Making Home Affordable

Banks accepting new Troubled Asset Relief Program (TARP) funds must also adopt President Obama’s mortgage modification plan says Shaun Donovan, Housing and Urban Development Secretary. Currently, only Fannie Mae and Freddie Mac are participating in the Making Home Affordable program. Some private banks may participate. The Obama administrations’ Making Home Affordable seeks to bring mortgage [...]

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Mortgage Delinquencies Continue to Increase

The Office of the Comptroller of the Currency and the Office of Thrift Supervision report that mortgage delinquencies are still rising, and re-defaults of modified mortgages are high and rising quickly. The report covers two-thirds of all U.S. mortgages. Over 40% of loan modifications are at least 2 months delinquent within 8 months. 32% the [...]

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