Category Archives: Mortgage Information

FAQ for Borrowers On Calif’s Deal With Banks

Posted on February 10, 2012 | Leave a comment

Borrowers who are struggling to pay their mortgages, are facing imminent foreclosure, or have been foreclosed upon may have a shot at benefits through an $18 billion mortgage settlement California will receive through a multi-state mortgage deal.

The California Attorney General’s Office estimates 466,000 homeowners in the state may qualify for several types of relief including principal reductions, loan refinances, restitution for foreclosure abuses and the chance at short sales.

The FAQ below is based on information from nationalmortgagesettlement.com and the California Attorney General’s Office.

How do I know if I qualify for benefits?

You must have a home loan that’s owned or serviced by one of the five banks in the settlement. Contact your mortgage servicer for more information.

Read more at: http://www.utsandiego.com/news/2012/feb/09/what-borrowers-should-know-about-califs-18b-deal-b/

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Mortgage Settlement Leaves Some Foreclosure Victims Wanting

Posted on February 9, 2012 | Leave a comment

Now, under the terms of a government settlement with Ally and four other companies that allegedly mismanaged millions of loans and introduced fraud to the foreclosure process, nearly 2 million homeowners are slated to receive a negotiated measure of justice. About 1 million homeowners who owe their banks more than their homes are worth will be eligible for a principle balance or interest rate reduction, making it less likely that these people will default. Another 775,000 borrowers who lost their homes between 2008 and 2011 will be eligible for a one-time payment of up to $2,000.

Borrowers will not release any claims in exchange for a payment. And $3.5 billion will go to state and federal governments to be used to repay public funds lost as a result of mortgage servicer misconduct and to fund housing counselors, legal aid and other similar public programs determined by the state attorneys general.

Read entire article at: http://www.huffingtonpost.com/2012/02/09/mortgage-settlement-foreclosure-fraud-robosigning_n_1260495.html

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Freddie Mac Bets Against American Homeowners

Posted on January 30, 2012 | Leave a comment

Freddie Mac, the taxpayer-owned mortgage giant, has placed multibillion-dollar bets that pay off if homeowners stay trapped in expensive mortgages with interest rates well above current rates.

Freddie began increasing these bets dramatically in late 2010, the same time that the company was making it harder for homeowners to get out of such high-interest mortgages.

No evidence has emerged that these decisions were coordinated. The company is a key gatekeeper for home loans but says its traders are “walled off” from the officials who have restricted homeowners from taking advantage of historically low interest rates by imposing higher fees and new rules.

Freddie’s charter calls for the company to make home loans more accessible. Its chief executive, Charles Haldeman Jr., recently told Congress that his company is “helping financially strapped families reduce their mortgage costs through refinancing their mortgages.”

Read more at: http://www.propublica.org/article/freddy-mac-mortgage-eisinger-arnold

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