Mortgages

March 31, 2008 -- Chicago, IL - Senator Barack Obama released the following statement this morning on the resignation of HUD Secretary Alphonso Jackson:

"Secretary Jackson's resignation amid a housing crisis and charges of cronyism serves as a stark reminder of what's at stake in this election. It's harder than ever for working families to achieve the American Dream, and that's why we need a president who will cut ties with the special interests so that we can implement a plan that provides real relief to homeowners and prevents the lobbyists from writing the laws that regulate them.    » read more »

March 30, 2008 -- Chicago, IL -- Senator Barack Obama issued the following statement today in response to reports that two Countrywide executives, who are accused of exacerbating the ongoing home mortgage crisis, are slated to receive multi-million dollar payouts tied to the company's performance during their tenure:

"All across this country, we've seen how it's becoming harder and harder for working families to make ends meet. That's because for far too long, the rules in our economy have been written to benefit Wall Street at the expense of Main Street.    » read more »

Radio Address highlights programs that will help at-risk homeowners

March 28, 2007 -- LANSING - In her weekly radio address, Michigan Governor Jennifer M. Granholm today said she will sign legislation next week that will help preserve home ownership for thousands of Michigan families threatened by mortgage foreclosure.

"Hardly a day goes by that we're not confronted by more bad news about the mortgage crisis and the impact that it's having on the lives of families and the nation's economy," Granholm said. "These new laws will give existing homeowners new refinancing options through the Michigan State Housing Development Authority."

The governor highlighted two programs she proposed last fall that are targeted at existing homeowners who may be facing foreclosure:    » read more »

(Boise) - Mortgage Assistance Solutions, LLC, a Florida foreclosure rescue company that sent advertisements to consumers claiming their homes were in foreclosure, can no longer do business in Idaho, Idaho Attorney General Lawrence Wasden said. Mortgage Assistance Solutions entered into a settlement agreement with the Attorney General that prohibits the company from advertising or engaging in any transaction involving an Idaho consumer or property in Idaho.    » read more »

03/19/2008 -- California Governor Schwarzenegger today issued the following statement on the agreement among the Office of Federal Housing Enterprise Oversight, U.S. Department of Treasury, Fannie Mae and Freddie Mac to provide additional support to the U.S. mortgage market:

"Today’s agreement is another welcome step towards stabilizing the mortgage market. There is no silver bullet that will resolve all aspects of the mortgage crisis, but this additional liquidity will provide much needed access to capital for many American families.    » read more »

March 18, 2008 -- LOS ANGELES -- California Attorney General Edmund G. Brown Jr. today shut down Lifetime Financial, Nations Mortgage, Greenleaf Lending, Virtual Escrow, Olympic Escrow and Direct Credit Solutions, accusing the predatory lending companies of pushing homeowners into “illegal and unconscionable loans.”    » read more »

March 17, 2008 -- Chicago, IL -- Senator Barack Obama today released the following statement on the state of the economy.    » read more »

Calling defendants ‘bottom feeders,’ judge exacts punitive damages

March 17, 2008 -- DALLAS – Texas Attorney General Greg Abbott’s Bankruptcy and Collections Division successfully intervened in a federal bankruptcy involving an illegal residential foreclosure rescue scheme. In that case, Judge Stacey G.C.    » read more »

New York, March 16, 2008 -- JPMorgan Chase & Co. (NYSE: JPM) announced it is acquiring The Bear Stearns Companies Inc. (NYSE: BSC). The Boards of Directors of both companies have unanimously approved the transaction.

The transaction will be a stock-for-stock exchange. JPMorgan Chase will exchange 0.05473 shares of JPMorgan Chase common stock per one share of Bear Stearns stock. Based on the closing price of March 15, 2008, the transaction would have a value of approximately $2 per share.    » read more »

Bush Administration licensing proposal mirrors Feinstein-Martinez legislation

March 14, 2008 -- Washington, DC – U.S. Senators Dianne Feinstein (D-Calif.) and Mel Martinez (R-Fla.) today called for swift passage of their legislation to create national licensing and oversight standards for mortgage brokers and lenders.

Senators Feinstein and Martinez introduced the legislation earlier this year. The President’s Working Group on Financial Markets included a similar proposal in a report released this week.    » read more »

14 March 2008 -- The Chairman of the U.S. central bank says his agency will do everything it can to help American homeowners who have been hurt in the mortgage lending crisis.

Chairman Ben Bernanke says the Federal Reserve is doing whatever possible to give homeowners relief from a record number of home foreclosures, which have been causing further damage to an already-weak U.S. housing market.

"The Federal Reserve is strongly committed to fully employing our authority, expertise and resources to help alleviate this distress," he said.    » read more »

Extending 6% Cap on Mortgage Interest and Protections from Foreclosure Will Help Military families Endure Housing Crisis, Sluggish Economy

03/13/2008 -- Washington, DC – Facing a growing housing problem and a sub-prime mortgage crisis, Senator John Kerry introduced legislation today to help active duty service members and their families pay their home mortgages and avoid foreclosure.    » read more »

Along with the consumer protection legislation, the Governor signs remaining 2008 bills

March 12, 2008 -- Salem – Oregon Governor Ted Kulongoski late yesterday signed mortgage lending protection legislation (House Bill 3630 and Senate Bill 1064) passed during the February legislative session. The bills will protect consumers from fraudulent mortgage rescue schemes, provide better notice for those facing foreclosure and stronger enforcement for those in the loan industry engaging in dishonest and fraudulent practices.    » read more »

March 5, 2008 -- Washington, DC – U.S. Senator Barbara Boxer (D-CA) made the following statement in response to temporarily increased government-backed loan limits for California, released by the Department of Housing and Urban Development today:

“The increased loan limits for California will help thousands of California families to refinance and keep their homes.    » read more »

03/05/2008 -- California Governor Arnold Schwarzenegger today released the following statement after the Federal Housing Administration (FHA) announced that 14 California counties would receive the maximum federal government loan limit of $729,500, which was previously $362,790:    » read more »