Putting a lone senator’s cantankerous challenge behind it, the Senate is back to work on a $100 billion-plus bill reviving popular tax breaks and extending longer and more generous jobless benefits through the end of the year.
Kentucky Republican Jim Bunning relented on Tuesday evening, freeing the Senate to approve stopgap legislation extending for another month [...]
Archive for the ‘Obama’ Category
Lone holdout gives in, Senate OKs jobless benefits
March 3rd, 2010 by Mortgage Writer
Tags: america's working, barack obama, putting, senate, small businesses, unemployment
more...Mortgage relief reaches 7 percent of borrowers
January 26th, 2010 by Mortgage Writer
The Obama administration’s mortgage relief plan provided help to only 7 percent of borrowers who signed up last year.
About 900,000 borrowers have enrolled in the $75 billion program since it launched in March, the Treasury Department said Friday. But as of last month, only about 66,500 homeowners had received permanent relief. Another 46,000 have been [...]
More prime mortgages default in 3rd quarter
December 22nd, 2009 by Mortgage Writer
Troubled home loans continued to mount in the nation’s banks in the third quarter as even once-solid borrowers increasingly fell behind on their mortgage payments.
For the first quarter ever, the number of homes in foreclosure with mortgages serviced by U.S. national banks and savings and loans topped the 1-million mark, according to figures released Monday [...]
Tags: bankrupty, borrowers, foreclosure, home loan, homeowners, loan, mortgage, mortgage payments, Obama, primer mortgages
Florida mortgage modifications lag behind rest of U.S.
December 11th, 2009 by Mortgage Writer
Under President Barack Obama’s program to reduce foreclosures, fewer than 35,000 troubled South Floridians have had their mortgages modified, less than 5% of those who qualify for help.
Figures from a U.S. Treasury Department report Thursday offer little good news for the hundreds of thousands of Florida homeowners who are behind on their mortgage payments and [...]
Tags: barack obama, borrowers, foreclosure, homeowners, lenders, loans, mortgage, mortgage holders, mortgage modification, mortgage payments, real estate, wells fargo
Obama Adminstration Seeks to Strengthen Mortgage Relief for Homeowners
December 1st, 2009 by Mortgage Writer
The Treasury Department unveiled a new plan yesterday seeking to make a $75 billion federal program to help struggling homeowners more effective.
To date, more than 650,000 mortgage holders have been granted temporary modifications on their mortgage loans under the Home Affordable Modification Program (HAMP). But as of September 1, only 1,711 mortgage modifications had been [...]
Tags: foreclosures, Home Affordable Modification Program, homeowners, lenders, mortgage crisis, mortgage loans, Obama, The Department of Housing, The Treasury Department, Urban Development
Treasury to increase pressure on mortgage industry
December 1st, 2009 by Mortgage Writer
Faced with sluggish progress in its foreclosure-prevention effort, the Obama administration will spend the coming weeks cracking down on mortgage companies that aren’t doing enough to help borrowers at risk of losing their homes.
Treasury Department officials said Monday that they will step up pressure on the 71 companies participating in the government’s $75 billion effort [...]
Tags: borrowers, foreclosure, foreclosure crisis, homeowners, lenders, loan modifications, loan services, mortgage companies, Obama administration, Treasury Department, wells fargo
Few mortgages permanently modified
November 30th, 2009 by Mortgage Writer
In October 2008, JPMorgan Chase & Co. shaved 25 percent off Rick Mullen’s mortgage payment by lowering his interest rate, helping him to stay in his Valencia, Calif., home despite a downturn in his small business refurbishing large shipments of damaged shoes.
More than a year later, Mullen is grateful but frustrated, he says, because Chase [...]
Tags: bank of america, borrowers, foreclosure, interest rate, lenders, loan, Mortgage Bankers Association, mortgage payment, Obama, small business, Treasury's Office of Homeownership Preservation
SBA minor market Prices stay on Climb to larger Post-Crisis Highs
October 26th, 2009 by Mortgage Writer
The exchange where banks sell small business loans into the secondary market, reported that prices reached new highs since the credit crisis froze the market in September 2008.
Banks selling SBA loans with the most desired structure have earned premiums in excess of 110% of the loan’s value. “We’ve seen record price increases on GovGex since [...]
Tags: lending conference, mortgage, news, Obama, SBA, small business
Loan losses could shadow pure bank earnings
October 15th, 2009 by Mortgage Writer
If the nation’s key banks bill strapping third-quarter profits, don’t carry the numbers at facade value.
Although trading gains could rape resolute take owing to banks love JPMorgan ensue & Co. again Goldman Sachs stockpile Inc., mounting loan losses besides the prospect of tougher sans pareil requirements also over trade in insurance fees are expected to [...]
Tags: bank of america, commercial real estate loans, economic, investors, lending, loans, mortgage, news, Obama, real estate