Mortgage Firms Pledge Help
- By:
- MortgageLoan.com | April 09, 2008
Ohio Governor, Ted Strickland today announced that nine mortgage loan servicers agreed to sign a 'compact to Help Ohioans Preserve Homeownership,' the first agreement of its kind in the nation. The pledge is designed to help struggling Ohioans avoid foreclosure and keep their homes.
Speaking at a news conference, Strickland said, "These steps will reduce foreclosures in Ohio and bring stability to the families and communities affected by the crisis." Strickland also went on to call the agreement "historic."
The agreement calls on lenders to make modifications to existing loan agreements when borrowers are unable to make payments. The lenders also agreed to make 'good faith attempts' to contact defaulting borrowers as soon as possible.
Each company came to a separate agreement with the state based on its own business models and practices. Some made specific promises to contact borrowers a certain time before an adjustable rate mortgage was scheduled to reset to a higher rate, while others did not.
The non binding agreements expire in June 30, 2009, a point at which leaders said they expect Ohio to have seen the worst of the foreclosure crisis.
The nine that signed the agreement are: Carrington Mortgage Services; CitiGroup; GMAC RESCAP/Homecoming Financial; HSBC; Ocwen Financial Corp; Option One Mortgage; Saxon Mortgage Services; Select Portfolio Servicing; and Litton Loan Servicing.
Bankruptcy Reform Back on the Table
- By:
- Bill Rice - MortgageLoan.com | November 21, 2008
One of the earliest ideas for helping homeowners facing mounting mortgage debt and potential foreclosure on their home was to reform bankruptcy laws. The concept is now officially back on the table, introduced into the Congressional lame-duck session by Senator Richard Durbin (D-IL).
TARP is Closed for Relief Until Further Notice
- By:
- Bill Rice - MortgageLoan.com | November 20, 2008
Remember what a crisis the $700 billion mortgage market bailout was--the very existence of the American financial order hung in the balance.
Fixing the Housing Market, Lots of Ideas...Any Answers?
- By:
- Bill Rice - MortgageLoan.com | November 19, 2008
Almost a year into the dawning of the housing crisis (many chronologist are setting that around the January 2008 crumbling of Countrywide) ideas continue to flow, but few seem to be the answer. In fact, this seems to be the growing consensus--there is no silver bullet.
G-20 Lots of Motion, Will There Be Action?
- By:
- Bill Rice - MortgageLoan.com | November 18, 2008
The 20 most powerful industrial nations, and now the caretakers of an unprecedented global financial crisis, assembled in Washington DC over the weekend. Their mandate was broad and daunting--stabilize world markets.
FDIC Challenges Treasury with New Loan Modification Proposal
- By:
- Bill Rice - MortgageLoan.com | November 17, 2008
On the heels of the Treasury and Federal Housing Finance Agency's (FHFA) loan modification plan for Fannie Mae and Freddie Mac, the FDIC releases their own proposal. In this unprecedented, unilateral, and aggressive move by a Federal agency the FDIC is essential fighting a very public political battle directly with the Treasury and the current Administration.
Mortgage Rates Drop for Second Straight Week
- By:
- Bill Rice - MortgageLoan.com | November 14, 2008
Another week of dismal economic data have again pushed down mortgage rates. Freddie Mac reported Thursday that 30-year fixed-rate mortgages averaged 6.14 percent, down from 6.20 percent last week. This demonstrates a steep decline from 6.46 percent two weeks prior.
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