Even at its most impotent, the HAMP program is expected to help around 300,000 more homeowners in the time of its life – if it doesn’t meet a premature end. This week the house of representatives voted to cut funding to HAMP. Spencer Bacchus (R-AL) commented “We should not waste taxpayer dollars on failed government …
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Federal Regulators Refuse to Reduce Principals Lately even the White House has come to accept that principal reductions may be the only way to get many homeowners above water again. Owning about half of the country’s mortgages, Fannie Mae & Freddie Mac, along with the Federal Housing Finance Agency, are in the perfect position to …
Bank of America, soon to be followed by the rest of America’s major lenders, have found nothing wrong with their foreclosure processes and have now received an okay from Fannie & Freddie to resume. And yet on October 15th, Maria & Jose Perez of Seguin, Texas, filed for a restraining order against Bank of America …
While most lenders are attempting to move past the foreclosure review they went through, the paperwork problems have already consumed several of their business partners and most government investigations have barely started.
Mediation: Finding Order in The Chaos Recently interviewed by the BBC, one Florida foreclosure attorney explains the foreclosure crisis in stark terms: “This is no different from Bernie Madoff signing documents for trades that didn’t occur…It is literally defrauding the legal system and it’s done with impunity on a systematic basis.”