Members of the Hope Now alliance have agreed to do a mass mailing to reach 200,000 troubled borrowers and develop methods for quickly determining whether a loan modification or refinancing would prevent foreclosure, according to Treasury Secretary Henry Paulson."Members of the alliance told me they are developing methods, criteria, and metrics that any industry participant can use to systematically evaluate a borrower's ability to pay a resetting adjustable mortgage," Secretary Paulson said. This approach will allow servicers to fast-track borrowers who are current on their ARM into a loan modification or refinancing and provide others with different options. Treasury Under Secretary Robert Steel, Iowa Attorney General Tom Miller, Sandor Samuels, executive managing director of Countrywide Financial Corp., and others will be testifying at a House Financial Services Committee hearing Nov. 2 on the Hope Now efforts to prevent foreclosures and encourage loan modifications.
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The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
24m ago -
Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25