Articles tagged with Loan Modification

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Chase Denied Loan Mods for Now Forbidden Reason—Homeowners in Limbo

On the Saturday before Thanksgiving, Lesa Herron of Santa Rosa, Calif., opened a letter from Chase Home Finance (PDF). She’d been … more…

Logjam Continues for Loan Mods; Big Banks Fare Poorly, Data Show

The Treasury unveiled (PDF) new data last Friday showing the progress of its major foreclosure prevention program. Treasury … more…

Chart: Performance by Mortgage Servicers Through December 2009

Homeowners Say Banks Not Following Rules for Loan Modifications

Nathan Reynolds is something of an expert on the government’s foreclosure prevention program. A mortgage broker who’s worked in … more…

Loan Mod Program Delays Even Worse for Those Struggling Not to Fall Behind

Since last spring, when President Barack Obama announced his administration’s plan to prevent foreclosures, there’s been a crush … more…

Interactive Chart Shows Breakdown of Slow-Moving Loan Mod Program

Only 31,382 homeowners have been put into permanent mortgage modifications, according to data released Thursday by  the Treasury … more…

Homeowners Getting Blame for Lack of Loan Mods, but Evidence Points to Banks and Servicers, Too

Why has the administration’s $75 billion mortgage modification program shown such meager results so far? One answer has … more…

Treasury Still Vague on Penalties for Loan Mod Laggards

The administration’s big mortgage modification program features $50 billion worth of carrots – but the stick part has been … more…

Govt’s Attempt to Push Transparency for Mortgage Mods Falls Short

For months, housing advocates have complained that mortgage servicers are wrongfully denying homeowners’ applications for the … more…

The Big Gov’t Mortgage Mod Program: The Latest Numbers

The administration’s $75 billion mortgage modification program is meant to help 3 million to 4 million homeowners avoid … more…

Freddie Mac, Given Oversight of Mortgage Mod Program, Falls Down on Job

Since its March launch, the government’s $50 billion program to prevent foreclosures has been marked by confusion, delays and … more…

KNBC TV Examines Sketchy Mortgage Rescue Company

Last night KNBC TV in Los Angeles aired a report about a “foreclosure rescue” company that is under investigation by the FBI. The … more…

Watchdog Report Throws Cold Water on Treasury Loan Mod Celebration

Every month, the Treasury Department gives an update on its $50 billion mortgage modification program. We’ve posted the latest … more…

Frustrated Homeowners Turn to Media, Courts

Qualified homeowners are being routinely denied loan modifications through the Obama administration’s Making Home Affordable plan, … more…

The Foreclosure ‘Rescue’ Boom on Marketplace

Last week, we published a story examining the boom in “foreclosure rescue” companies, firms that promise — in exchange for a large … more…

Why Authorities Haven’t Stopped the Foreclosure ‘Rescue’ Boom

This story is a collaboration with Steve Henn of American Public Media’s Marketplace. It was co-published with Salon.

During the … more…

The Secret Test That Ensures Lenders Win on Loan Mods

“NPV Test: Failed.”

That was the red-lettered verdict on the computer screen of a CitiMortgage negotiator in June. The result: … more…

How Are Those Loan Mods Coming? Sept. Edition

Five months into the government’s $75 billion loan modification program, less than 12 percent of eligible homeowners have seen … more…

Ex-Countrywide Execs’ Firm Modifies Bad Loans for Taxpayer Cash

Among the servicers participating in the government’s mortgage modification program is a new recruit that’s not like the others. … more…

Subprime Companies Line Up for Gov’t Mortgage Plan

The government’s foreclosure prevention plan is premised on the idea that the best way to prevent foreclosures is to work with … more…