The mortgage modification program is more than two years old. From the beginning, it’s been apparent that the participating banks and mortgage servicers were breaking the program’s rules. Palm Coast, FL – June 10, 2011 – The Obama administration’s mortgage modification program is more than two years old. From the beginning, it’s been apparent that […]
Many homeowners have been granted a hard-fought mortgage modification only to have their mortgage company effectively pull a bait and switch. Palm Coast, FL – June 2, 2011 – Chanel Rosario was supposed to be one of the lucky ones. After years of sending and re-sending documents, waiting on hold and attending court hearings to […]
While regulators have banned the practice, some banks and others who handle mortgages still force homeowners into a corner: You want a chance at saving your home? Then you’ll have to waive your rights Palm Coast, FL – May 9, 2011 – A few months ago, Bank of America offered Sergio Cortez of Staten Island, […]
The regulators don’t ”have a good track record at identifying or fixing servicer misbehavior,” said Diane Thompson of the National Consumer Law Center. Palm Coast, FL – April 21, 2011 – The country’s bank regulators are launching an unprecedented plan to undo some of the damage done by mortgage servicers, compensating victims of shoddy or […]
A window into a broken system where even though the actual investors, when asked, say they want to allow modifications, the bank that acts as their representative has refused to allow them. Palm Coast, FL – March 31, 2011 – Pamela Jeter of Atlanta, Ga., has been trying to get a mortgage modification for more […]
Hosts of federal agencies and regulators, along with the 50 state attorneys general, are hard at work on laying out new rules for banks and mortgage servicers. Palm Coast, FL – March 11, 2011 – Hosts of federal agencies and regulators, along with the 50 state attorneys general, are hard at work on laying out […]
Banks and servicers had violated state and federal laws, regulations and rules in rushing to foreclose on homeowners. Palm Coast, FL – February 18, 2011 – Federal regulators say they’re going to crack down after finding "critical deficiencies" with how banks and mortgage servicers have been handling struggling homeowners. But it’s an open question just […]
Last February, with 6 million homeowners in danger of losing their homes, the mortgage industry was assembled at a luxury hotel in San Diego applauding themselves—literally. Palm Coast, FL – February 18, 2011 – Last February, with 6 million homeowners in danger of losing their homes, the mortgage industry was assembled at a luxury hotel […]
Instead, the administration has relied on a voluntary program with few sticks, that simply offers banks incentives to modify mortgages. Palm Coast, FL – February 4, 2011 – Before he took office, President Obama repeatedly promised voters and Democrats in Congress that he’d fight for changes to bankruptcy laws to help homeowners—a tough approach that […]
$75 billion foreclosure prevention program has been weakened, perhaps fatally, by lax oversight and a posture of cooperation – rather than enforcement – with the nation’s biggest banks. Palm Coast, FL – January 27, 2011 – With millions of homeowners still struggling to stay in their homes, the Obama administration’s $75 billion foreclosure prevention program […]