Government

The U.S. Treasury announced details on Tuesday of new efforts to help bring relief to responsible homeowners under the Making Home Affordable Program. The new program components include an initiative that specifically addresses modifications on second lien mortgages and a set of measures intended to provide assistance to those borrowers who are underwater – meaning the value of their home is less than the outstanding balance owed on their mortgage.

National Association of Realtors (NAR) President Charles McMillan is calling for Fannie Mae and Freddie Mac to delay the new Home Valuation Code of Conduct (HVCC), which is scheduled to take effect May 1, 2009.

Following the apparent suicide of Freddie Mac’s acting CFO David Kellermann on Wednesday, the GSE’s former CEO David Moffett, who resigned from his post in March, has agreed to temporarily return to the company as a consultant to interim CEO John Koskinen.

The U.S. Department of the Treasury announced last week that it has selected three firms to manage its portfolio of assets issued by banks and other institutions participating in the Capital Purchase Program (CPP).

The U.S. Treasury Department has released the names of four more servicers who have officially signed on to participate in the administration’s Home Affordable Modification Program. Joining the list of participants is Wilshire Credit Corporation, Pittsburgh’s Home Loan Services, Countrywide Home Loans, and Bank of America.

The Pennsylvania Department of Banking recently ordered four out-of-state mortgage modification companies to stop engaging in unlicensed activity in the state. The department issued cease and desist orders against Consumer Loan Modification of Arizona, U.

The International Monetary Fund (IMF) released a report this week that estimates U.S. banks will lose another $550 billion in the value of their holdings over the next two years as a result of the financial crisis.

The city of Detroit has implemented a new vacant property procedure that allows city inspectors to board up vacant, foreclosed homes at the cost of the property owner. The city says the ordinance is intended to secure and protect vacant properties for the safety of the community.

Fannie Mae’s newly appointed president and CEO Michael J. Williams recruited three former bank executives to fill key management positions this week. To round out the company’s leadership team, Williams has hired Timothy J.

The House Financial Services Committee held its final hearing Thursday on mortgage reform. The committee plans to vote on the bill next week and send it to the full House for approval soon after. Committee leaders say the legislation is needed to prevent those practices that led to the nation’s mortgage meltdown and financial crisis from being repeated.