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Loss Mitigation

Report: 40,000 Homeowners Received Permanent Loan Mods in August

About 40,000 homeowners nationwide received permanent mortgage loan modifications from servicers in August, which includes loans completed through proprietary programs and under the government's Home Affordable Modification Program (HAMP), according to data released by the HOPE NOW Alliance on Thursday.

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CFPB: Distressed Private Student Loan Borrowers Are Unaware of Options

Many private student loan borrowers are being driven into default due to a lack of information and affordable loan modification options, according to a report released Thursday by the Consumer Financial Protection Bureau (CFPB) Student Loan Ombudsman.

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Fannie Mae Announces Modification Interest Rate Hike

Fannie Mae announced earlier this week it will be adjusting the required interest rate for its Standard Modification Program. The new interest rate of 4.5 percent will be effective for all Fannie Mae mortgage loans approved for the Standard Modification Program on or after October 14, 2014.

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Judge Rules Wells Fargo, Citi Must Face Consumers’ Claims of Inaccurate Credit Reports

A federal judge earlier this week dismissed a bid by Wells Fargo Bank and Citigroup's mortgage unit to have a lawsuit against them thrown out accusing the lenders of violating federal law by inaccurately reporting information about short sales to credit agencies, subsequently hurting consumers' chances of obtaining loans.

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New York AG Sues Law Firms for Mortgage Loan Relief Scam

New York Attorney General Eric Schneiderman has sued two law firms and their principal attorney, in a New York County Supreme Court accusing them of participating in a fraudulent mortgage rescue scam, Schneiderman's office announced earlier in the week.

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Kansas Man Sentenced for HAMP Fraud

A Mexican national living in Wichita, Kansas, was sentenced for fraudulently obtaining a mortgage modification loan through the Home Affordable Modification Program (HAMP), which is funded by the government's Troubled Asset Relief Program (TARP), Special Inspector General for TARP (SIGTARP) Christy Romero announced recently.

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HUD OIG Audit Finds Florida-Based Lender in Violation of FHA’s Short Sale Program

The Office of the Inspector General for the U.S. Department of Housing and Urban Development (HUD OIG) has recommended that Jacksonville, Florida-based EverBank Servicing Lender reimburse HUD more than $1.5 million for violating the terms of the Federal Housing Administration's (FHA) Preforeclosure Sale Program.

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New York AG Commits More Funds to Homeowner Protection Program

The office of New York Attorney General Eric Schneiderman will be committing up to $40 million to aid organizations that work through the Homeowner Protection Program (HOPP) to provide housing counseling and legal services to struggling homeowners, Schneiderman announced on Monday.

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