In an effort to help its borrowers and loan servicers, Fannie Mae recently announced a series of actions to stop foreclosure.
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From the monthly archives:
December 2008
The increasing foreclosure rate has in part been blamed on the Bush Administration for failing to make the problem a top priority. Added to that, Treasury Secretary Henry Paulson refused to use a part of the $700 billion financial grant to help homeowners Avoid Foreclosure.
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Foreclosure rate in the US is continually rising to this date. More than 250 families are evicted from their homes every month. Although there is available assistance from different sectors of the society, most families fail to take advantage of them.
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Before the real estate industry entered the period of foreclosure crisis, during the time when it was in a very flourishing condition, houses were high-priced, even plain, old-fashioned apartments.
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Steve Preston had humble beginnings. The native from Janesville, Wisonsin, who is now tasked the humungous job to help stop foreclosures spent his childhood shuttling between small apartments and houses. It is from this experience that he now partly draws on as secretary of Department of Housing and Urban Development, an agency which [...]
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The Treasury Department seems unsatisfied with The Federal Deposit Insurance Corporation’s $ 24.4 billion plan to modify mortgage loans in an effort to stem the foreclosure crisis. Instead, Treasury Interim Assistant Secretary Neil Kashkari told panel members of the U.S. House of Representatives Oversight and Government Reform System last Friday that the Department is [...]
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To combat and somehow slow down the growing problem in the mortgage industry, a new foreclosure rescue plan was launched in Washington.
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Desperate times call for more effective measures. Treasury Department Secretary Henry Paulson’s appeals for the private sector to willingly adjust loans of homeowners facing foreclosure only succeeded in modifying a little over 4 percent of troubled loans each month. Instead, billions of dollars are being showered on financial institutions instead of helping homeowners in a [...]
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Just how many troubled homeowners are being helped by their lenders in solving foreclosure problems? Estimates say that a mere 1 in every 5 homeowners in the Valley, one of the hardest hit areas, is receiving some sort of support from their mortgage companies or banks.
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Banks and non-profit organization offer services to property owners with foreclosure troubles, but they are just too busy with the accumulated existing foreclosures.
So, homeowner Salvador Ruiz sought help from a company who asked for $8,950. And now after four months of waiting for his non-moving renegotiation, he is filing a case with the Department of [...]
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