The Foreclosure Journal
The latest foreclosure prevention news indicates some progress is being made in the war against foreclosures. Two state legislatures took recent actions.
HOPE NOW today reported that mortgage servicers prevented 170,000 foreclosures during May. Around 100,000 of May's workouts were repayment plans and 70,000 were loan modifications.
The group, whose members reportedly service 60 percent of subprime loans, estimates second-quarter workouts may reach 519,000 -- the highest of any quarter since launching a year ago. A total of 1.7 million foreclosures have been averted since July 2007.
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IndyMac Blasts Schumer
IndyMac Bancorp Inc. said a run on its deposits over the weekend has abated and blamed a U.S. senator for sparking the panic.
Brokers Being Paid for Foreclosure Referrals
One company is hoping to help more delinquent borrowers by paying mortgage brokers $1,000 referral fees. Meanwhile, New York is attempting to stave of foreclosures by lengthening the amount of time required to complete the process.
Private & Public Solutions to Foreclosure Crisis
A number of organizations are offering advice for delinquent borrowers, while one has provided $2 million to help prevent foreclosures. Government lending is also having a positive impact on the foreclosures crisis. One mortgage company is hoping to boost revenues by millions of dollars by jumping in the foreclosure prevention game.
Republicans Blast Obama for Advisor's Ties to Countrywide
Republicans blasted Sen. Barack Obama for the special treatment a campaign advisor received from Countrywide Financial Corp.
Mortgage Market Liquidity Proposals
A banking regulator has warned Congress that the mortgage market will get worse before it gets better and offered proposals that can help improve the situation.
Foreclosure Prevention Strategies
States and cities continue to pursue more stringent foreclosure legislation -- though mortgage bankers oppose some of the measures. But both sides, as well as non-profit groups, are increasing activity to reduce foreclosures.
States Step Up Mortgage Legislation
From Oregon to New York, states are stepping up legislation to reign in mortgage lending practices. But some experts are warning that some of the states are going too far.
Groups Oppose Provisions of RESPA Reform
Trade groups representing mortgage bankers and title insurers warned lawmakers about some provisions in proposed reforms to the Real Estate Settlement Procedures Act.
