Foreclosure

Bill Strengthens Protections for Homeowners, Tenants and Neighborhoods

November 16, 2009 -- New York Governor David A. Paterson and Legislative Leaders today announced passage of the Governor’s Program Bill No. 46, which provides additional critical protections for New York State homeowners, tenants and neighborhoods in the wake of the ongoing foreclosure crisis.

The legislation builds upon Governor Paterson’s landmark subprime lending reform law enacted last year, by assisting homeowners currently at risk of foreclosure and minimizing the negative impacts that foreclosures have on communities.    » read more »

Urge Actions to Stem Foreclosures and Stabilize Housing Market

October 15, 2009 -- Washington, DC – Following the recent release of a Congressional Oversight Panel (COP) report, which found that the Administration’s current housing relief efforts lack scope, scale and permanence, Congressman Joe Sestak (PA-07) and top economist Dr. Mark Zandi, today, held a press conference to highlight the need for a comprehensive homeownership vesting plan to address the nearly 12 million homeowners who are currently underwater-- owing more on their mortgage than the value of their home.    » read more »

Obama Administration Announces $60 Million In Housing Counseling Grants To Nearly 500 National, State And Local Agencies

October 14, 2009 -- WASHINGTON – Hundreds of thousands of American families will have a greater opportunity to find housing or keep the homes they have because of $60 million in housing counseling and counseling training grants announced today by U.S. Housing and Urban Development Secretary Shaun Donovan.

Housing counseling grants will assist families in becoming first-time homeowners and remaining homeowners after their purchase. HUD-approved counseling agencies not only provide homeownership counseling, but also offer financial literacy training to renters and homeless individuals and families.    » read more »

October 12, 2009 -- (Orlando, Fla.) – Congressman Alan Grayson, U.S. Housing and Urban Development (HUD) Secretary Shaun Donovan, and Mayor Buddy Dyer toured a neighborhood and highlighted two successful programs helping resolve the problems of foreclosure and slumping property values today in Orlando.

Congressman Grayson said, "A home is not only a roof over your head. It creates jobs for plumbers, carpenters and real estate agents; it's an investment and a savings account; and a paid-off mortgage means security for senior citizens. That's why we are trying to so hard to revive housing in Central Florida."    » read more »

10/12/2009 -- To help prevent California homeowners and homebuyers from being negatively impacted by the fraudulent mortgage practices that have arisen in the aftermath of the national foreclosure crisis, California Governor Arnold Schwarzenegger has signed legislation to increase protections for consumers in the lending market and provide law enforcement with more tools to crack down on deceitful mortgage practices.

These bills aim to strengthen California’s reverse mortgage laws by providing senior homeowners with greater consumer protections when considering reverse mortgage agreements, make it a felony to commit fraud in connection with a mortgage application and promote responsibility and accountability in the real estate market.    » read more »

HB 232 is part of broad statewide effort to combat foreclosure and foreclosure-related fraud

October 05, 2009 -- WILMINGTON – Delaware Governor Markell signed legislation into law today clarifying protections of homeowners in foreclosure. House Bill 232 clarifies that companies that offer to negotiate modifications of secured debt, such as a mortgage, on behalf of consumers are subject to the provisions of the Mortgage Rescue Fraud Protection Act, which prevents companies from charging homeowners who are in foreclosure thousands of dollars in up-front fees to negotiate with loan servicers or lenders.    » read more »

September, 2009 -- More than a full year after gas prices peaked above $4.00 a gallon, Americans still report changing driving habits and worrying about gas costs.

