Now that Fannie and Freddie are essentially owned by the taxpayers, why aren’t these institutions doing more to help homeowners? Particularly, why are they so adamantly against allowing mortgage principal reductions?
Although we have seen a decline in foreclosures in recent months, there will be a turn for the worse for delinquent homeowners in upcoming months. This is due to the $26 billion settlement between the five big banks and state attorneys general over past foreclosure practices, which will enable banks to accelerate the foreclosure process. […]
My own professional experience about the dangers of filing bankruptcy without an attorney is validated by carefully analyzed data.
Wage garnishments are stopped instantaneously . . . except that different state laws and procedures can effect what happens to the current paycheck.
The bankruptcy world played a quiet but significant role in bringing about this controversial $26 billion settlement. So, fittingly, the settlement terms require the banks to make significant changes in their behavior in bankruptcy court.
Most of the $26 billion or so in this national settlement is designed to help current homeowners keep their homes. But $1.5 billion of it will go to about 750,000 who have already lost their homes to foreclosure. That’s about $2,000 each.
Senate Bill 1552B (passed by the House Rules committee unanimously) would provide key protections toOregonhomeowners. The B engrossed bill includes most provisions of SB 1552 and SB 1564 as passed by the Senate and would provide strong foreclosure protection toOregonhomeowners. The B engrossed bill contains the following elements: Mandatory Meeting with Distressed Homeowners – Requires […]
The settlement documents of the deal that was announced more than a month ago were finally completed and filed at court on Monday, March 12. They catalog page after page of serious wrongdoing by the banks in their servicing of mortgages and processing of foreclosures.
A federal judge has yet again issued a ruling that effectively questions the validity of scores of foreclosures in Oregon, a crisis the Legislature could resolve in the mortgage industry’s favor this week if bank lobbyists and House Republican leaders have their way. In an opinion issued Wednesday, U.S. District Court Judge Michael Simon rejected a […]
The settlement anounced on Feb. 9 has been publicly released so far only in a broad outline of its terms. Any day now the actual agreement will be finalized and filed at court. In the meantime here are some tantalizing tidbits.