Mortgage

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Dropouts rise in gov’t loan modification program

By AP Real Estate Writer Alan Zibel

WASHINGTON – The number of homeowners dropping out of the Obama administration’s main mortgage assistance plan is growing, and is now almost equal to the number who have received permanent relief.
The Treasury Department’s report on Monday was the latest evidence of problems [...]

18May2010 | admin | 0 comments | Continued
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Some who lost homes may get early second chance at new mortgage

By Ken Harney
WASHINGTON - Here’s some good news for people who’ve had to give the deed on their house back to the bank because of financial problems, or who have done a short sale to avoid foreclosure: You may not have to wait the typical four or five years to requalify for financing to buy [...]

23Apr2010 | admin | 1 comment | Continued
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SEC charges former Countrywide CEO

Tampa Bay Business Journal

The Securities and Exchange Commission has charged formerCountrywide Financial Corp. Chief Executive Angelo Mozilo and two others with securities fraud.
Bank of America Corp. (NYSE:BAC) bought Countrywide in July for about $2.5 billion. The deal made the Charlotte, N.C.-based bank the country’s largest mortgage lender.
SEC regulators accuse Mozilo and two other former executives of [...]

5Jun2009 | admin | 0 comments | Continued
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House-Price Drops Leave More Underwater

by Ruth Simon and James R. Hagerty
The downturn in home prices has left about 20% of U.S. homeowners owing more on a mortgage than their homes are worth, according to one new study, signaling additional challenges to the Obama administration’s efforts to stabilize the housing market.
The increase in the number of such “underwater” borrowers comes [...]

19May2009 | admin | 0 comments | Continued
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SEC Poised to Charge Mozilo With Fraud

By KARA SCANNELL and JOHN R. EMSHWILLER
The Securities and Exchange Commission staff is readying civil fraud charges against Countrywide Financial Corp. co-founder Angelo Mozilo, in what would be the highest-profile government legal action against a chief executive connected to the financial crisis.
The SEC staff sent a so-called Wells notice to Mr. Mozilo several weeks ago [...]

14May2009 | admin | 0 comments | Continued
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Goldman To Pay Mass AG $60M To Settle Subprime Probe -Source

NEW YORK (Dow Jones)–Goldman Sachs Group Inc. (GS) Monday will announce an agreement to pay the Massachusetts Attorney General $60 million to settle an investigation into subprime mortgages, a person familiar with the matter said.
The settlement follows a probe into how major Wall Street players were involved in writing loans to borrowers with poor credit, [...]

12May2009 | admin | 0 comments | Continued
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Underwater market blues

By Scott Van Voorhis
So here’s another of these awful negative equity reports.
Zillow.com reports that about a fifth of all homeowners across the country, or nearly 22 percent, are underwater, owing more on their properties than they are worth.
Maybe even more disturbing is how rapidly that legion of underwater homeowners is growing. Back in the third [...]

11May2009 | admin | 0 comments | Continued
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Bailed-out banks enabled subprime lending, study contends

Many getting bailouts fueled the subprime mortgage market centered in California, the Center for Public Integrity says.
By Tom Hamburger and Ralph Vartabedian
Reporting from Los Angeles and Washington — The major banks now collecting federal bailout money were not unwitting victims of the mortgage meltdown but instead were directly linked to the root cause of [...]

6May2009 | admin | 0 comments | Continued
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BofA’s Lewis: Feds urged quiet on Merrill

By IEVA M. AUGSTUMS
New York’s attorney general says government officials pressured Bank of America’s CEO Ken Lewis to complete the bank’s purchase of Merrill Lynch and threatened his job security.
A letter from New York Attorney General Andrew Cuomo’s office released Thursday said Lewis testified in February that former Treasury Secretary Henry Paulson and Fed Chairman [...]

4May2009 | admin | 0 comments | Continued
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Mortgage modification proposal fails in Senate

By Nicholas Storie
A plan by the Obama administration to allow bankruptcy judges to modify troubled home loans failed in the Senate on Thursday.
The proposal involved so-called ‘cram-down’ measures, which essentially permit judges in bankruptcy court to reduce the principal on a struggling borrower’s mortgage.
Proponents say the successful passage of the bill would encourage lenders to [...]

4May2009 | admin | 0 comments | Continued
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