New Orleans Way back in the New York Times business section in sort of a snarky article by a ProPublica report (a nonprofit NYT outsourcer) a dangerous curtain was raised on the supposedly tough negotiations between the state attorneys general and the big banks about mortgage loan modifications. Seems on an okey-doke, wink-and-a-nod, the deal …
Category: Foreclosure
Reckoning Coming for Home Modification Failures
New Orleans The good news is that more people are recognizing that the Administration’s HAMP program designed to achieve home mortgage modifications and prevent foreclosures has been a dismal failure. The bad news is that the Republicans are arguing that rather than fix it and actually prevent foreclosures, the program should be killed to save …
Little Hope for Reform in Foreclosure Settlement Negotiations
New Orleans The industry spins the numbers differently each month. Foreclosures are rising, but somehow housing markets are being revived by refinancing. Little of it makes sense and often the information is contradictory, but the bottom line is that housing is still in dire straits across the country. The home mortgage modification program has been …