Remember when principal reductions were resisted by banks and DeMarco? Now they are throwing money at people:...
Free Cheese for Principal Reductions
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Principal Reductions
Debt-Relief Tax Exemption Expiring Again
Hat tip to daytrip for sending in this article from the latimes.com alerting us to the expiring The Mortgage Debt Relief Act of 2007, wrapped around the free cheese in the recent JP Morgan settlement:...
Foreclosure-Relief Funds Mostly Unspent
Thanks to daytrip for sending this in from the latimes.com: An excerpt: Borrowers have faced major hurdles in trying to access the aid. Joshua and Catherine Brewster sought help after Josh lost his job as a legal assistant at Hilton Hotels when a reorganization moved...
WFB Urged to Reduce Principal
This recent report is pitching hard for Wells Fargo to give principal reductions to its underwater customers - excerpts below: http://populardemocracy.org/wp-content/uploads/2013/03/California-in-Crisis-Final-Report-compressed.pdf The past five years have been bad...
CA Principal Reductions
The biggest recent change to Keep Your Home California was deemed an "aggressive, out-of-the-box idea that yielded positive results" by Claudia Cappio, executive director of the California Housing Agency, which oversees the program. The change was made in order to...
Not-Foreclosing As A Strategy
Bank of America Corp. has amassed $64 billion of mortgages that are at least six months delinquent and have yet to enter foreclosure, more than twice the amount held by its four largest competitors combined. The loans are monitored as part of February’s $25 billion...
Principal Reduction & Re-default
From HW: Borrowers will likely stay current on their mortgage after a principal write-down whether they share future equity returns with the bank or not, according to new shared appreciation program data. Select borrowers can receive a principal reduction from Ocwen...
Sign Here for Principal Reduction
An excerpt from this article in HW: To provide relief more quickly under the settlement, Chase executives are addressing the borrower fatigue with a letter sent to borrowers notifying them that their loan was refinanced into a new mortgage with a lower interest rate....
Guts, No Glory
From the latimes.com: WASHINGTON — After a lengthy review, a key federal regulator said Tuesday he would not allow Fannie Mae and Freddie Mac to lower the amount some underwater homeowners owe on their mortgages despite new financial incentives from the Obama...
‘Bad Bank’
From MND: A Georgetown law professor is proposing that a Resolution Trust Corporation (RTC) like entity might be the key to getting the housing market back on track. In Clearing the Mortgage Market through Principal Reduction: A Bad Bank for Housing (RTC 2.0) Adam J....
