the Term Asset-Backed Securities Loan Facility (TALF), a component of the Consumer and Business Lending Initiative (CBLI). The TALF has the potential to generate up to $1 trillion of lending for businesses and households.    » 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 27, 2009 -- CONCORD - New Hampshire Governor John Lynch today announced a new online resource aimed at helping consumers address potential mortgage problems.

“With the national recession and ongoing mortgage crisis, many New Hampshire families are seeing their dreams of home ownership put at risk. In these difficult economic times, many New Hampshire families are struggling to keep their homes and are looking for help. This new website will help connect families with the resources they need,” Gov. Lynch said.    » 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 »

Credit Offers Up to $8,000 to Qualifying Taxpayers Now; Latest Move in Swift Implementation of Administration's Recovery, Stability, Affordability Plans

February 25, 2009 -- Washington, DC – In an ongoing effort to deliver on swift implementation of the Obama Administration's recovery, stability and affordability plans, the U.S. Department of the Treasury touted today the availability of an expanded tax break for first-time homebuyers – a provision under the American Recovery and Reinvestment Act of 2009 that will make up to $8,000 available now to qualifying taxpayers who buy homes this year.    » read more »

February 23, 2009 -- Washington, DC – The second annual America Saves Week survey revealed declining percentages of Americans who believe they are saving enough for retirement and expect to pay off their home mortgage before retirement. But the survey also found that far more Americans are concerned about the impact of the current recession on their personal finances (77%) with over half (53%) being “very concerned."    » read more »

February 18, 2009 -- The swift action by the Obama Administration today to address the housing crisis is a welcome and refreshing change.

For more than a year, the Bush Administration ignored calls from the AFL-CIO and others to address a coming foreclosure tsunami. Tragically, in the months that followed, the deepening housing debacle turned millions of families’ lives upside down and strengthened its chokehold on our economy.

The Obama plan is designed to help up to nine million homeowners. The strong plan from the Administration correctly includes changing the bankruptcy laws to allow judges to modify the mortgages of distressed homeowners, including reducing the principal of these loans to the property's current market value.    » read more »

February 18, 2009 -- The deep contraction in the economy and in the housing market has created devastating consequences for homeowners and communities throughout the country.

* Millions of responsible families who make their monthly payments and fulfill their obligations have seen their property values fall, and are now unable to refinance at lower mortgage rates.

* Millions of workers have lost their jobs or had their hours cut back, are now struggling to stay current on their mortgage payments – with nearly 6 million households facing possible foreclosure.

* Neighborhoods are struggling, as each foreclosed home reduces nearby property values by as much as 9 percent.    » read more »

February 18, 2009 -- President Barack Obama’s February 18, 2009 announcement of a comprehensive set of new initiatives to assist beleaguered homeowners is an important, fresh approach that could make a significant difference in cooling off the housing crisis, according to the Consumer Federation of America (CFA).    » read more »

Help for homeowners

February 18th, 2009 -- The President’s strategy for economic recovery is a stool with several legs, as he’s said, and one of them is solving the foreclosure crisis.

"We must stem the spread of foreclosures and falling home values for all Americans, and do everything we can to help responsible homeowners stay in their homes," he said yesterday as he signed the American Recovery and Reinvestment Act into law.

Though communities across the country have been affected by the crisis, Arizona has been hit particularly hard -- in 2008, only two states had more foreclosures.    » read more »