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NECN reports that the foreclosure epidemic has affected even the owners of the most expensive homes.
Continue Reading →From the Washington Post: With no end to the housing crisis in sight, the need to modify loan contracts to make payments more affordable is greater than ever. While the number of modifications is rising steadily, it is still running far behind the need. In the first quarter of 2009, loan servicers reduced the interest [...]
Continue Reading →July 28 (Bloomberg) — Mortgage servicers meeting with Obama administration officials pledged to step up the pace of loan modifications to keep more struggling homeowners from sliding into foreclosure, according to the U.S. Treasury. “Too many homeowners are at risk of foreclosure right now,” Treasury Secretary Timothy Geithner said in a statement today after talks [...]
Continue Reading →From the Boston Globe: Massachusetts foreclosure petitions in June jumped to 2,835 – more than eight times higher than the 350 petitions in June 2008 and 21.7 percent higher than the 2,329 filings in May, said the Warren Group, which added that the number of petitions to foreclose in June was the highest it�s been [...]
Continue Reading →Press release from the Federal Trade Commission: Federal Trade Commission Chairman Jon Leibowitz, joined by California Attorney General Jerry Brown, today announced Operation Loan Lies, a coordinated national law enforcement effort to crack down on mortgage modification scams. The operation involves 189 actions by 25 federal and state agencies against defendants who deceptively marketed foreclosure [...]
Continue Reading →Why so few mortgage mods? (Economist)
July 9, 2009 by CULIK LAW
At the centre of most efforts to provide relief to struggling homeowners is an attempt to take on a single housing paradox: banks get a much better return on a mortgage modification than they would on a default, foreclosure, and sale, and yet banks renegotiate only a tiny share of seriously delinquent mortgages—only 3% or [...]
Continue Reading →There are two big interconnected questions about the foreclosure crisis, and the answer to both is foggy and potentially scary. Where is the United States in the foreclosure crisis – near the middle, at the beginning of the end? And, at this point, is it a driver of the recession or merely another factor? The [...]
Continue Reading →Foreclosures third highest on record in May 2009
June 12, 2009 by CULIK LAW
Reuters reports that despite the government’s efforts to modify mortgage loans, May 2009 foreclosures were the third highest on record. One in every 398 households with loans got a foreclosure filing in May. Temporary freezes on foreclosure activity ended in March. Failures of many seriously delinquent loans that were put on hold during those moratoria [...]
Continue Reading →The Mortgage Assistance Relief Services rulemaking addresses the proliferation of loan modification and foreclosure rescue services in the current economy. The Federal Trade Commission has responded to the growth in these services with a substantial and sustained commitment to bringing law enforcement actions against those who make deceptive claims about these services to consumers in [...]
Continue Reading →Wells Fargo Accused of Predatory Lending to Blacks
June 8, 2009 by CULIK LAW
Baltimore officials have sued Wells Fargo in Baltimore for predatory lending, steering blacks into high-interest subprime mortgages. The New York Times reports: Wells Fargo, Ms. Jacobson said in an interview, saw the black community as fertile ground for subprime mortgages, as working-class blacks were hungry to be a part of the nation’s home-owning mania. Loan [...]
Continue Reading →Untitled Document "I cannot thank you enough for the stellar work you did on my Loan Modification. I tried it myself with no success. You were the expert I needed! You were friendly with me and relentless with the bank. You never lost patience nor spirit. You took it to every level necessary to win. AND WIN WE DID. The Modification you obtained cut over a thousand dollars from my monthly mortgage payment! I can keep my house!" Sincerely yours, Robert N.
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