save our home
Treasury’s Mortgage Modification: Empty Threats?
December 2, 2009 by admin · Leave a Comment
By Theo Francis, Business Week
The news coming out of the U.S. Treasury Dept. seemed like red meat for angry homeowners: The feds are going to get tough with mortgage servicers. Officials said the banks were moving too slowly in making lasting changes to the loans of struggling homeowners. Loan servicers that don’t deliver, warned Michael Barr, Treasury’s assistant secretary for financial institutions, “are going to suffer the consequences.”
But what exactly are those “consequences?” Barr wouldn’t go into detail with reporters on Monday. The terms laid out in Treasury’s contracts with the banks may not leave the government much room to maneuver.
The program in question is the core of Treasury’s homeowner-assistance program. which pays $1,000 to servicers—and more to borrowers and investors in various circumstances—in return for reducing interest rates or extending loan terms when economically sensible. The problem is that the program has…
http://www.businessweek.com/bwdaily/dnflash/content/dec2009/db2009121_237976.htm
save our home
Loan Company Goes Dormant, Hundreds Could Lose Homes
November 20, 2009 by admin · Leave a Comment
A local loan-modification company is going out of business, potentially leaving hundreds of homeowners in jeopardy of losing their homes.
By ANA GARCIA and FRED MAMOUN, NBC News Los Angeles
Updated 8:25 AM PST, Thu, Nov 19, 200
Hundreds of homeowners who turned to an Orange County mortgage-modification company for help may be in jeopardy themselves and don’t know it. The company appears to have shut down.
Company insiders say they have come forward to warn the public because they’re afraid people will lose their homes.
Greenleaf Legal Services in Mission Viejo may bill itself as “loan-modification experts,” but during a recent visit, the place was a ghost town.
Some offices were empty, others had stacks of client files apparently waiting to be worked on, and telephone message…