In AARP’s Closer Look poll, the first of a series of quarterly polls of boomers and older Americans planned for regular release by AARP, half (51%) of all Americans age 45+ reported having had trouble paying for gas or driving less to cut costs in the past year. In fact, more people age 45+ reported problems with gas prices than reported problems paying their medical bills or experiencing losses in the financial markets.    » read more »

September 30, 2009 -- WASHINGTON, DC – In an effort to curb record-high foreclosure rates across the country and stabilize the housing market, U.S. Senator Jack Reed today introduced legislation that will help keep families in their homes and prevent communities from deteriorating as a result of skyrocketing mortgage defaults.    » read more »

Brown Points to Rising Occurrence in Ohio of Lenders Refusing to Take Possession of Foreclosed Homes, Leading to Vandalism, Neighborhood Decline

September 30, 2009 -- WASHINGTON, D.C. – A growing number of lenders are refusing to take possession of homes after they have been foreclosed, leading to vandalism and neighborhood decline in Cleveland and cities across Ohio. In response to this alarming trend, U.S. Senator Sherrod Brown (D-OH) called for a federal investigation of so-called “bank walkaways.”    » read more »

September 17, 2009 -- WASHINGTON – This morning, Treasury Secretary Tim Geithner hosted Attorney General Eric Holder, Housing and Urban Development (HUD) Secretary Shaun Donovan, Federal Trade Commission (FTC) Chairman Jon Leibowitz, Financial Crimes Enforcement Network (FinCEN) Director Jim Freis and attorneys general from 12 states to discuss emerging trends and proactive strategies to combat fraud against consumers in the housing markets as well as best practices to bolster coordination across state and federal agencies.

This meeting follows up on an announcement by the Obama Administration in April of a multi-agency crackdown on foreclosure rescue scams and loan modification fraud designed to protect homeowners from predatory financial practices.    » read more »

Technical experts will help communities better manage backlog of foreclosed homes

August 26, 2009 --
WASHINGTON - U.S. Department of Housing and Urban Development Secretary Shaun Donovan today announced HUD is launching a $50 million effort to help state and local governments address the inventory of foreclosed properties assisted under the Department's Neighborhood Stabilization Program (NSP). HUD is awarding $44.5 million to nine national organizations and another $5.5 million to help local communities purchase, rehabilitate and resell foreclosed properties in especially hard-hit neighborhoods.    » read more »

HUD Secretary announces eligibility for borrowers up to 125% underwater in Las Vegas with Senate Majority Leader Harry Reid and Congresswoman Dina Titus

July 1, 2009 -- WASHINGTON - U.S. Housing and Urban Development Secretary Shaun Donovan today announced an expansion of the Obama Administration's Home Affordable Refinance Program to include participation by borrowers who are current but up to 125 percent underwater on their mortgage.

Under authorization provided by the Federal Housing Finance Agency, borrowers whose mortgages are currently owned or guaranteed by Fannie Mae and Freddie Mac will now be allowed to refinance those loans according to the terms of the Home Affordable Refinance program established earlier this year.    » read more »

Gov. Markell Announces Foreclosure Mitigation Initiative and Declares June ‘Homeownership Month’

June 17, 2009 -- DOVER – Delaware Governor Jack Markell today signed a proclamation officially declaring June as “Delaware Homeownership Month”. To help celebrate the First State’s ongoing commitment to homeownership, Governor Markell also announced the Foreclosure Mitigation Initiative – formed through a partnership among federal and state governments, local jurisdictions, legislators, financial institutions, housing counselors, and other for-profit and nonprofit organizations. The Initiative consists of three basic ideas:    » read more »

Gov. Schwarzenegger Announces Implementation of California Foreclosure Prevention Act to Help Families at Risk of Losing Their Homes

06/15/2009 -- California Governor Arnold Schwarzenegger today announced the implementation of the California Foreclosure Prevention Act, a law intended to promote affordable loan modifications for distressed California homeowners who might otherwise face foreclosure. The Act was proposed by the Governor and adopted by the legislature in the February budget package.    » read more »

June 9, 2009 -- WASHINGTON, DC – As foreclosure rates around the country continue to rise, it has become increasingly difficult for many homeowners seeking to modify their mortgages to get a hold of their loan servicers. In an effort to help struggling homeowners and ensure that banks and loan servicers are held accountable to requests for help, U.S. Senator Jack Reed (D-RI) and 14 of his Senate colleagues sent a letter to Housing and Urban Development (HUD) Secretary Shaun Donovan urging HUD to develop and implement a strategy requiring banks and loan servicers, particularly those that have agreed to participate in the Obama Administration’s foreclosure prevention initiatives, to respond to homeowners in a timely fashion.    » read more »