Mortgages

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 »

New Hires to Help Families Buy, Refinance Homes

Iselin, N.J., November 10, 2009 - Chase, one of the nation's leading home lenders, today announced that it plans to hire 1,200 mortgage loan officers by the end of 2010, increasing the sales force 60 percent to help more Chase customers finance home purchases or reduce their monthly payments through refinances.

"We have made a number of strategic investments in our organization," said Dave Lowman, head of home lending at Chase. "We have invested in new systems, aggressively grown our capacity and now are looking to increase our sales force. With our vast branch network and growing customer base, the opportunity for Chase loan officers is tremendous."    » read more »

November 4, 2009 -- TAMPA -- United States Attorney A. Brian Albritton today announced the results of a nine-month-long Mortgage Fraud Surge investigation that has resulted in charges against more than 100 defendants and involves allegations concerning more than $400 million in loans procured by fraud and more than 700 properties. U.S. Attorney Albritton is holding events throughout the district this week to highlight the announcement.

There are currently mortgage fraud-related charges pending against approximately 500 defendants in federal mortgage fraud cases around the nation. The cases concern both mortgage schemes designed to defraud mortgage lenders and “foreclosure rescue schemes” which prey on distressed homeowners.    » read more »

Mortgagee Review Board proposes to permanently withdraw FHA approval from Financial Mortgage USA

October 30, 2009 -- WASHINGTON - The U.S. Department of Housing and Urban Development today announced that its Mortgagee Review Board (MRB) is proposing to permanently withdraw the HUD/FHA approval of Financial Mortgage USA, Inc., a Home Equity Conversion Mortgage (HECM or reverse mortgage) lender based in Honolulu, Hawaii.

HUD's MRB alleges the Company failed to implement an FHA-required quality control plan; separate its lending operations from those of its affiliated insurance company; conform to prudent lending practices; and properly provide borrowers with housing counseling services.    » read more »

Company Continues Momentum in Comprehensive Effort to Help Struggling Homeowners

CALABASAS, Calif., Oct. 29 -- Bank of America announced today it has surpassed its previously stated target of helping at least 125,000 financially distressed homeowners begin trial modifications through the federal government's Home Affordable Modification Program (HAMP) by November 1.

Bank of America has initiated nearly one in five HAMP trial modifications industrywide since the company began participating in the program in April. Since beginning its HAMP outreach efforts, the bank's homeownership retention division has contacted nearly 600,000 potentially eligible homeowners to ascertain their interest in HAMP and has extended more than 200,000 offers of trial modifications under the program.    » read more »

Defendants Charged With Fraudulently Obtaining More Than $64 Million in Residential Mortgages on More Than 100 Properties; Lawyers, Mortgage Brokers, and Loan Officers Among Those Arrested in "Operation Bad Deeds"

October 15, 2009 -- PREET BHARARA, the United States Attorney for the Southern District of New York, JOSEPH M. DEMAREST, JR., the Assistant Director-in-Charge of the New York Field Division of the Federal Bureau of Investigation ("FBI"), RICHARD H. NEIMAN, the Superintendent of Banks for New York State, RENE FEBLES, the Special Agent-in-Charge of the New York Field Office of the Department of Housing and Urban Development, Office of Inspector General ("HUD-OIG"), BRIAN G.    » read more »

October 14, 2009 -- WASHINGTON, DC – Today, Congresswoman Carol Shea-Porter urged House Leadership to extend the tax credit for first-time home buyers and to consider including a smaller credit for other home buyers. In a letter to Speaker Nancy Pelosi and Majority Leader Steny Hoyer, Shea-Porter outlined why extending these credits would be beneficial to the housing market and help with our economic recovery.
A fully copy of the letter is below:

October 9, 2009

The Honorable Nancy Pelosi
Speaker of the House
H-232 US Capitol
Washington, DC 20515

The Honorable Steny Hoyer
Majority Leader
H-107 US Capitol
Washington, DC 20515

Dear Speaker Pelosi and Majority Leader Hoyer:    » 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 »

October 15, 2009 -- WASHINGTON - A local Congressman is supporting efforts in Congress to extend a popular tax break for new homeowners. Rep. Brad Ellsworth says the First-Time Homebuyers Tax Credit has been wildly successful and should be extended for another year. Congress approved the 8,000 tax credit as part of the Economic Recovery Plan in February, but the program is set to expire on November 30, 2009.

Ellsworth co-sponsored legislation, H.R. 3640, to provide an extension and allow more homebuyers to participate. Specifically, the bill would extend the deadline to December 1, 2010 and open up the credit to all homebuyers purchasing their principal residence. Ellsworth said extending the tax credit will benefit more than just homebuyers:    » 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 »

Bipartisan Bill Will Modify Homebuyer Tax Credit for Overseas Military Personnel

October 8, 2009 -- (Washington, DC) – Congresswoman Suzanne Kosmas (FL-24) voted in favor of the Service Members Home Ownership Tax Act (H.R. 3590), which will make changes to home-buying provisions in the American Recovery and Reinvestment Act to benefit active-duty servicemen and women currently, or soon to be, deployed overseas. The bipartisan legislation passed by a vote of 416-0.    » read more »

Bill ensures that men and women serving overseas get equal access to tax credits and benefits

October 13, 2009 -- (Washington, DC) - Late last week, Congressman Baron Hill voted in support of the Service Members Home Ownership Act of 2009, H.R. 3590. The bill was passed by an overwhelmingly bipartisan vote on the evening of Thursday, October 8, 2009.    » 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 »

Members who served out of the country for 90 days or more in 2009 will have an extra year to qualify for the $8,000 credit

October 9, 2009 -- Congresswoman Chellie Pingree voted on October 7 for legislation that grants a one-year extension of the first-time homebuyer tax credit for members of the Armed Forces who served overseas in the last year. The legislation passed the House 416-16.

“Our men and women in uniform should not be penalized because they are far from home serving their country,” said Pingree. “This credit is helping hundreds of Mainers make the dream of owning a home come true, and our military members and their families deserve the same opportunity.”    » read more »

October 9, 2009 -- Washington, D.C. - Representative Donna F. Edwards (D-MD) introduced legislation that would extend the first-time homebuyer tax credit for six months, H.R. 3773. Rep. Edwards was joined by Reps. Judy Biggert (R-IL), Chris Van Hollen (D-MD), Paul Broun (R-GA), John Sarbanes (D-MD), and Frank LoBiondo (R-NJ) as original co-sponsors. H.R. 3773 is the House companion to legislation introduced in the Senate by Senator Ben Cardin (D-MD), along with Senators John Ensign (R-NV), Harry Reid (D-NV), Johnny Isakson (R-GA), and Debbie Stabenow (D-MI).    » read more »