Housing Rescue Slows as Foreclosures Increase
- By:
- MortgageLoan.com | July 04, 2008
With lenders on the back foot following mounting criticism over their sluggish attempts to quell the rising tide of foreclosures, new figures from Hope Now, show its members helped roughly 170,000 homeowners avoid foreclosure in May. The figure however is a 7 percent drop from April's figure of 183,000.
California's Department of Corporations and the California Reinvestment Coalition, which also aim to help beleaguered homeowners, also reported a slowdown.
"The May report demonstrates that HOPE NOW is helping homeowners avoid foreclosure," said executive director Faith Schwartz in a press release. "As promised, the industry has accelerated the pace at which it is helping homeowners."
Foreclosures on the other hand have experienced a sharp upturn, according to figures from RealtyTrac. The number of homes lost to foreclosure during the April and May jumped 35 percent to 73,000, with foreclosure filings up 7 percent in the same period.
The figures from Hope Now have been criticized recently for its accuracy, with Federal Bank regulator, John Dugan calling them "aggregate, unverified results from individual firms."
Schwartz from Hope Now defended the group's numbers and said the coalition was working with bank regulators to develop a common set of standards for such reports.
Loan Modifications, Not Government Bailouts May Be the Answer
- By:
- Bill Rice - MortgageLoan.com | October 07, 2008
Bank of America is to launch an $8.6 billion loan modification program. Initiated as settlement for a mounting number of predatory lawsuits inherited in the acquisition of Countrywide. This loan modification program could trigger two historic landmarks: the largest predatory lending settlement and the largest loan modification program.
Understanding the Bailout Rescue Plan
- By:
- Tom Kerr - MortgageLoan.com | October 06, 2008
The Emergency Economic Stabilization Act of 2008-better known as the rescue plan-finally passed after causing widespread controversy in Congress and an extreme backlash from the general public. It won't cure our economic problems, but should revive paralyzed credit markets.
House Set to Vote Again on $700 Billion Bailout
- By:
- Bill Rice - MortgageLoan.com | October 03, 2008
Once again the fate of the $700 billion economic stabilization legislation sits in the chambers of the House of Representatives.
Senate Evening Vote Ends Passes Bailout Plan, House Now Holds Keys
- By:
- Bill Rice - MortgageLoan.com | October 02, 2008
In an evening vote by the Senate, most likely not a coincident that it was after US market close, the $700 billion rescue bill passed decisively. This leaves the House of Representatives to muster the necessary support to pass similar legislation to what was voted down on Monday. Enhanced by the Senate to include Republican favored expanded FDIC insurance, tax breaks for businesses and individuals, as well as a support to loosen market-to-market SEC regulation the legislation goes to the House for a vote as early as Friday.
US Senate to Vote on $700 Billion Rescue Plan
- By:
- Bill Rice - MortgageLoan.com | October 01, 2008
Tonight the US Senate will take their turn at passing the $700 billion bailout plan. On the heels of a stunning defeat in the House of Representatives on Monday that sent the US Stock Market down 700 points, the Senate will attempt a modified version.
House Rejects Bailout and Stock Market Reacts, Dow Down 777.68
- By:
- Bill Rice - MortgageLoan.com | September 30, 2008
Considered a bi-partisan done deal, the enormous market bailout bill was voted down in dramatic fashion. With 95 Democrats and 133 Republicans casting "Nay" as their vote the Emergency Economic Stabilization Act of 2008 did not even make it out of the House of Representatives.
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