Foreclosures Increase As Mortgage Modification Programs Lose Steam
Even with the foreclosure moratoriums that a few of the nation’s biggest banks instituted following the robo-signing scandal, foreclosures for this year will likely top one million. According to a report released yesterday by the Office of the Comptroller of the Currency and the Office of Thrift Supervision — two of the federal bank regulators — foreclosure activities were up significantly in the last quarter:
The number of new foreclosures increased to more than 382,000 — 31.2 percent more than in the previous quarter and 3.7 percent more than a year earlier. The number of foreclosures in process increased to 1.2 million — 4.5 percent more than in the previous quarter and 10.1 percent more than a year earlier. The number of completed foreclosures also increased to nearly 187,000 — 14.7 percent more than in the previous quarter and 57.5 percent more than a year earlier.
A large reason for the jump, according to the report, is that mortgage modifications under the Home Affordable Modification Program (HAMP) — the Obama administration’s signature foreclosure prevention effort — have dropped significantly. Mark Zandi, chief economist of Moody’s Analytics, said that a main problem driving the foreclosure machine is the “inadequacy of loan modification programs”.
For months, it’s been apparent that HAMP and the administration’s other programs designed to keep borrowers in their homes are going to fall woefully short of their goals. HAMP has processed only about 500,000 permanent loan modifications, out of 1.4 million trial modifications that have been initiated. The redefault rate (the number of borrowers who again fall behind on their mortgages, post-modification) for the program is an ugly 21 percent.
The Congressional Budget Office estimates that just $12 billion of the $50 billion dedicated to foreclosure prevention will be spent. The Congressional Oversight Panel for TARP, which also oversees HAMP, estimates that at the current rate HAMP will only benefit 700,000 homeowners, far less than the 3-4 million that the Obama administration said would receive aid. “Absent a dramatic and unexpected increase in HAMP enrollment, many billions of dollars set aside for foreclosure mitigation may well be left unused. As a result, an untold number of borrowers may go without help,” the panel said in a report.
There are still plenty of things that can be done to fix HAMP and ensure that the full resources dedicated to foreclosure prevention actually wind up in the hands of homeowners. Here are some recommendations.
Fox News personality and former Gov. Mike Huckabee (R-AR) recently began appearing in television commercials calling for viewers to dial a 1-800 number to sign a repeal petition against health reform called “Repeal It Now.” The ad, a “project of Restore America’s Voice” (RAV), a political action committee run by Huckabee’s friend Ken Hoagland, also directs viewers to a website that solicits donations [...]
According to disclosures filed with the FEC, RAV’s campaign is managed by a firm called the 949 Media Group. 949 has been paid tens of thousands of dollars to set up RAV’s website and Google search optimization, and receives a regular commission of $10,000 for related media work from RAV. ThinkProgress spoke to a representative from RAV, who told us that 949 is run by an individual named Derek Oberholtzer. According to the representative, Oberholtzer has worked with RAV since the PAC formed in October.
Oberholtzer is well known as scam artist who has used a myriad of tricks to defraud people out of their money. In addition to 949 Media Group, he started a number of companies, including “Apply 2 Save” (A2S) and Giant Media Works. Consumer report websites are rife with complaints about Oberholtzer’s odious business practices. In one scheme, Oberholtzer paid for radio and other advertisements telling distressed homeowners to contact his company A2S to pay a flat $595 fee to receive assistance in renegotiating their loans or to block a bank foreclosure. The Federal Trade Commission has prosecuted Oberholtzer for deceptive practices. In numerous cases, Oberholtzer took the $595 payment, and never did anything to stop a foreclosure or even contact the mortgage company in question. In many instances he continued billing his customers further fees totaling nearly $1,000 without lifting a finger to actually renegotiate their mortgage or halt a foreclosure, as his “Apply 2 Save” company promised.
robert shumake
Movie <b>News</b> Quick Hits: Bigfoot to get the 'Avatar' Treatment <b>...</b>
A leaked costume test from MGM's completed-but-shelved remake of 1984's 'Red Dawn' has found its way online. It's not much, but thanks to MGM's.
500 More Red-Winged Blackbirds Found Dead in Louisiana - AOL <b>News</b>
Days after 100000 fish and approximately 4000 red-winged blackbirds were found dead in Arkansas, 500 deceased blackbirds and starlings were discovered on a Louisiana highway.
