Bair Outlines New Incentive-based Foreclosure Plan on Capitol Hill (dsnews.com)
October 24, 2008 |
| Sheila Bair, chairman of the Federal Deposit Insurance Corporation (FDIC) told lawmakers on Capitol Hill yesterday that banking regulators are working on a new program to help distressed homeowners escape foreclosure. At the Senate Banking Committee hearing Thursday, Bair said her agency is working closely with the Treasury Department on a new $40 billion initiative that would give greater incentive to mortgage servicers and investors to refinance under-performing home loans by having the government guarantee part of the rewritten loan. |
How much foreclosure relief will homeowners get from bailout plan? (latimes.com)
October 06, 2008 |
| The $700-billion rescue package for the financial system includes measures designed to stem the rising tide of foreclosures. Here's a look at the specifics.
How does the bailout plan help homeowners facing foreclosure?
The plan provides the Treasury secretary as much as $700 billion to buy troubled mortgages, and securities tied to these mortgages, that are held by banks and other large investors. When these assets come under government control, federal officials are required to "implement a plan that seeks to maximize assistance for homeowners" and use their authority to minimize foreclosures. |
Hardest And Easiest Places To Sell A Home (forbes.com)
October 02, 2008 |
| As the dismal U.S. housing market slides further downhill--home prices in July posted a 16.3% annual drop--some sellers are unloading their homes to bargain-hunters.
But in cities like Seattle, Jacksonville, Fla., and St. Louis--the hardest major cities in which to sell a home--even sellers who have substantially lowered their prices aren't finding it easy to move their houses. |
Federal agency offers help fending off foreclosure (boston.com)
October 02, 2008 |
| Struggling homeowners with plummeting property values may now be able to avoid foreclosure by refinancing their mortgages through a new federal program, the Department of Housing and Urban Development said yesterday.
HUD Secretary Steve Preston unveiled the so-called Hope for Homeowners program that aims to help distressed borrowers refinance into more affordable 30-year, fixed-rate mortgages with the backing of the Federal Housing Administration. |
Relief from foreclosure joins huge rescue plan (freep.com)
September 23, 2008 |
| Michigan residents facing foreclosure stood to get help from the federal government as part of a $700-billion bailout for financial markets, as lawmakers and the Bush administration tacked Monday toward compromise on the rescue package.
Although many details remained unsettled, officials from both parties took great pains to sell the plan as a necessary evil to prevent a credit meltdown that would touch every part of the economy. They argued that the cost of doing nothing would be far worse than $700 billion.
Supporters have some selling to do: Michigan lawmakers said constituents who had contacted them since U.S. Treasury Secretary Henry Paulson unveiled the plan Friday were almost universally opposed to it. |
America's Surprising Foreclosure Hot Spots (forbes.com)
September 16, 2008 |
| The crisis on Wall Street is shrinking net worths and erasing nest eggs. Next on the block: multimillion-dollar homes.
In some of America's wealthiest spots, that's already happening. According to RealtyTrac, an Irvine, Calif.-based listing firm that tracks foreclosures and provided the data here, several of the country's wealthiest ZIP codes--where year-to-date median home sales are above $700,000--have reported foreclosures into the triple digits. They include La Jolla, Calif.; Miami Beach; and Carlsbad, Calif. |
Foreclosure Trackers Offers to Buy McMahon's Loan, Not His Home (marketwatch)
September 10, 2008 |
| Real estate and foreclosure expert Robert Lee, CEO of Foreclosure Trackers, Inc. (FTI), announced today that FTI and Ed McMahon have worked out an agreement that will save the American icon's home from foreclosure. Lee says FTI is nearing the end of negotiations with Countrywide to purchase the loan on McMahon's problem-plagued Beverly Hills home. |
More aid for borrowers, but foreclosures up, too (sacbee.com)
September 10, 2008 |
| California mortgage lenders completed deals with 26,358 struggling borrowers in July, modifying nearly half the loans to prevent foreclosure, the state Department of Corporations reported Tuesday.
The department's newest statistics for 10 lenders that report to the state showed 12,657 loan modifications in July. That was up almost 17 percent from June and more than double the number in January. |
Foreclosures up 213% for July over last year (signonsandiego.com)
August 22, 2008 |
| Those waiting for the lagging housing market to rebound were disappointed yesterday, as MDA DataQuick reported that 2,004 San Diego County homes went into foreclosure in July, a 9 percent increase over the previous month and a spike of nearly 213 percent over last year. |
CSC Introduces Web Service to Expedite Help to Homeowners Facing Foreclosure (marketwatch)
August 14, 2008 |
| CSC today introduced Borrower Inquiry, a tool homeowners facing foreclosure can use to track the status of their requests for help from their mortgage servicers. This capability also will help expedite workout requests by substantially reducing inbound calls to servicers and thus freeing resources.
CSC's Borrower Inquiry is the first of several planned shared default management tools the company is designing to facilitate workouts and improve loss mitigation process efficiency. |
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