
Mortgage ‘Cram-Down’ Bankruptcy Bill May Aid 1 Million in U.S.
March 6 (Bloomberg) -- At least 1 million Americans would be able to use bankruptcy to reduce mortgage payments under legislation approved by the House yesterday, part of Democratic efforts to stem a crisis that has erased more than $2.4 trillion in home values.Read more.
WAMU Sued for Failing to Engage Debtor in Loan Modifications
A Boston-area couple who are in foreclosure, despite their herculean attempts to prevent it, have filed a lawsuit against Washington Mutual, one of the nation's largest mortgage servicing firms. Read more.
At Freddie Mac, Chief Discarded Warning Signs
The chief executive of the mortgage giant Freddie Mac rejected internal warnings that could have protected the company from some of the financial crises now engulfing it, according to more than two dozen current and former high-ranking executives and others. Read more.
Connecticut Sues Firms Over Credit Ratings of Cities
The chief executive of the mortgage giant Freddie Mac rejected internal warnings that could have protected the company from some of the financial crises now engulfing it, according to more than two dozen current and former high-ranking executives and others. Read more.
Extreme Makover Home Faces Foreclosure
LAKE CITY, Ga. (AP) - More than 1,800 people showed up to help ABC's "Extreme Makeover" team demolish a family's decrepit home and replace it with a sparkling, four-bedroom mini-mansion in 2005. Read more.
Fed Keeps Rate at 2%1
The Federal Open Market Committee decided today to keep its target for the federal funds rate at 2 percent. Read more.
Who will benefit from the new federal housing act?
Is it a remedy for the worst housing slump the nation has suffered in decades? Or merely a taxpayer-funded bailout that will fail to reverse the plunge in home prices, the surge in foreclosures and the grave threat that overhangs the economy? Read more.
The Latest Thing--Medical and Dental Credit Cards
Many doctors and dentists are marketing medical credit cards to their patients, and consumer lawyers say they are a new wave of predatory lending. Read more.
Freddie Mac Doubles Financial Incentives to Servicers Who Help Borrowers Avoid Foreclosure
Freddie Mac today told mortgage servicers it was doubling the amount of money it pays for each workout that keeps a delinquent borrower with a Freddie Mac-owned mortgage out of foreclosure. Read more.
IndyMac Bancorp files for Chapter 7 Bankruptcy
IndyMac Bancorp Inc (IDMC.PK), once one of the largest U.S. mortgage lenders, has filed for bankruptcy protection, less than three weeks after being seized by federal regulators following a bank run by depositors. Read more.
Federal and State Agencies Crack Down on Mortgage Modification and Foreclosure scams
The Federal Trade Commission today announced a crackdown on fraud and deception by mortgage modification and home foreclosure rescue companies. The FTC is seeking to halt the proliferation of these mortgage relief scams – which target distressed and vulnerable consumers who are delinquent or facing foreclosure – through increased law enforcement, consumer outreach, and close coordination with federal, state, and non-profit partners. Read more.
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