<b>News</b> Corp. Online Gaming Head Sean Ryan to Head Facebook's Social <b>...</b>
Sean Ryan, who arrived at News Corp. mid-year to set up a new online gaming unit, is moving to Facebook to head partnerships at its key gaming platform, according to sources. Currently, Facebook does not create social games, ...
robert shumake detroit
Movie <b>News</b> Quick Hits: Bigfoot to get the 'Avatar' Treatment <b>...</b>
A leaked costume test from MGM's completed-but-shelved remake of 1984's 'Red Dawn' has found its way online. It's not much, but thanks to MGM's.
500 More Red-Winged Blackbirds Found Dead in Louisiana - AOL <b>News</b>
Days after 100000 fish and approximately 4000 red-winged blackbirds were found dead in Arkansas, 500 deceased blackbirds and starlings were discovered on a Louisiana highway.
<b>News</b> Corp. Online Gaming Head Sean Ryan to Head Facebook's Social <b>...</b>
Sean Ryan, who arrived at News Corp. mid-year to set up a new online gaming unit, is moving to Facebook to head partnerships at its key gaming platform, according to sources. Currently, Facebook does not create social games, ...
robert shumake
Foreclosures Increase As Mortgage Modification Programs Lose Steam
Even with the foreclosure moratoriums that a few of the nation’s biggest banks instituted following the robo-signing scandal, foreclosures for this year will likely top one million. According to a report released yesterday by the Office of the Comptroller of the Currency and the Office of Thrift Supervision — two of the federal bank regulators — foreclosure activities were up significantly in the last quarter:
The number of new foreclosures increased to more than 382,000 — 31.2 percent more than in the previous quarter and 3.7 percent more than a year earlier. The number of foreclosures in process increased to 1.2 million — 4.5 percent more than in the previous quarter and 10.1 percent more than a year earlier. The number of completed foreclosures also increased to nearly 187,000 — 14.7 percent more than in the previous quarter and 57.5 percent more than a year earlier.
A large reason for the jump, according to the report, is that mortgage modifications under the Home Affordable Modification Program (HAMP) — the Obama administration’s signature foreclosure prevention effort — have dropped significantly. Mark Zandi, chief economist of Moody’s Analytics, said that a main problem driving the foreclosure machine is the “inadequacy of loan modification programs”.
For months, it’s been apparent that HAMP and the administration’s other programs designed to keep borrowers in their homes are going to fall woefully short of their goals. HAMP has processed only about 500,000 permanent loan modifications, out of 1.4 million trial modifications that have been initiated. The redefault rate (the number of borrowers who again fall behind on their mortgages, post-modification) for the program is an ugly 21 percent.
The Congressional Budget Office estimates that just $12 billion of the $50 billion dedicated to foreclosure prevention will be spent. The Congressional Oversight Panel for TARP, which also oversees HAMP, estimates that at the current rate HAMP will only benefit 700,000 homeowners, far less than the 3-4 million that the Obama administration said would receive aid. “Absent a dramatic and unexpected increase in HAMP enrollment, many billions of dollars set aside for foreclosure mitigation may well be left unused. As a result, an untold number of borrowers may go without help,” the panel said in a report.
There are still plenty of things that can be done to fix HAMP and ensure that the full resources dedicated to foreclosure prevention actually wind up in the hands of homeowners. Here are some recommendations.
Fox News personality and former Gov. Mike Huckabee (R-AR) recently began appearing in television commercials calling for viewers to dial a 1-800 number to sign a repeal petition against health reform called “Repeal It Now.” The ad, a “project of Restore America’s Voice” (RAV), a political action committee run by Huckabee’s friend Ken Hoagland, also directs viewers to a website that solicits donations [...]
According to disclosures filed with the FEC, RAV’s campaign is managed by a firm called the 949 Media Group. 949 has been paid tens of thousands of dollars to set up RAV’s website and Google search optimization, and receives a regular commission of $10,000 for related media work from RAV. ThinkProgress spoke to a representative from RAV, who told us that 949 is run by an individual named Derek Oberholtzer. According to the representative, Oberholtzer has worked with RAV since the PAC formed in October.
Oberholtzer is well known as scam artist who has used a myriad of tricks to defraud people out of their money. In addition to 949 Media Group, he started a number of companies, including “Apply 2 Save” (A2S) and Giant Media Works. Consumer report websites are rife with complaints about Oberholtzer’s odious business practices. In one scheme, Oberholtzer paid for radio and other advertisements telling distressed homeowners to contact his company A2S to pay a flat $595 fee to receive assistance in renegotiating their loans or to block a bank foreclosure. The Federal Trade Commission has prosecuted Oberholtzer for deceptive practices. In numerous cases, Oberholtzer took the $595 payment, and never did anything to stop a foreclosure or even contact the mortgage company in question. In many instances he continued billing his customers further fees totaling nearly $1,000 without lifting a finger to actually renegotiate their mortgage or halt a foreclosure, as his “Apply 2 Save” company promised.
robert shumake
robert shumake
Movie <b>News</b> Quick Hits: Bigfoot to get the 'Avatar' Treatment <b>...</b>
A leaked costume test from MGM's completed-but-shelved remake of 1984's 'Red Dawn' has found its way online. It's not much, but thanks to MGM's.
