Obama Gets a HAMP Question… On The Daily Show

By: Friday October 19, 2012 6:25 am

President Obama appeared on the Daily Show last night, and Jon Stewart confronted him with the “H” word. It’s not one that comes up much in Obama’s presence; I can’t remember the last time, in fact. But last night, he had to answer for HAMP. It came in a follow-up, actually, which shows the level [...]

Housing’s Bounce Off the Bottom May Not Signal Boom Times

By: Thursday October 18, 2012 7:00 am

Yesterday’s housing starts number has pushed the mainstream press over the edge in declaring a housing recovery. I would argue that housing starts could maybe get over the low point of housing collapses of the last 50 years before we sound the all-clear, but it’s clear enough to me that, with Americans producing more people [...]

Credit Reporting Agency Cited for Facilitating Loan Modification Fraud Deals

By: Thursday October 11, 2012 7:45 am

The Federal Trade Commission caught Equifax, one of the three major credit reporting companies, selling their lists of homeowners who made late mortgage payments to a third-party direct marketing specialist. This violates the Fair Credit Reporting Act, and is also about the sleaziest thing you can do – profiting off the financial difficulties of others. [...]

Justice Department Continues to Tout Action Against Penny-Ante Mortgage Fraud, While Banks Go Free

By: Tuesday October 9, 2012 12:24 pm

Following up on this earlier item about the Justice Department’s impotence in prosecuting financial fraud, take a look at what they’ve been reduced to promoting (h/t Marcy): Attorney General Eric Holder, Housing and Urban Development (HUD) Secretary Shaun Donovan, FBI Associate Deputy Director Kevin L. Perkins and Federal Trade Commission (FTC) Chairman Jon Leibowitz today [...]

Another Foreclosure Fraud Settlement Scam: Banks Trying to Get Credit for Already Discharged Debt

By: Sunday September 30, 2012 9:03 am

Though I’m not sure anyone pays attention to them anymore, the President delivered his weekly address this weekend, and it was all about how Congress has to help “responsible” homeowners (because the irresponsible ones deserve nothing, after all they fleeced those responsible banks to get the loan). In the address, President Obama contrasted his approach [...]

Over 1 Million Homeowners Bounced From HAMP Since Program Began

By: Friday September 14, 2012 6:15 am

The August housing scorecard is out, and as Arthur Delaney notes it contains a dubious milestone. Over 1 million homeowners have now been kicked out of the HAMP program, either by being turned down for a permanent modification or going into a re-default on their modification once it became permanent. And all 1 million of [...]

Study Blames Banks for Poor HAMP Performance; Blame the Designers, Treasury, Instead

By: Wednesday September 12, 2012 12:19 pm

I’ve seen some buzz from, among other places, Pro Publica, about a new study blaming banks for the inadequacies of the Administration’s foreclosure mitigation program, HAMP. According to the study, if the banks were properly staffed and performed better under the program, HAMP would have produced 800,000 more modifications by the end of the year, [...]

California Foreclosure Fraud Settlement Monitor: Servicers Dragging Their Feet

By: Thursday August 16, 2012 1:47 pm

Katherine Porter, the monitor tasked with specific oversight for California’s foreclosure fraud settlement, says what most of us could have suspected: the servicers are dragging their feet on compliance. The California monitor of the $25 billion national mortgage servicing settlement received roughly 1,100 complaints in the last month from borrowers reporting a slow uptake to [...]

CFPB Goes After Loan Modification Fraudsters

By: Wednesday August 1, 2012 10:58 am

Adding to its enforcement actions, the Consumer Financial Protection Bureau has taken a California company to court over a loan modification fraud scheme. The Consumer Financial Protection Bureau has filed its first ever civil enforcement action in federal court, charging a Los Angeles law firm of duping distressed homeowners into paying high upfront fees with [...]

FHFA Opts to Reject Principal Reductions for Fannie and Freddie Loans

By: Tuesday July 31, 2012 11:41 am

I was wondering whether FHFA Acting Director Ed DeMarco would respond to that Wall Street Journal article today pressuring him to allow participation from Fannie Mae and Freddie Mac in an Administration principal reduction program. Well, he has. DeMarco rejected participation for Fannie and Freddie, opting to go ahead with principal forbearance and other loan [...]

CFPB Gets Plurality of Complaints About Mortgages

By: Monday July 30, 2012 12:22 pm

The Consumer Financial Protection Bureau has a hotline for complaints, as well as a process to lodge complaints at their website. They have begun to release those complaint reports, protecting the identity of the consumer but providing an understanding of where the trouble in the financial system lies with respect to those consumers. Here’s a [...]

support firedoglake
Follow FDL News Desk