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NCLC Statement re: CFPB Final Mortgage Servicing Rules

“Today, by finalizing revised mortgage servicing rules, the CFPB has taken an important step toward improving protections for distressed borrowers,” said John Rao, staff attorney at the National Consumer Law Center. “Many homeowners will find it easier to save their homes from foreclosure because of these new rules.”

DCHFA Relaunches the HomeSaver Foreclosure Prevention Program

The District of Columbia Housing Finance Agency (DCHFA) is closing out Homeownership Month by reopening the HomeSaver Phase I mortgage assistance program. This year, the Agency received two funding allocations totaling $8,047,933 from the U.S. Department of the Treasury’s Hardest Hit Fund (HHF). This award will be used to aid eligible District of Columbia homeowners that have fallen behind on their mortgage payments due to unemployment or under employment.

Nearly $40 Million awarded through National Foreclosure Mitigation Counseling program to help more than...

NeighborWorks America today announced that nearly $40 million has been awarded to 21 state housing finance agencies (HFAs), 19 HUD-approved housing counseling intermediaries, and 60 community-based NeighborWorks organizations to provide counseling to families and individuals facing the threat of foreclosure.

Foreclosures Continue to Decrease, Delinquencies Flat

The delinquency rate for mortgage loans on one-to-four-unit residential properties remained unchanged from the previous quarter at a seasonally adjusted rate of 4.77 percent of all loans outstanding at the end of the first quarter of 2016. This was the lowest level since the third quarter of 2006. The delinquency rate was 77 basis points lower than one year ago, according to the Mortgage Bankers Association's (MBA) National Delinquency Survey.

New FHFA Program to Help Homeowners, Communities Prevent Unnecessary Foreclosures

The Federal Housing Finance Agency (FHFA) announced today a new loan modification program that will help borrowers stay in their homes. Under the new program, loan modifications will be available to as many as 30,000 qualified underwater borrowers facing financial hardship with loans now held by Fannie Mae or Freddie Mac. Eligibility also requires that the mortgages have an unpaid principal balance of not more than $250,000 and delinquency of 90 days or longer as of March 1 of this year. Homes must be owner-occupied

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.

Business Real Estate Press Releases

Recent Gov & Nonprofit Real Estate Press Releases

FEMA

FEMA Offers Free Rebuilding Tips at Local Home Improvement Stores

Disaster survivors affected by the severe storms and floods from Tropical Storm Imelda, can visit local home improvement stores in Houston, Pasadena and Webster for rebuilding tips from mitigation experts.