500 More Red-Winged Blackbirds Found Dead in Louisiana - AOL <b>News</b>
Days after 100000 fish and approximately 4000 red-winged blackbirds were found dead in Arkansas, 500 deceased blackbirds and starlings were discovered on a Louisiana highway.
<b>News</b> Corp. Online Gaming Head Sean Ryan to Head Facebook's Social <b>...</b>
Sean Ryan, who arrived at News Corp. mid-year to set up a new online gaming unit, is moving to Facebook to head partnerships at its key gaming platform, according to sources. Currently, Facebook does not create social games, ...
robert shumake
Movie <b>News</b> Quick Hits: Bigfoot to get the 'Avatar' Treatment <b>...</b>
A leaked costume test from MGM's completed-but-shelved remake of 1984's 'Red Dawn' has found its way online. It's not much, but thanks to MGM's.
500 More Red-Winged Blackbirds Found Dead in Louisiana - AOL <b>News</b>
Days after 100000 fish and approximately 4000 red-winged blackbirds were found dead in Arkansas, 500 deceased blackbirds and starlings were discovered on a Louisiana highway.
<b>News</b> Corp. Online Gaming Head Sean Ryan to Head Facebook's Social <b>...</b>
Sean Ryan, who arrived at News Corp. mid-year to set up a new online gaming unit, is moving to Facebook to head partnerships at its key gaming platform, according to sources. Currently, Facebook does not create social games, ...
robert shumake
With so many people facing foreclosure these days, people in special circumstances are being lost in the shuffle. If you are facing a foreclosure for reasons through which you have absolutely no control, there is help designed specifically for you.
Disaster Area Victims Facing Home Foreclosure: Every year, floods, hurricanes, tornados, and other disasters destroy entire cities, and other localities. In most of these cases, the President of the United States declares these areas disaster zones. This is done to grant relief to the people who live or work there. If the area where you work or live is declared a disaster area because of a natural disaster or manmade event, your lender must provide disaster relief for 90 days is you have a FHA insured loan. Find out more at https://disasterhelp.gov/.
Military Personnel and Spouses Facing Home Foreclosure: Active duty can do more than to separate a family and put family members in harms way in defense of the country. It can also destroy the family financially. One might think that military personnel are well compensated for their efforts; the truth is that many soldiers are in the reserves meaning they had regular, and often high paying jobs. While they cannot be fired for being on active duty, they will not be paid their normal salary during this time. If you are a family with a person in active duty, you may qualify to have your interest rate reduced which will lower your mortgage payments Through the Service members Civil Relief Act of 2003.
Money Problems Related to Major Life Changes and Facing Home Foreclosure: If you have a job loss, reduction in work hours, retirement, or suffered an illness, injury, divorce or separation, your bank may be more willing to work with you. Contact your lender as soon as possible. Lenders have work out options that are available to you when your loan is only one or two months behind. Remember, that the longer you wait, the less willing they will be to help you. The FHA suggests you not ignore mail from your lender, Talk to a housing counselor, prioritize your debts, and Explore loan workout solutions with your lender.
The most important thing to remember when facing foreclosure is that it is better for you to face it head on than to avoid dealing with the problem. Someone who ignores their debts, hoping they will go away is labeled a deadbeat who does not intend to pay the debt. A person who faces their problems headfirst is labeled as a person the bank wants to work with.
robert shumake detroit
Movie <b>News</b> Quick Hits: Bigfoot to get the 'Avatar' Treatment <b>...</b>
A leaked costume test from MGM's completed-but-shelved remake of 1984's 'Red Dawn' has found its way online. It's not much, but thanks to MGM's.
500 More Red-Winged Blackbirds Found Dead in Louisiana - AOL <b>News</b>
Days after 100000 fish and approximately 4000 red-winged blackbirds were found dead in Arkansas, 500 deceased blackbirds and starlings were discovered on a Louisiana highway.
