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Making Home Affordable Underway at BofA

Bank of America, which services one out of five mortgages in the United States, announced this week that it has begun processing its first wave of mortgage refinance applications under the U.S. Treasury Department’s Making Home Affordable program.

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Gov. Advocates Bailout Investment Funds

As part of the administration’s plan to involve the private sector in efforts to purge banks of troublesome mortgage assets, government officials are encouraging large investment companies to create bailout funds – what some are calling the financial-crisis equivalent of the Liberty Bonds hawked by the U.

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NJ Nonprofit Makes Bulk Default Purchase

Housing and Neighborhood Development Services, Inc. (HANDS), a chartered affiliate of NeighborWorks America, recently announced that it acquired the defaulted mortgages on 47 vacant homes in the greater Newark, New Jersey area.

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President Hosts Refinance Roundtable

President Barack Obama held a roundtable discussion in the Roosevelt Room of the White House on Thursday with a group of homeowners who have recently refinanced their home mortgages, taking advantage of historically low interest rates.

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FHLBank Atlanta Gives $9.9M to First-time Home Buyers

The Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced last week that it will continue its initiatives to spur home purchases by providing potential homeowners with access to $9.9 million as part of its 2009 First-time Homebuyer Program (FHP).

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Four Banks Repay Government Aid

Last week, four regional community banks became the first institutions to pay the government back the bailout money they received through the Troubled Asset Relief Program (TARP), citing their concern over stringent conditions now attached to the federal recovery plan.

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Massachusetts AG Sues Foreclosure Rescue Companies

Massachusetts Attorney General Martha Coakley has filed a lawsuit and obtained a temporary restraining order against four defendants for their involvement in a foreclosure rescue scam. The complaint, filed in Suffolk Superior Court, alleges that Loan Modification Group Corp.

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Mortgage Rates Up But Still Under 5 Percent

Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS) on Thursday, which showed that mortgage interest rates rose slightly this week, though they remain at historically low levels.

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Fed Purchases $30B in Agency MBS

The New York Federal Reserve Bank purchased $30.425 billion in mortgage-backed securities (MBS) from government agencies this week. Total MBS purchases since the Fed program began in early January now stands at $333 billion.

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