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Posted To: <a href="http://www.mortgagenewsdaily.com/channels/voiceofhousing/default.aspx”>Voice of Housing

Treasury is becoming impatient with servicer performance despite their investments and success with processing trial loan modifications. The program was/is targeted to help 3-4 million homeowners that were distressed or where imminent default within 60 days was likely. Treasury provided servicers with real economic incentive to aggressively pursue and negotiate loan modifications with the prospect of an up-front fee of $1,000 for each modification ($1,500 if the borrower was current) and $1,000 a year in which the borrower makes their modified payments. Consider that net income to servicers was $161 in 2008, per MBA Cost Study, and you’ve got one heck of an opportunity to make a lot of money while “doing good” as a servicer. Servicers have hired thousands of people over the…(<a href="http://www.mortgagenewsdaily.com/channels/voiceofhousing/121359.aspx”>read more)

Posted To: <a href="http://www.mortgagenewsdaily.com/news/”>MND NewsWire

HUD and the Treasury Department are taking another crack at moving its foreclosure prevention efforts from concept to reality. And now it is adding "shame" to its list of weapons. The Treasury Department announced today that it intends to increase pressure on lenders and servicers to move borrowers from trial loan modifications into actual restructured loans. The action comes amid reports that the administration's $75 billion Making Homes Affordable Program (HAMP) is floundering. While the government has been trumpeting the success of the trial modification program – some 650,000 troubled borrowers had entered the program by the end of October – only a very small percentage of those borrowers have transitioned into a permanent loan modification. It is estimated that November figures…(<a href="http://www.mortgagenewsdaily.com/11302009_obama_administration_set_to_quot_shame_quot_mortgage_servicers.asp”>read more)

WASHINGTON – The Federal Housing Administration (FHA) today proposed new regulations to further reduce risks to its single-family insurance fund as it continues to play a critical role in today’s housing market. FHA proposes to increase the net worth requirements of FHA-approved lenders, strengthen lender approval criteria, and make lenders liable for the practices of their correspondent mortgage brokers.

MEMPHIS, Tenn. – The Long Term Disaster Recovery Working Group held its fifth planned stakeholder forum today in Memphis, Tenn. – designed to encourage stakeholders to provide direct input and ideas for disaster recovery.

Feds plan to monitor and withhold payments to lenders who are not doing enough to help at-risk borrowers. Coming soon a Laggard List of Shame Photo credit: AP | Unhappy with the way lenders are using the $75 billion they have been promised to help …

WASHINGTON (AP) — With the foreclosure crisis showing no signs of relenting, the Obama administration plans to expand a program aimed at helping people remain in their homes. The goal of the announcement, expected Monday, is to increase the rate at …

Homeowners trying to hang on to their homes can attend a free one-day foreclosure prevention fair Dec. 5 in Walnut. Co-hosted by the KCCD Housing Counseling Agency and Jerome E. Horton, vice chairman of the California Board of Equalization, the event …

Despite a glimmer of hope for home sales, many in our area still face the fear of foreclosure. Here’s advice for those who are struggling. Also, how to act quickly before the problem becomes too much too bear

The good news is the Obama Administration appears to be finally conceding that its efforts to staunch the foreclosure crisis are not working as planned. It doesn’t take a rocket scientist – or a Nobel winner, for that matter – to figure that one …

Last year was a bad one for former NBA star Latrell Sprewell who saw his yacht , the 70-foot “Milwaukee’s Best” repossessed and his $405,000 home in River Hills, Wisconsin facing foreclosure (Sprewell later settled this debt). This year doesn’t seem …