Posted by admin in : Anti-Predatory Lending Initiative, News ,
The House on Thursday approved legislation to rein in the exotic and nontraditional lending practices that helped fuel the U.S. housing boom and bust. The legislation, which passed 300-114, strengthens rules for mortgage originators, brokers and securitizers to help ensure consumers don’t end up with home loans they can’t afford. The provisions curb upfront broker [...]
Posted by admin in : Anti-Predatory Lending Initiative, News ,
Predatory mortgage practices faulted for damaging the global economy and financial markets are one step closer to tighter restrictions, following a Thursday afternoon vote by the U.S. House of Representatives to approve legislation. The House voted 300-114 to approve H.R. 1728, the Mortgage Reform and Anti-Predatory Lending Act, which would take steps to ensure that [...]
Posted by admin in : Anti-Predatory Lending Initiative, News, Partners ,
In a sign that banks are stepping up their efforts to combat foreclosures, lenders intervened to help prevent 239,000 foreclosures last month, according to a report released Thursday. Hope Now, a coalition of lenders, investors in mortgage-backed securities and community advocacy groups, said that December marked the fourth consecutive month that its members had arranged [...]
Posted by admin in : Advocacy, Anti-Predatory Lending Initiative, News, Resources ,
Treasury Secretary Henry M. Paulson Jr. said on Wednesday that allowing the mortgage finance giants Fannie Mae and Freddie Mac to return to their old operating ways was not an option. Congress and the next administration must decide the proper role government should play in supporting home ownership in light of the severe economic costs [...]
Posted by admin in : Advocacy, Anti-Predatory Lending Initiative, Research, Resources ,
In a recent interview with the Federal Reserve Bank of Atlanta on the future of the housing market, National Community Reinvestment Coalition Chief Operating Officer Jim Carr responded to questions about which housing policies would best meet the challenges presented by the foreclosure crisis. The following excerpts discuss measures to address the destabilization of housing [...]
Posted by admin in : Anti-Predatory Lending Initiative, Research, Resources ,
Even in this time of economic and financial chaos, there seems to have emerged a bit of conventional wisdom here in southwestern Pennsylvania that the regional housing market isn’t so bad.
After all, the number of foreclosures here has dropped for two consecutive months and 2008 looks about on pace with 2007. There are plenty of [...]
Posted by admin in : Anti-Predatory Lending Initiative, News, Research ,
Slowing sales and a worsening national economy are a storm cloud threatening the blue skies that homeowners in the South Hills have been enjoying. Yes, the housing slump in other parts of the nation may be slowly edging its way here.
The most recent home sales figures available are for September, reported by RealSTATs, a real [...]
Posted by admin in : Anti-Predatory Lending Initiative, News ,
The U.S. government’s latest plan to aid struggling homeowners could move as many as three million people into more-affordable mortgages, according to people familiar with the effort. The proposal, which has been designed by the Treasury Department and Federal Deposit Insurance Corp., is close to being finalized. Estimated to cost between $40 billion and $50 [...]
Posted by admin 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 admin 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 [...]
