Freddie Mac announced it is extending its foreclosure suspension until May 31, 2006 in the 21 counties and parishes in Alabama, Louisiana, Mississippi and Texas hit hardest by last year’s hurricanes. At the same time, Freddie Mac is ending the moratorium on foreclosures in areas that experienced the least damage.
The federal government the FHA-insured mortgages of up to 20,000 hurricane victims for up to a year. The unprecedented move will help the families, obviously, but will also provide relief to lenders and investors. It should also help shore up values in the market by reducing panic selling, a move that will benefit lenders […]
Brian and Rebecca Fox’s home loan was purchased by Countrywide Home Loans and the servicing transferred without their receiving notice. They made their payments and the checks were cashed by the original servicer, whose CEO has been convicted once of bank fraud and now faces further charges, instead of being returned or forwarded to […]
A Texas jury awarded a Texas City woman $11.5 million from Ocwen Federal Bank. The jury found that Ocwen engaged in “a scheme of unfair, unlawful and deceptive business practices” in loan servicing. Ocwen Federal Bank is and remains the sole managing contractor for all Veteran’s Administration REO in the country.
At trial, a […]
With adjustable rate mortgages rising, more homeowners are facing payment issues. Combined with other unexpected cost of living increases and a softening in prices that makes selling or refinancing harder, many homeowners may be facing foreclosure.
“It all leads to questions about how well-prepared consumers are, not only for the payment shock that might be […]