SB 1178, the bill passed by the Cailfornia State Senate by a 30-4 vote, is on its way to the Assembly. The new intent: This bill preserves a borrowers protection from a deficiency judgment when loans are refinanced, but only to the extent that the refinance is used to...
From SFGate: Jose Vega was on the phone with JPMorgan Chase in April negotiating a loan modification when a real estate agent knocked on the front door of his Pittsburg house and said it had been repossessed in foreclosure a day earlier. "I literally handed the phone...
Hat tip to dough, and as seen on CR from cnbc.com: This morning executives at Bank of America rolled out their new "Principal Reduction Enhancement" program, which is an earned principal forgiveness plan for borrowers behind on their mortgages and whose loans are at...
Justabroker mentioned SB 1178, backed by the C.A.R. Here's their pitch on why the non-recourse law should apply to refinances: California has protected borrowers from so called "deficiency" liability on their home mortgages since the 1930s, but the evolution of...
NEW YORK (CNNMoney.com) -- Pressure is mounting on loan servicers and investors to reduce troubled homeowners' loan balances...but the two largest owners of mortgages aren't getting the message. Fannie Mae and Freddie Mac, which are controlled by the federal...
From the P-E: Foreclosed homes that went to auction in Riverside the morning of April 25 were reserved for bidders who wanted to buy their first houses and had been qualified for financing that the County of San Bernardino offers through its Neighborhood Stabilization...
Hat tip to shadash, who is fuming: Bank of America wants to give struggling mortgage customers who are collecting unemployment benefits up to nine months with no mortgage payment. That's right. Zero payment. Customers would have to agree that, if they haven't found a...
Carl Levin is the chairman of the subcommittee that investigated the WaMu disaster - from the latimes.com: "Washington Mutual built a conveyor belt that dumped toxic mortgage assets into the financial system like a polluter dumping poison into a river," Levin said....
From the W-S-J: After losing her condo in San Diego to foreclosure last year, Charissa Kolich thought that at least she was free of mortgage bills. But Wells Fargo & Co., which holds a home-equity loan made five years ago to Ms. Kolich, last month filed a lawsuit...
Bank of America is sending out emails confirming that they are participating in the HAFA program, and linking to the N.A.R. description: HAFA Provisions Complements HAMP by providing a viable alternative for borrowers (the current homeowners) who are HAMP eligible but...