<b>News</b> Corp. Online Gaming Head Sean Ryan to Head Facebook's Social <b>...</b>
Sean Ryan, who arrived at News Corp. mid-year to set up a new online gaming unit, is moving to Facebook to head partnerships at its key gaming platform, according to sources. Currently, Facebook does not create social games, ...
robert shumake
robert shumake detroit
Foreclosures Increase As Mortgage Modification Programs Lose Steam
Even with the foreclosure moratoriums that a few of the nation’s biggest banks instituted following the robo-signing scandal, foreclosures for this year will likely top one million. According to a report released yesterday by the Office of the Comptroller of the Currency and the Office of Thrift Supervision — two of the federal bank regulators — foreclosure activities were up significantly in the last quarter:
The number of new foreclosures increased to more than 382,000 — 31.2 percent more than in the previous quarter and 3.7 percent more than a year earlier. The number of foreclosures in process increased to 1.2 million — 4.5 percent more than in the previous quarter and 10.1 percent more than a year earlier. The number of completed foreclosures also increased to nearly 187,000 — 14.7 percent more than in the previous quarter and 57.5 percent more than a year earlier.
A large reason for the jump, according to the report, is that mortgage modifications under the Home Affordable Modification Program (HAMP) — the Obama administration’s signature foreclosure prevention effort — have dropped significantly. Mark Zandi, chief economist of Moody’s Analytics, said that a main problem driving the foreclosure machine is the “inadequacy of loan modification programs”.
For months, it’s been apparent that HAMP and the administration’s other programs designed to keep borrowers in their homes are going to fall woefully short of their goals. HAMP has processed only about 500,000 permanent loan modifications, out of 1.4 million trial modifications that have been initiated. The redefault rate (the number of borrowers who again fall behind on their mortgages, post-modification) for the program is an ugly 21 percent.
The Congressional Budget Office estimates that just $12 billion of the $50 billion dedicated to foreclosure prevention will be spent. The Congressional Oversight Panel for TARP, which also oversees HAMP, estimates that at the current rate HAMP will only benefit 700,000 homeowners, far less than the 3-4 million that the Obama administration said would receive aid. “Absent a dramatic and unexpected increase in HAMP enrollment, many billions of dollars set aside for foreclosure mitigation may well be left unused. As a result, an untold number of borrowers may go without help,” the panel said in a report.
There are still plenty of things that can be done to fix HAMP and ensure that the full resources dedicated to foreclosure prevention actually wind up in the hands of homeowners. Here are some recommendations.
Fox News personality and former Gov. Mike Huckabee (R-AR) recently began appearing in television commercials calling for viewers to dial a 1-800 number to sign a repeal petition against health reform called “Repeal It Now.” The ad, a “project of Restore America’s Voice” (RAV), a political action committee run by Huckabee’s friend Ken Hoagland, also directs viewers to a website that solicits donations [...]
According to disclosures filed with the FEC, RAV’s campaign is managed by a firm called the 949 Media Group. 949 has been paid tens of thousands of dollars to set up RAV’s website and Google search optimization, and receives a regular commission of $10,000 for related media work from RAV. ThinkProgress spoke to a representative from RAV, who told us that 949 is run by an individual named Derek Oberholtzer. According to the representative, Oberholtzer has worked with RAV since the PAC formed in October.
Oberholtzer is well known as scam artist who has used a myriad of tricks to defraud people out of their money. In addition to 949 Media Group, he started a number of companies, including “Apply 2 Save” (A2S) and Giant Media Works. Consumer report websites are rife with complaints about Oberholtzer’s odious business practices. In one scheme, Oberholtzer paid for radio and other advertisements telling distressed homeowners to contact his company A2S to pay a flat $595 fee to receive assistance in renegotiating their loans or to block a bank foreclosure. The Federal Trade Commission has prosecuted Oberholtzer for deceptive practices. In numerous cases, Oberholtzer took the $595 payment, and never did anything to stop a foreclosure or even contact the mortgage company in question. In many instances he continued billing his customers further fees totaling nearly $1,000 without lifting a finger to actually renegotiate their mortgage or halt a foreclosure, as his “Apply 2 Save” company promised.
robert shumake
Movie <b>News</b> Quick Hits: Bigfoot to get the 'Avatar' Treatment <b>...</b>
A leaked costume test from MGM's completed-but-shelved remake of 1984's 'Red Dawn' has found its way online. It's not much, but thanks to MGM's.
500 More Red-Winged Blackbirds Found Dead in Louisiana - AOL <b>News</b>
Days after 100000 fish and approximately 4000 red-winged blackbirds were found dead in Arkansas, 500 deceased blackbirds and starlings were discovered on a Louisiana highway.
<b>News</b> Corp. Online Gaming Head Sean Ryan to Head Facebook's Social <b>...</b>
Sean Ryan, who arrived at News Corp. mid-year to set up a new online gaming unit, is moving to Facebook to head partnerships at its key gaming platform, according to sources. Currently, Facebook does not create social games, ...
robert shumake
robert shumake detroit
