Success of Treasury's Foreclosure Prevention Program Questioned - ABC News
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Friday, October 9, 2009
Saturday, January 10, 2009
Latest hope of bankruptcy mortgage loan modification legislation expected to fall far short of expectations
FROM BANKRUPTCY LAW NETWORK
Citigroup Backs Mortgage Modification Bill . . . But Since When Do Banks Make The Laws?
As reported in various media outlets, Senators Schumer and Durbin reached an agreement with Citigroup, Inc. on changes to the proposed bankruptcy mortgage modification bill, over exaggeratedly named Helping Families Save Their Homes in Bankruptcy Act of 2009. The changes limit relief to existing mortgages and require debtors to jump through hoops by first attempting a loan modification with the mortgage holder so many days before filing bankruptcy. It does not look like the deal helps people who are already trying to save their home through an existing bankruptcy or people who are already in an existing foreclosure case.
>>> Read more
Citigroup Backs Mortgage Modification Bill . . . But Since When Do Banks Make The Laws?
As reported in various media outlets, Senators Schumer and Durbin reached an agreement with Citigroup, Inc. on changes to the proposed bankruptcy mortgage modification bill, over exaggeratedly named Helping Families Save Their Homes in Bankruptcy Act of 2009. The changes limit relief to existing mortgages and require debtors to jump through hoops by first attempting a loan modification with the mortgage holder so many days before filing bankruptcy. It does not look like the deal helps people who are already trying to save their home through an existing bankruptcy or people who are already in an existing foreclosure case.
>>> Read more
Sunday, December 28, 2008
At Washington Mutual, a relentless urge to approve any loan
As a supervisor at a Washington Mutual mortgage processing center, John Parsons was accustomed to seeing baby sitters claiming salaries worthy of college presidents, and schoolteachers with incomes rivaling those of stockbrokers. He rarely questioned them. A real estate frenzy was under way and WaMu, as his bank was known, was all about saying yes.
Yet even by WaMu's relaxed standards, the mortgage on one home four years ago raised eyebrows. The borrower was claiming a six-figure income and an unusual profession: mariachi singer.
Parsons could not verify the singer's income, so he had the applicant photographed in front of the home, dressed in his mariachi outfit. The photo went into a WaMu file. Approved.
>>> more
Yet even by WaMu's relaxed standards, the mortgage on one home four years ago raised eyebrows. The borrower was claiming a six-figure income and an unusual profession: mariachi singer.
Parsons could not verify the singer's income, so he had the applicant photographed in front of the home, dressed in his mariachi outfit. The photo went into a WaMu file. Approved.
>>> more
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