Posted by Jennifer Swartz in : Advocacy, Anti-Predatory Lending Initiative, News ,
Hope Now announced Monday that almost 2.5 million foreclosures had been prevented due to efforts of those in the mortgage industry since the alliance began compiling data in July 2007.
According to Hope Now, 212,000 homeowners were helped by the mortgage industry to avoid foreclosure during the month of September. It marked the first time since [...]
Posted by Jennifer Swartz in : Advocacy, Anti-Predatory Lending Initiative, News, Resources ,
More Defaults and Foreclosures Are Likely as Borrowers With Greater Debt Than Value in Their Homes Are Put in a Tight Spot
The relentless slide in home prices has left nearly one in six U.S. homeowners owing more on a mortgage than the home is worth, raising the possibility of a rise in defaults — the [...]
Posted by Jennifer Swartz in : Advocacy, Anti-Predatory Lending Initiative, News ,
HUD has allocated a total of $3.92 billion in Neighborhood Stabilization Program (NPS) funds to all states and particularly hard-hit areas trying to respond to the effects of high foreclosures. The funding is provided through HUD’s Community Development Block Grant (CDBG) Program under the Housing and Economic Recovery Act of 2008.
HUD’s new Neighborhood Stabilization Program [...]
Posted by Jennifer Swartz in : Advocacy, Anti-Predatory Lending Initiative ,
The pact stems from cases filed earlier this year by California and other states, alleging Countrywide, based in Calabasas (Los Angeles County), used misleading advertising and unfair business practices to dupe customers into taking out home loans they couldn’t afford. Bank of America acquired Countrywide, along with its outstanding legal challenges, in July.
To settle with [...]
Posted by Jennifer Swartz in : Advocacy, Anti-Predatory Lending Initiative, News, Resources ,
The government kicked off a program today that aims to prevent foreclosures by letting an estimated 400,000 troubled homeowners swap their mortgages for more affordable loans.
Lenders, rather than borrowers, will decide whether to participate in the program, which requires them to take a loss on the initial loan. The $300 billion, three-year program launched today [...]
Posted by Jennifer Swartz in : Advocacy, News, Safe Neighborhoods, Vacant Property Working Group (VPWG) ,
“NICE, CLEAN, Nicer!” shouts the eBay offer, boasting of a century-old duplex with great hardwood floors in a quiet Cleveland neighborhood. At this East 72nd Street house, “nice” means windows boarded, siding stripped, kitchen counters missing. “Quiet” means deserted, with half the neighboring homes boarded up and stripped, and one house just a pile of [...]
Posted by Jennifer Swartz in : Advocacy, News ,
Foreclosures may stop some people from voting. To find a polling place, call 866-OUR-VOTE. To watch a CBS video about topic, click here.
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Posted by Jennifer Swartz in : Advocacy, Anti-Predatory Lending Initiative ,
If not for the government takeover of mortgage giants Fannie Mae and Freddie Mac, probably half of home mortgage lending in the Pittsburgh area might not happen, a housing official estimated Monday.
Mortgage industry officials in the region expressed relief the day after the government took action, citing mortgage rates that have started to ease as [...]
Posted by Bethany Davidson in : Advocacy, Anti-Predatory Lending Initiative, Resources ,
Unprecedented effort to assist troubled owners
With mortgage defaults bruising cities across the nation and home losses continuing to mount in Western Pennsylvania, community leaders throughout Allegheny County kicked off a campaign yesterday to try to help homeowners in crisis.
The unprecedented local effort to save homes in the greater Pittsburgh area came one day after the [...]
Posted by Bethany Davidson in : Advocacy, Anti-Predatory Lending Initiative, News, Resources ,
From July 26th -WASHINGTON (Reuters) - The U.S. Congress approved a massive housing market rescue bill on Saturday, (July 26th) offering emergency financing to mortgage titans Fannie Mae and Freddie Mac, and setting up a $300-billion fund to help hundreds of thousands of troubled homeowners. Read the rest here.
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