Bailout
FDIC Says Mortgages Retain Risk-Weight After HAMP
The federal bank and thrift regulatory agencies issued a final rule that mortgage loans modified under the Home Affordable Modification Program (HAMP) retain the risk weight appropriate to the loan before modification.
Under HAMP, the US Treasury Department allocates funds to participating servicers for the modification of loans on the verge of foreclosure.
The final rule (available [...]
Massive Relief for Homeowners and Trouble for Banks
A landmark ruling in a recent Kansas Supreme Court case may have given millions of distressed homeowners the legal wedge they need to avoid foreclosure. In Landmark National Bank v. Kesler, 2009 Kan. LEXIS 834, the Kansas Supreme Court held that a nominee company called MERS has no right or standing to bring an action [...]
Read Full Post | Make a Comment ( None so far )Obama’s Campaign Against Mortgage Modifications
President Obama has apparently embarked upon a campaign to put all private sector loan modification firms out of business because some are apparently scams. It’s a curious approach when you consider that there have been and continue to be countless stock market related scams in this country, but I can’t remember a president telling [...]
Read Full Post | Make a Comment ( 2 so far )Gerald Celente: Sub-Prime was Peanuts Compared to the Coming Commercial Real Estate Collapse
Gerald Celente appears on Fox Business News to talk more about the collapse of ‘09, where he predicts more civil unrest, collapse of commercial real estate and the retail sector, and the new credit crisis. (video follows excerpts and comments)
Who’s going to rent all this vacant retail space? This country’s been way overbuilt for a [...]
How Obama mortgage modification plan may help
Will the Obama administration’s loan modification plan be a tourniquet or a Band-Aid? The $75 billion program seeks to stop the nation’s foreclosure hemorrhage by making home loans more affordable for 3 million to 4 million at-risk homeowners. It sets up incentives for loan servicers to modify mortgages, a way for them to assess [...]
Read Full Post | Make a Comment ( 1 so far )The Government’s New Loan Modification Plan
Feb. 18 (Bloomberg) — JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said the government’s new housing plan was “comprehensive” and would help the bank modify more loans.
“The plan is good and strong, comprehensive and thoughtful,” Dimon, 52, said in an interview today. “I think it will be successful in modifying mortgages in a [...]
Obama to outline plan to stem home foreclosures
WASHINGTON – The biggest players in the mortgage industry are halting home foreclosures while the Obama administration develops its plan to help struggling homeowners.
The White House said President Barack Obama on Wednesday will outline his much-anticipated plan to spend at least $50 billion to prevent foreclosures in a speech in Arizona, one of the states [...]
The day the banks were just three hours from collapse
Britain was just three hours away from going bust last year after a secret run on the banks, one of Gordon Brown’s Ministers has revealed.
City Minister Paul Myners disclosed that on Friday, October 10, the country was ‘very close’ to a complete banking collapse after ‘major depositors’ attempted to withdraw their money en masse.
The Mail [...]
U.S. Approves Plan to Help Citigroup Weather Losses
Citigroup executives presented a plan to federal officials on Friday evening after a weeklong plunge in the company’s share price threatened to engulf other big banks. In tense, round-the-clock negotiations that stretched until almost midnight on Sunday, it became clear that the crisis of confidence had to be defused now or the financial markets could [...]
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