California Passes Significant Protections Against Illegal Foreclosure Processes

By: Tuesday July 3, 2012 6:00 am

Pressured by a coalition of activists and state Attorney General Kamala Harris, the California legislature completed a months-long project yesterday to significantly improve its foreclosure process.  The measure gives homeowners a new right to sue over fraudulent practices, ends dual tracking – where servicers process foreclosures while negotiating loan modifications – and extends a single [...]

Foreclosure Fraud Settlement: Will There Be Terms, Or Just Suggestions?

By: Tuesday February 21, 2012 7:35 am

Before the foreclosure fraud settlement was inked, at least half a dozen Republican Attorneys General said publicly that they were philosophically opposed to principal reductions of any kind. Then, in December of last year, the committee that helps elect Republican AGs received hundreds of thousands of dollars from Citi, Wells Fargo and JPMorgan Chase. All [...]

Proposed Homeowners “Bill of Rights” A Compendium of Existing Statutes and Initiatives

By: Wednesday February 1, 2012 10:25 am

So the President delivered his remarks on this collection of housing policy announcements today, or should I say stimulus policy. As expected, it included this mass refi proposal, along with the announcement of the beginning of GSE sales of foreclosed properties to investors for them to covert into rentals. There was also this other piece [...]

Over 75% of Housing Counsels Think HAMP Sucks

By: Friday May 27, 2011 11:11 am

Shortly after I first started writing about HAMP, I had an email exchange with a housing counselor who said I was being too harsh on the program, that borrowers in trouble had no recourse, and that I basically didn’t understand the pressure these homeowners were under. The dozens of emails I was getting from all [...]

Treasury Mandates Single Point of Contact in HAMP

By: Wednesday May 18, 2011 12:46 pm

The Treasury Department has changed the rules for HAMP, the government’s mortgage modification program, requiring servicers to establish a single point of contact for all borrowers participating in the program. The guideline is required of the 20 largest servicers participating in HAMP, and it is one of the largest adjustments to the program since its [...]

Merkley: “Real Concerns” About AG Settlement, Wants Warren at CFPB ASAP

By: Thursday May 12, 2011 1:22 pm

About a year ago, I appeared at Netroots Nation with Sen. Jeff Merkley (D-OR), the Huffington Post’s Ryan Grim and Professor Elizabeth Warren on a panel called “The Forgotten Foreclosure Crisis.” Speaking with Merkley today, I remarked that we could hold the same panel again this year, without changing a word of it, and not [...]

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