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House votes to kill main Obama foreclosure aid

House votes to kill main Obama foreclosure aid

The U.S. House of Representatives on Tuesday voted to kill President Barack Obama's signature program to help struggling homeowners avoid foreclosure.

 

Watchdog Group: Obama's Mortgage Aid Plan Wastes Billions

Watchdog Group: Obama's Mortgage Aid Plan Wastes Billions

Despite a flurry of recent changes to the program, the Congressional Oversight Panel, chaired by Harvard Prof. Elizabeth Warren, outlines a slew of criticisms in a new report to be released today.

 

Answers to Questions About New Mortgage Modification Program

Answers to Questions About New Mortgage Modification Program

Answers to questions about the Obama administration's new mortgage modification program.

 

Average Homeowner In Obama Foreclosure Program Underwater, Yet Principal Cuts Rare

Average Homeowner In Obama Foreclosure Program Underwater, Yet Principal Cuts Rare

The average homeowner in the Obama administration's signature foreclosure-prevention program owes more on their mortgage than the home is worth, yet the program does virtually nothing to address this problem, according to a scathing new report by a government watchdog.

 

170,000 get mortgage aid

More than 170,000 troubled homeowners are breathing a lasting sigh of relief now that they've received permanent modifications under the Obama administration's foreclosure prevention program.

 

Obama Foreclosure-Prevention Plan Lagging, New Data Shows

Obama Foreclosure-Prevention Plan Lagging, New Data Shows

Only about a third of the homeowners who have successfully completed the trial period of the Obama administration's mortgage modification program have been offered permanent relief, according to new federal data obtained by the Huffington Post.

The conversion rate -- about 33 percent -- is woefully short of what the Treasury Department had forecast. Treasury thought the rate would be "ranging up to 75 percent," Herbert M. Allison Jr., assistant secretary for financial stability, told the Congressional Oversight Panel in October.

 

Obama to offer more housing help

President Obama will use a campaign stop for Senate Majority Leader Harry Reid  to announce a new initiative to help support homeowners in states hit hardest by the housing crisis.

 

More Benefit From Loan-Mod Program

More Benefit From Loan-Mod Program

The U.S. Treasury said its foreclosure-prevention program has cut mortgage payments for about 947,000 households, at least temporarily.

 

New wave of foreclosures by end of 2010 is feared

New wave of foreclosures by end of 2010 is feared

About 4 million U.S. homeowners are 90 days or more delinquent on their loans or in foreclosure proceedings, Moody's Economy.com says. A federal loan modification program is helping a relative few.

 

California mortgage defaults drop 24.3%

California mortgage defaults drop 24.3%

The number of homes entering the first stage of foreclosure fell in the fourth quarter compared with the previous quarter, MDA DataQuick says -- a sign that banks are working with delinquent borrowers.

Fewer Californians entered foreclosure during the last three months of the year as bailed-out banks appeared to step up their work with delinquent borrowers, according to data released this morning, although the number of homes taken back by banks rose slightly.

 

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