New Bill Protects Homeowners from Foreclosure & Loan Workout Scams

Tuesday, December 23rd, 2008

Texas Attorney General Greg Abbott and state Sen. Craig Estes are proposing legislation that is meant to protect homeowners from foreclosure loan workout scams. The Foreclosure Rescue Fraud Prevention Act would require foreclosure prevention consultants to provide customers a written, plain language contract outlining their services agreement. It would also require that the consultants obtain [...]

Fed Pushes for Mortgage Relief and Loan Modifications

Friday, December 5th, 2008

The government maintains their desire for consumers to have the option to remain in their homes and weather this foreclosure crisis.  For this to work, there needs to be mortgage relief and debt forgiveness from the mortgage lenders and investors that hold the mortgage-backed securities.  Fed Chief, Ben Bernanke said the government could still buy back delinquent mortgage loans in [...]

Citi Plans to Modify $20 billion in Mortgage Loan Relief Effort

Tuesday, November 11th, 2008

A new loan modification program aimed at homeowners who haven’t defaulted yet could help 130,000 mortgage borrowers stay in their homes. Citigroup says it will expand its foreclosure prevention efforts by extending loan work-outs to 130,000 distressed homeowners with $20 billion in mortgage loans in their houses. Banks are unquestionably being pressured to be more [...]

Homeowner Mortgage Relief

Thursday, November 6th, 2008

Now that the Treasury’s Troubled Asset Relief Program has helped stabilize the financial system by injecting capital into some of the country’s largest banking institutions, the focus has shifted to the plan’s initiative on providing mortgage relief to distressed homeowners through loan modification. It’s one of the biggest challenges the plan could potentially face. This initiative has [...]