Home / Tag Archives: Foreclosure Prevention (page 86)

Tag Archives: Foreclosure Prevention

Obama Sends $600M to ‘Hard-Hit’ States for Foreclosure Prevention

State housing finance agencies in North Carolina, Ohio, Oregon, Rhode Island, and South Carolina have been given the green light to use $600 million in federal funding to implement their own foreclosure prevention programs. These five states were designated as some of the nation's hardest-hit housing markets because of high unemployment -- local rates above 12 percent -- and concentrated areas of severe economic distress. The Treasury says another round of state grants is in the works, with $2 billion more allocated for local housing programs.

Read More »

FHA’s Capital Reserves Fall as Agency Prepares for Higher Claims

The Federal Housing Administration (FHA) has just $3.5 billion in its capital reserve account. The decline, though, is the result of a shuffling of funds. FHA moved $9.8 billion from its capital reserves to its financing account, the fund used to cover insurance claim payouts and losses. The transfer bumped this loss reserve account up to $29.6 billion and suggests that the FHA may be preparing for another wave of defaults and mortgage insurance claims, although so far this year, claims are coming in well below projections made at the end of 2009.

Read More »

Fannie Mae Launches Online Resource for Struggling Homeowners

Fannie Mae has rolled out a new interactive online resource for homeowners struggling with their mortgage payments. It's KnowYourOptions.com, and it's designed to be a virtual one-stop-shop for anyone facing financial hardship and in need of foreclosure assistance. Eight months in the making, the site offers tools and guidance for refinancing, repayment plans, forbearance, modifications, Fannie Mae's Deed-for-Lease program, short sales, and deeds-in-lieu.

Read More »

As Housing Programs Falter, Administration Weighs New Refinance Plan

Rumors of a new government-led mortgage refinancing program have begun to surface. DS News has received word from sources inside the administration and from high-ranking executives at some of the largest banks, confirming that the White House is indeed considering a refi push that would allow homeowners to lower their monthly mortgage obligations by locking in today's rock-bottom interest rates. Some industry insiders are viewing the move as a concession by the federal government that its existing housing programs aren't doing enough.

Read More »

PMI Gives $50,000 to CCCS of San Francisco for Foreclosure Prevention

The PMI Foundation, the philanthropic arm of the PMI Group, Inc., has awarded a $50,000 grant to the Consumer Credit Counseling Service (CCCS) of San Francisco. The grant will support continued funding for CCCS of San Francisco's nationwide mortgage default counseling program and homebuyer education initiatives.

Read More »

U.S. Reps Partner With HUD, Treasury to Prevent Foreclosures in Atlanta

U.S. Reps. John Lewis, David Scott, and Hank Johnson have joined forces with HUD, the U.S. Department of Treasury, the HOPE NOW Alliance, and NeighborWorks America for an upcoming event aimed at helping financially troubled homeowners in the Atlanta area. The event, dubbed the ""Help for Homeowners"" project, is scheduled for July 30 and July 31. Nearly 20 of the area's top lenders will be available at the event to meet one-on-one with area residents who are struggling to pay their mortgages. The event, dubbed the Help for Homeowners project, is scheduled for July 30 and July 31.

Read More »

Countersuit Filed Against Ohio Attorney General

American Home Mortgage Servicing, Inc. (AHMSI), headquartered in Texas, is fighting back against the lawsuit filed against them yesterday. Filed by Ohio Attorney General, Richard Cordray, the lawsuit against AHMSI alleges the company was under numerous violations of the Ohio Consumer Sales Practices Act.

Read More »