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Freddie Mac Knocking on Doors to Revise Home Loans

September 30, 2009 By Leave a Comment

Freddie Mac, the second-largest buyer of U.S. mortgages, is going door to door to help delinquent borrowers avoid losing their homes.

The government-controlled agency hired Titanium Solutions Inc., based in Fort Mills, South Carolina, to visit borrowers and encourage them to apply for loan modifications under President Barack Obama’s Making Home Affordable Program. The company will focus on borrowers who haven’t returned letters or telephone calls about their late payments, Freddie Mac said today in a statement. Read more about Freddie Mac…

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NJ Foreclosure Mediation Program Criticized

September 30, 2009 By Leave a Comment

A state initiative to help troubled homeowners has aided only a small percentage of the estimated 60,000 homeowners who face foreclosure this year, a study from the National Consumer Law Center said Wednesday.

The study looked at foreclosure mediation programs in 14 states, including New Jersey. The study said mediations were completed in 854 New Jersey cases from mid-January, when the program started, to the end of June. Read more about the NJ foreclosure mediation program…

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Dems Debate Shielding Banks From State Laws

September 30, 2009 By Leave a Comment

Moderate House Democrats are drafting a proposal that would continue to shield big banks from potentially tougher state regulations of credit cards, mortgages and savings accounts.

The plan would differ from President Barack Obama’s proposal to give states a role in regulating large financial institutions that operate nation-wide. The lawmakers say it would be more practical and less expensive not to force the banks to comply with 50 different regulatory regimes. Read more about the U.S. Congress and banks…

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Foreclosure Law Aims to Help Oregon Homeowners

September 30, 2009 By Leave a Comment

Oregon is breaking records and not in a good way as one in 12 mortgages were delinquent in the second quarter of this year with more expected.

It’s the reason state lawmakers approved a new bill to help those in financial trouble to keep the roof over their head.

Senate Bill 628 requires lenders to make a good faith effort to meet in person or on the phone with homeowners having problems making the month mortgage payment. Read more about Oregon foreclosure help…

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