All Articles Tagged "mortgage modification"
(Reuters) – H&R Block Inc agreed to modify $115 million of home loans and make a $9.8 million payment to resolve charges by Massachusetts that the company’s former Option One subprime lending unit discriminated against thousands of black and Hispanic borrowers. Option One, now known as Sand Canyon Corp, employed “a business model that absolutely failed to gauge the ability of borrowers to repay the loans,” Massachusetts Attorney General Martha Coakley said at a Boston news conference. “Those loans did not take into account anything but the fees that were to be generated.”
(AJC) — Hundreds of homeowners lined up outside a downtown Atlanta convention hall before daybreak Thursday seeking help with mortgages. Some of those in line at the America’s Mart had been in line for more than 24 hours after driving hundreds of miles, hoping to meet with representatives of the Neighborhood Assistance Corp. of America, which, along with Chase Bank, is holding the events for those looking to avoid foreclosure. At the front of the long line was Edwin Perez, who came all the way from New Jersey to get in line on Tuesday night. Alexia Smith of Atlanta was the seventh person in line, having arrived at 5 p.m. on Wednesday. “I came to be here due to a layoff a couple of years ago,” Smith told the AJC.
(Washington Post) — State attorneys general and the country’s biggest lenders are negotiating to create a nationwide fund to compensate borrowers who can prove they lost their home in an improper foreclosure, state and industry officials said. The fund would present a solution for both sides, helping banks avoid lengthy and costly court challenges from homeowners and aiding state investigators in their efforts to seek relief for homeowners who were wronged, the officials said. Discussions are continuing over the size of the fund, who would administer it and what kind of proof homeowners would have to present to get access to the money. But there is a consensus between the lenders and state officials that some sort of financial remedy is necessary to avoid the turmoil that could result from homeowner challenges.
(CNNMoney.com) — The Obama administration’s mortgage-modification program is not keeping pace with the deluge of foreclosures hitting the market, a government watchdog found.
Only 168,708 homeowners have received long-term mortgage modifications under the president’s plan, as of February, a small fraction of the 6 million borrowers who are more than 60 days behind on their loans, according to the Congressional Oversight Panel’s latest report, released Wednesday.