Hat tip to Susie for sending this along from the latimes.com: California Atty. Gen. Kamala Harris is attracting increasing pressure from powerful Golden State players to reject a major settlement with U.S. banks accused of wrongful foreclosures. Lt. Gov. Gavin Newsom...
From HW: Ocwen Financial Corp. launched a new modification program to reduce the principal on a mortgage for delinquent borrowers, while compelling them to share in the future appreciation of the home's value with the investor. Mortgage modifications will only be...
From cnbc.com: As home values continue to fall and more borrowers fall into a negative equity position on their home loans, those who stand to lose, banks and investors, are working to keep borrowers current. To date, they have focused on delinquent borrowers,...
Four posts back was the article about principal reductions - below is the response from Irvine Renter, or click here to his blog: To give the hopeless a reason not to strategically default, several banks have singled out a few deeply underwater loan owners for...
From Jacksonville.com: Perry Laspina was in the middle of foreclosure with the possibility of losing the house he owned in Jacksonville. Then the mail came one day in late January telling him that the house was his. Despite the $72,000 mortgage that he barely paid...
From HW: Bank of America will begin a new pilot program in the next few weeks, allowing some California homeowners to receive a principal writedown on their mortgage. The program will be funded from the $699.6 million the California Housing Finance Agency received...
From Businessweek.com: More than one in five borrowers in the U.S. are underwater; collectively the shortfall is about $751 billion. Nationally, homeowners whose mortgages have been modified without a principal reduction are up to twice as likely to re-default as...
