By Carrie Bay | 12/05/2011
The foreclosure crisis has had a long and destructive run - five years and counting, with millions put out of their homes.
According to the Center for Responsible Lending (CRL), we're not even halfway through the devastation. The organization's analysis of 27 million mortgage loans originated over a five-year period found that 6.4 percent of mortgages made between 2004 and 2008 have ended in foreclosure, and an additional 8.3 percent are at immediate, serious risk.
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By Joy Leopold | 03/24/2011
A push for servicers to implement principal write-downs and provide screening for as many modification options as possible before proceeding to foreclosure has been met with stiff resistance from servicers and some lawmakers.
Meanwhile, the number of loan modifications pales in comparison to the number of foreclosures.
But new data suggests that modifications and even write-downs in certain cases might actually be more beneficial to investors as well as struggling borrowers.
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By Heather Hill Cernoch | 03/04/2011
With 305,000 California borrowers receiving notices of default and more than 170,000 families losing their homes to foreclosure in 2010, Sen. Mark Leno (D-San Francisco) and Senate President Pro Tem Darrell Steinberg (D-Sacramento) are again pushing for legislation that would help prevent what they deem as "wrongful foreclosures." Their California Homeowner Protection Act would require that borrowers be given a decision on a loan modification before the foreclosure process can begin.
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By Carrie Bay | 10/28/2010
According to the Center for Responsible Lending, since the housing crisis took hold, 2.5 million homeowners have already lost their homes and another 5.7 million are at risk of foreclosure. It's projected that between 10 and 13 million foreclosures will have occurred by the time this crisis abates.
The Center argues that the power to stop unnecessary foreclosures and stabilize local housing markets lies with state legislatures. The group says lawmakers should impose mandatory loss mitigation standards for all servicers prior to foreclosure.
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