The Mortgage Bankers Association (MBA) reported this week that a record number of loans is delinquent, and 1 in 22 families in the United States is in the process of losing their home. Based on these figures, the Center for Responsible Lending says the industry is on track for 2.9 million foreclosure starts in this year alone. Read More
Frustration with the administration's efforts to revive the nation's ailing economy was clearly evident as it erupted from the tongues of legislators at a House Joint Economic Committee hearing Thursday, with some even going so far as to call for Treasury Secretary Geithner's resignation. Read More
In its November 2009 economic outlook, Freddie Mac forecast a modest housing market recovery in the next year. More specifically, the company is expecting a 13 percent increase in total one-family detached home sales, which would result in 5.5 million units during 2010. Read More
Because of NeighborWorks America , nearly 1.2 million low- to moderate-income families have been assisted with their housing needs. Now, thanks to $4,860,802 in funding from the U.S. Department of Housing and Urban Development (HUD), NeighborWorks has the financial means to continue training and certification opportunities for thousands of counselors from HUD-approved agencies at local NeighborWorks organizations. Read More
Rep. Barney Frank is once again pushing a mortgage relief program to assist the growing number of homeowners who find themselves without a job - now the primary driver behind mortgage defaults. Under his proposal, some of the $12 billion that the Treasury has gotten back from banks for TARP bailouts would be used to issue low-interest emergency loans to unemployed homeowners who are struggling to make their mortgage payments. While most lawmakers are calling for TARP to expire at year-end, Frank says he would support an extension if it included provisions for jobless homeowners. Read More
Being a homeowner, or even a tenant nowadays, isn't easy. According to a recent survey by the National Association of Realtors (NAR), 47 percent of Americans say paying their rent or mortgage is a financial strain. This, the study said, is especially true for many low to moderate-income earners who live in high-cost areas. Read More
TenantAccess, a provider of property preservation, management, and leasing services, has expanded its presence with 348 property managers located throughout the United States. According to the company's president, Paul Hayman, the move couldn't be more timely considering Congress' recent passage of the Protecting Tenants at Foreclosure Act. Read More
In an effort to deliver electronic signature services to its members, the National Association of Realtors (NAR) announced Thursday its partnership with DocuSign, a provider of on-demand electronic signature solutions. NAR said through this partnership, Realtors will have the ability to sign bids and closing documents online, making it possible to respond to buyers and sellers in a more rapid manner. Read More
The U.S. Department of the Treasury is putting stock warrants it received for investments made in several large banks on the auction block. Treasury obtained warrants through the capital injections it provided to financial institutions nearly a year ago under the $700 billion Troubled Asset Relief Program (TARP). While the Department has worked directly with other banks to negotiate buy-back prices for their warrants, it was unable to reach an agreement over the value of the warrants from J.P. Morgan, Capital One, and TCF Financial. The Treasury's warrant positions in these three institutions will be sold at public auctions over the next month. Read More
The recent launch of the Loan Modification Scam Alert campaign in Columbus, Ohio by a coalition of federal agencies and non-profit organizations found welcomed support from Freddie Mac. Jeffrey Markowitz, VP of government and industry relations for Freddie Mac, released a statement saying, "Loan modification fraud is nothing less than a pre-meditated attack on our communities and the housing recovery." Read More
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