Today’s Foreclosure NewsUpdate: Countrywide has also sued Triad Guaranty Insurance and alleged that Triad ”encouraged lenders to develop new and more risky mortgage products” before the worldwide financial crisis, and now wants to rescind coverage for many of Countrywide’s 60,000 outstanding mortgage loans, worth more than $9 billion. See story here. ————— Original Post —————– In addition to bailouts, lenders are [...]
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The Home Affordable Modification Program (HAMP) is a part of the U.S. Treasury’s Home Affordability and Stability Plan. HAMP was supposed to help 3 to 4 million at-risk homeowners avoid foreclosure by reducing monthly mortgage payments. U.S. Dept. of the Treasury Statement of March 2009 here. HAMP is failing miserably and has not resulted in a [...]
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I just got an email from the Federal Deposit Insurance Corporation (FDIC) — their new “Consumer Tip of the Week” starts today in coordination with their observance of National Consumer Protection Week (NCPW) March 7-13. Their first tip was issued today and I was curious and checked it out: How to Make Sure All Your Deposits Are [...]
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The Mortgage Bankers Association says “Lenders generally go to foreclosure as a measure of last resort, after all other options, including loan modification, are exhausted.” NYT article here. This MBA line maybe what folks want to hear, but it is not reality. See news story below for some examples. These examples are from Texas, but this is [...]
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A complaint was filed against The Bank of New York Mellon in August 2009 regarding a post-foreclosure letter sent on its behalf by Barrett Daffin Frappier Turner & Engel LLP to a bonafide tenant in violation of PTAF. The letter was quite deceptive as I explained here. I filed the complaint with both the Federal Reserve and with the Office of [...]
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