Foreclosures

Foreclosures

More than two million homeowners helped by the National Foreclosure Mitigation Counseling Program

NeighborWorks America today announced that more than 2 million homeowners facing foreclosure have received much-needed counseling thanks to the Congressionally-funded National Foreclosure Mitigation Counseling (NFMC) Program.

Whitehouse Applauds House Passage of his Bill to Protect Servicemembers from Foreclosure

Senator Sheldon Whitehouse applauded the House’s passage today of the Foreclosure Relief and Extension for Servicemembers Act, which extends key foreclosure protection to those who serve. Whitehouse authored the legislation, which was unanimously approved by the Senate in December. The bill now awaits the President’s signature to become law.

Justice Department Reaches $470 Million Joint State-Federal Settlement with HSBC to Address Mortgage Loan...

The Justice Department, the Department of Housing and Urban Development (HUD) and the Consumer Financial Protection Bureau, along with 49 state attorneys general and the District of Columbia’s attorney general, have reached a $470 million agreement with HSBC Bank USA NA and its affiliates (collectively, HSBC) to address mortgage origination, servicing and foreclosure abuses.

Scammers Banned from Mortgage Relief Business, Telemarketing

Four mortgage modification scammers, Brian Pacios, Chad Caldaronello, Justin Moreira and Derek Nelson will be banned from selling debt relief products and services under settlements resolving Federal Trade Commission charges that they deceived homeowners facing foreclosure

CALIFORNIA MORTGAGE MODIFICATION SCAMMER SENTENCED TO SIX YEARS IN FEDERAL PRISON AND PAYMENT OF...

Christy Goldsmith Romero, Special Inspector General for the Troubled Asset Relief Program (SIGTARP) announced that Michael Lewis Parker, of Pomona, Calif., who worked at a Rancho Cucamonga, Calif. based business that offered bogus loan modifications was sentenced in California yesterday to serve a federal prison term of six years, and to pay restitution of over $6 million.

Methuen Executive Convicted in Mortgage Fraud Conspiracy

A Methuen business executive pleaded guilty today to participating in a conspiracy to defraud banks and mortgage companies by engaging in sham “short” sales of residential properties in the Merrimack Valley of Massachusetts

Menendez, Booker Urge Federal Action on “Zombie” Foreclosures

On the eve of Halloween, New Jersey’s U.S. Senators Bob Menendez and Cory Booker wrote federal banking and housing leaders asking for answers and action on the abandoned or “zombie” foreclosure crisis in the state. A recent report found New Jersey has the highest number of “zombie” foreclosures in the country, with almost 4,000 homes vacated before a completed foreclosure. Left without a caretaker and abandoned by the banks, these properties attract crime, trash and debris, bring down the values of neighboring homes, and leave towns and cities to shoulder the burden

Georgia Real Estate Investor Admits to Bid Rigging and Mail Fraud Conspiracies at Home...

A Georgia real estate investor pleaded guilty today for his role in conspiracies to rig bids and commit mail fraud at public real estate foreclosure auctions in Georgia. Trent Gaines admitted that he and others conspired not to bid against one another at public real estate foreclosure auctions from October 2008 to November 2010 in Fulton County, Georgia, and from September 2006 to February 2011 in DeKalb County, Georgia.

Real Estate Investor Pleads Guilty to Bid Rigging and Fraud Conspiracies at Georgia Public...

A Georgia real estate investor pleaded guilty today for his role in conspiracies to rig bids and commit mail fraud at public real estate foreclosure auctions in Fulton and DeKalb counties, Georgia. Morris Podber admitted that he conspired with others not to bid against one another at public real estate foreclosure auctions on selected properties.

Real Estate Investor Pleads Guilty to Bid Rigging and Fraud Conspiracies at Georgia Public...

A Georgia real estate investor pleaded guilty today for his role in conspiracies to rig bids and commit mail fraud at public real estate foreclosure auctions in Fulton and DeKalb counties, Georgia.

Service Members’ Compensation for Unlawful Foreclosures Under the Servicemembers Civil Relief Act Rises to...

The Justice Department announced today that an additional 1,461 service members and their co-borrowers are eligible to receive over $186 million for home foreclosures under the department’s settlements with five of the nation’s largest mortgage servicers.  Those settlements implement the protections of the Servicemembers Civil Relief Act (SCRA).  Together with other foreclosure-related compensation announced by the department in February, a total of 2,413 service members and their co-borrowers are eligible to receive over $311 million. 

Reliable communication with servicers is improving, but remains major challenge for counselors helping homeowners...

Housing counselors across the country working with homeowners to find an alternative to foreclosure for thousands of homeowners cite improving communications with servicers, but note that more needs to be done, according to the latest report on the National Foreclosure Mitigation Counseling program (NFMC). NFMC is a congressionally funded effort that has helped more than 1.9 million homeowners understand their foreclosure prevention options

Organizations Unite to Support Renewable Energy Development on Islands

Two US-based organizations joined the International Renewable Energy Agency’s (IRENA) Lighthouses initiative today to help island nations accelerate the deployment of renewable energy and transition away from fossil fuels. The Clinton Climate Initiative (CCI), an initiative of the Clinton Foundation, and the Rocky Mountain Institute-Carbon War Room (RMI-CWR), through their island partnership, will jointly work to achieve Small Island Developing States (SIDS) Lighthouses Initiative objectives and explore opportunities for coordinated assistance to SIDS with other partners of the initiative.

Auto Loans Race Ahead, Foreclosures Plunge, and Overall Household Debt Remains Flat

Household debt balances were largely flat in the second quarter of this year, according to the Federal Reserve Bank of New York’s Household Debt and Credit Report. Total indebtedness increased just $2 billion from Q1 2015. Foreclosures hit their lowest point in the 16-year history of the New York Fed’s Consumer Credit Panel, a nationally representative sample drawn from anonymized Equifax credit data.

Mortgage Delinquencies and Foreclosures Continue to Drop in Second Quarter

The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 5.30 percent of all loans outstanding at the end of the second quarter of 2015. This was the lowest level since the second quarter of 2007. The delinquency rate decreased 24 basis points from the previous quarter, and 74 basis points from one year ago, according to the Mortgage Bankers Association's (MBA) National Delinquency Survey.

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