More troubled homeowners have fallen out of trial mortgage modifications than have received long-term help, a new government report released Monday shows.
But nearly half of these borrowers received alternate help, while only 7% have fallen into foreclosure, according to the latest report on the administration’s signature housing-rescue plan, Home Affordable Modification Program, known as HAMP.
Also, [...]
Posts Tagged ‘subprime mortgages’
Troubled borrowers get help outside Obama mortgage plan
June 22nd, 2010 by Mortgage Writer
Tags: borrowers, financial crisis, foreclosures, home loans, homeowners, housing market, loan, mortgage, mortgage modification, Obama administration, subprime mortgages
more...BofA to pay $108M for Countrywide mortgage abuses
June 8th, 2010 by Mortgage Writer
Bank of America has agreed to pay $108 million to about 200,000 homeowners who paid improper and inflated charges to the defunct subprime mortgage lender that became the poster child of the housing apocalypse, Countrywide Financial.
The Federal Trade Commission said two mortgage-servicing units of Countrywide, which BofA acquired in 2008, “deceived homeowners who were behind [...]
Tags: bank of america, borrower, business, financial, homeowners, housing market, interest rates, mortgage market, mortgage servicer, real estate, subprime mortgages
Morgan Stanley shares drop on reported probe
May 12th, 2010 by Mortgage Writer
NEW YORK — Morgan Stanley shares dropped Wednesday following a report that the investment bank is facing an investigation into mortgage derivative deals.
Federal prosecutors are investigating whether Morgan Stanley misled investors about its role in a pair of $200 million derivatives whose performance was tied to mortgage-backed securities, according to a report in The Wall [...]
Tags: banks, CEO, economy, financial, Goldman Sachs, investment bank, investors, mortgage, mortgage securities, subprime mortgages, wall street
Debt will cost us
November 23rd, 2009 by Mortgage Writer
Canadian writer Margaret Atwood is the author of more than 35 books of poetry, fiction and nonfiction. Her novels include “The Handmaid’s Tale” and “The Blind Assassin,” which won the Booker Prize in 2000. Atwood says her 2008 book, “Payback: Debt and the Shadow Side of Wealth” is “not a practical guide about how to [...]
Tags: bankrupt, borrowers, Council of Mortgage Lenders, debt credit, debt will cost us, financial institutions, financial world, massive financial, mortgages, subprime mortgages
The credit crunch has had a huge impact on the cost and availability of mortgages
November 10th, 2009 by Mortgage Writer
News of the mortgage squeeze means that homeowners can’t get away from talk of Libor or loan-to-value ratios.
But what does all this jargon mean?
Here is a quick guide to some of the more common phrases thrown around by analysts in recent weeks that might have mystified householders:
SVR
The SVR - or standard variable rate - is [...]
Tags: bank rate, Council of Mortgage Lenders, home loans, jargo, lenders, mortgage, mortgage deals, mortgage lending, subprime mortgages
When Innovation Goes Vile
October 13th, 2009 by Mortgage Writer
Quite considering innovation became the buzzword du Jour, a sort of kinsfolk seem to lap up hidden their adeptness to chronicle penetrating ideas from platitudinous ones. Position power point: the financial “innovations” that kicked bump off the trillion-dollar economic meltdown cookery we’re currently magnetism. The simplistic position that “new equals good” has recurrently been a [...]
Tags: bank, Commerce Bank, innovation, monopoly, mortgage, mortgage repayments, Motorola, news, subprime mortgages
Investors bob up doubtful
September 29th, 2009 by Mortgage Writer
The mounting regulatory handicap on Moody’s Investors aid further the distant key confidence ranking agencies appears to represent manufacture investors nervous.
Regulators also lawmakers lap up proposed amassed regulations to weaken conflicts of relate besides emend transparency force the $5 billion-a-year stress over of its role power the subprime mortgage mess, also congress plans to suppose [...]
Tags: billion of dollars, investors, money, mortgage, news, regulators, subprime mortgages
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