Aug 8th 2012 9:00AM
By Jon Prior JPMorgan Chase went from fast-tracking foreclosures to rubber stamping and pre-approving some borrowers for refinances and even principal reduction. The five largest mortgage servicers signed a $25 billion deal with federal prosecutors and 49 state attorneys general in March to settle foreclosure abuses and... Continue Reading »
Jul 31st 2012 5:00PM
Few topics have sparked more debate among housing market watchers than mortgage principal reduction. Its proponents tout debt forgiveness as one of the surest ways to counteract the housing slump. Its critics label it a handout that would cost taxpayers and spur further defaults. The arguments for and against are only... Continue Reading »
Jun 22nd 2012 1:00PM
By Les Christie Reducing the amount that struggling homeowners owe on their mortgages is proving to be a more effective way to prevent foreclosures than other methods, such as reducing interest rates or postponing payments, a new report finds. In a report presented this week, Amherst Securities Group said that when... Continue Reading »
Apr 24th 2012 12:10PM
By Les Christie NEW YORK -- Tamera Hewlett-Vallejo and her husband, Tom, came within a whisker of losing their Sacramento, Calif., home in a foreclosure auction last month. But as a result of the $26 billion national mortgage settlement, the Vallejos were given a last-minute reprieve. Their mortgage lender, Bank of... Continue Reading »
Dec 13th 2011 7:00AM
Here comes another black eye for the Fed's much-maligned mortgage modification program. Housingwire reporter Jon Prior has crunched the numbers and found that the Home Affordable Modification Program (HAMP) is most effective when it actually reduces the principal owed on upside-down mortgages, not just extending borrowers'... Continue Reading »
