Behind Administration Spin: Bailout Still $123 Billion in the Red

March 17, 2011, 9:27 a.m.

The administration has been on a charm offensive about the TARP. We check in with our bailout database to show where things really stand.

Government Vows to Curb Banks’ Foreclosure Practices, But Enforcement Still a Question Mark

March 11, 2011, 11:41 a.m.

Hosts of federal agencies and regulators, along with the 50 state attorneys general, are hard at work on laying out new rules for banks and mortgage servicers. But attempts to reform this process have failed before. Will banks abusing the system be held accountable?

By the Numbers: A Revealing Look at the Mortgage Mod Meltdown

March 8, 2011, 12:37 p.m.

We compiled the most compelling data we could find to show how the mortgage industry and the government’s main effort, the Home Affordable Modification Program (HAMP), have failed homeowners.

Loan Mod Program Left Homeowners’ Fate in Hands of Dysfunctional Industry

Feb. 17, 2011, 5:03 p.m.

The Obama administration’s flagship foreclosure prevention program has gambled on the willingness and ability of a troubled industry to help homeowners.

Despite Finding Big Problems in Mortgage Industry, Regulators’ Punishment Unclear

Feb. 17, 2011, 1:16 p.m.

Federal regulators say they’re going to crack down after finding “critical deficiencies” with how banks and mortgage servicers have been handling struggling homeowners. But it’s an open question just what form a punishment will take.

Dems: Obama Broke Pledge to Force Banks to Help Homeowners

Feb. 4, 2011, 8:48 a.m.

Candidate Obama pledged to support real change in bankruptcy laws to help foundering homeowners. But when it came time to fight for the measure, he didn’t show up. Some Democrats now say his administration actually undermined it behind the scenes.

Govt’s Loan Mod Program Crippled by Lax Oversight and Deference to Banks

Jan. 27, 2011, 10:41 a.m.

The Obama administration’s $75 billion foreclosure prevention program has been weakened, perhaps fatally, by a posture of cooperation—rather than enforcement—with the nation’s biggest banks.

Banks Modifying Tiny Percentage of Mortgages in Need

Nov. 22, 2010, 8:17 a.m.

Mortgage modifications, both proprietary and HAMP, are just as rare as they were before the government’s mortgage modification program launched 19 months ago.

Gov’t Has Spent Small Fraction of $50 Billion Pledged for Loan Mods

Nov. 11, 2010, 11:47 a.m.

Data obtained by ProPublica show how much has been spent through the government’s mortgage modification program (HAMP). Our data show how much has gone to each mortgage servicer.

Amid Foreclosure Questions, Govt Loan Mod Program Continues Struggles

Oct. 26, 2010, 10:07 a.m.

New numbers show the administration’s mortgage modification program continues to struggle, while government officials say the banks’ flawed foreclosure practices should draw even more attention to their poor record in the handling of homeowners seeking modifications.

Mod Program Falling Short of Govt’s Vague Goals

Sept. 23, 2010, 10:11 a.m.

The government’s mortgage modification is on pace to fall short of even the administration’s vague goals, while details on why homeowners are being disqualified from the program raise questions.

For Gov’t Mortgage Mod Program, New Numbers Show Old Problems

Aug. 23, 2010, 10:33 a.m.

Homeowners still have long, costly waits in the federal foreclosure-prevention program. And for many seeking mortgage modifications, the final answer is no.

Homeowner Questionnaire Shows Banks Violating Gov’t Program Rules

Aug. 16, 2010, 8:02 a.m.

Mortgage servicers regularly make errors and break the government’s loan modification rules, including giving no reasons for a loan’s rejection, homeowners report to ProPublica.

After Fannie Error, Treasury Issues Correction on Mod Program Default Numbers

Aug. 10, 2010, 2:17 p.m.

The government’s latest, promising numbers on its mortgage modification program turn out to be wrong. But the new data remains encouraging.

New York Jumps Ahead of Feds With Law Holding Mortgage Companies Accountable on Mods

Aug. 10, 2010, 7:57 a.m.

New York State has new laws to do what Washington hasn’t: hold mortgage companies accountable for their treatment of homeowners seeking modifications.

In Financial Regulation Bill, Increased Transparency for Loan Mod Program

July 21, 2010, 1:07 p.m.

The formula for testing homeowners’ eligibility for a mortgage modification will not be a secret anymore. The Treasury Department will now have to post the details online.

Loan Mod Backlogs Continue Despite Servicers’ Pledges to Improve

July 21, 2010, 10:14 a.m.

Loan servicers in the federal mortgage modification program continue to have large backlogs, but the administration has not responded with penalties. Many homeowners continue to be stuck in trial modifications.

Survey: Homeowners Working With Servicers Often Blindsided by Foreclosures

July 7, 2010, 8:41 a.m.

Many housing counselors in California are seeing clients lose their homes while pursuing mortgage modifications. That’s not supposed to happen, but there have been no penalties for the banks involved.

Loan Mod Program Still Sputtering, Despite Attempted Fixes

June 22, 2010, 10:15 a.m.