Mortgages

United States Files False Claims Act Suit Against California Mortgage Lender Capmark Finance

June 9, 2009 -- WASHINGTON – The Department of Justice filed suit today against California mortgage lender Capmark Finance Inc., charging that Capmark violated the False Claims Act by making false statements on applications for federal mortgage insurance covering residential nursing homes.

The lawsuit, filed in United States District Court in Los Angeles, relates to a federal program under which the U.S. Department of Housing and Urban Development (HUD) guarantees mortgage loans used to acquire healthcare facilities such as hospitals and nursing homes.    » 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 »

June 8, 2009 -- Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, called on Senate Appropriations Committee members as well as members of the Subcommittee on Transportation, Housing and Urban Development to provide ample funding for housing and community development activities in the Fiscal Year 2010 Transportation and Housing and Urban Development appropriations bill.    » read more »

Asks Treasury Nominee to Provide Data about Program's Effectiveness, Make Loan Servicers Accountable

June 4, 2009 -- Citing a report in yesterday’s New York Times, Senator Chris Dodd (D-CT) questioned Herb Allison, the nominee to be the Treasury Department’s Assistant Secretary for Financial Stability, about the effectiveness of the Administration’s foreclosure mitigation program at Mr. Allison’s confirmation hearing today.    » read more »

June 2, 2009 -- Colorado Governor Bill Ritter and more than a dozen state agencies, nonprofits and service providers today hosted an opportunity and help fair at the Capitol for working families struggling to survive the economic downturn.

At the fair, Gov. Ritter also signed into law six bills that will help families through this challenging time, including measures that extend unemployment benefits and provide a foreclosure "time-out" to responsible homeowners.

"We must do everything we can to help those who are struggling, to keep Coloradans in their jobs, and to keep families in their homes," Gov. Ritter said. "Today we are providing direct and immediate assistance to working families and we will continue to do so in the months ahead.    » read more »

Guidelines for use with new federal Neighborhood Stabilization Program funds

May 27, 2009 -- Calabasas, Calif. - As part of its commitment to stabilize communities hardest hit by foreclosures, Bank of America Home Loans has announced new streamlined capabilities for municipalities to purchase properties from its real estate-owned (REO) portfolio.

The new guidelines are exclusively for local and state government departments receiving U.S. Department of Housing and Urban Development’s (HUD) Neighborhood Stabilization Program (NSP) grants, to more easily and quickly acquire foreclosed properties for resale to home buyers or to address other community development needs.    » read more »

May 20, 2009 -- WASHINGTON – Today, President Obama will sign the Helping Families Save Their Homes Act and the Fraud Enforcement and Recovery Act into law.

"These landmark pieces of legislation will protect hardworking Americans, crack down on those who seek to take advantage of them, and ensure that the problems that led us into this crisis never happen again," said President Obama.    » read more »

May 21, 2009 -- Washington - AARP Executive Vice President Nancy LeaMond applauded President Obama for signing the mortgage relief bill but warned that too many older homeowners still stand at risk of foreclosure. Following is her statement:

“The mortgage relief bill voted out of Congress and signed by President Obama offers some hope for some homeowners, but Congress has yet to give many older homeowners a sensible, affordable and sustainable way to workout their mortgage debt that also takes their other household debt into account. Nine in ten older Americans say they want to stay in their homes for as long as possible, but AARP research shows that even at the end of 2007, a quarter of all foreclosures or delinquencies were on mortgages held by Americans age 50+.    » read more »

May 20, 2009 -- WASHINGTON, D.C. -Today, Senator Daniel K. Akaka attended President Barack Obama's signing of the Helping Families Save Their Homes Act of 2009 in the East Room of the White House. President Obama greeted Senator Akaka after the ceremony, and Akaka passed along well wishes from his family and the people of Hawaii.

"I was proud to support this legislation that will help improve the lives of people without adequate housing," Akaka said. "With President Obama's signature today, this legislation will help provide federal resources and flexibility to local communities to create adequate housing for their residents."    » read more »

Homeowners, lenders will have extra time to work out new deal

May 21, 2009 -- LANSING - Michigan Governor Jennifer M. Granholm has signed legislation that helps protect homeowners from foreclosure by providing an extra 90 days for them to work with their lender on modifying their mortgage loan.

"We are committed to protecting Michigan families and helping them keep their homes," said Granholm, who called for similar legislation in her 2009 State of the State address. "This new law delivers on that commitment by providing homeowners extra time and assistance to save their home and preserve their American Dream."

The new law takes effect in 45 days and:    » read more »

Dodd Attends Signing Ceremony Joined by Two Connecticut Residents

May 20, 2009 -- Connecticut Senator Chris Dodd, the Chairman of the Senate Banking, Housing, and Urban Affairs Committee, today attended President Obama’s signing ceremony for the Helping Families Save Their Homes Act, legislation that Dodd sponsored to help prevent foreclosures and increase the availability of credit for consumers and businesses.

Dodd was joined at the ceremony by two supporters of the bill from Connecticut: Tony Emerson, the Executive Director of the Credit Union League of Connecticut, and Carol Walter, the Executive Director of the Connecticut Coalition to End Homelessness.    » read more »

Some pay down debt, save more since last year

San Francisco — May 19, 2009 -- A Wells Fargo & Company (NYSE: WFC) quarterly survey found that nearly one in four homeowners (24 percent) do not have any savings to cover their living expenses should they lose their income. At the same time, anxiety over job stability increased significantly (from 21 percent to 29 percent indicating jobs as their top concern) since fourth quarter 2008, the last time the survey was done.    » read more »

Governor in her radio address says legislation will offer extra time, resources to help Michigan families avoid foreclosure

May 16, 2009 -- LANSING - In her weekly radio address, Michigan Governor Jennifer M. Granholm today hailed a conference committee agreement between the Michigan Senate and House of Representatives on legislation that will freeze foreclosure proceedings for 90 days for homeowners who commit to work with their lender on modifying their mortgage loan.    » read more »

Just Over Two Months after Release of Program Guidelines, Homeowners Realizing Relief under Administration Plan Join Secretaries to Share Personal Stories

May 14, 2009 -- WASHINGTON - With the Making Home Affordable (MHA) program delivering much-needed relief to homeowners and to our economy just over two months after the release of program guidelines, Treasury Secretary Tim Geithner and Housing and Urban Development (HUD) Secretary Shaun Donovan today provided an update on the program's impact on stemming the housing crisis and keeping families in their homes and announced new options for homeowners facing foreclosure.    » read more »

Foreclosure protection offered to displaced families in 10 counties

May 14, 2009 -- WASHINGTON - U.S. Housing and Urban Development Secretary Shaun Donovan today announced HUD will speed federal disaster assistance to 10 storm-ravaged counties in Mississippi and provide support to homeowners and low-income renters forced from their homes following severe storms, flooding, and tornadoes in March.    » read more »