Archive for May, 2013

By May 30, 2013 0 Comments Read More →

HAMP Extended Through 2015

The Treasury Department announced today that the Home Affordable Modification Program (HAMP) will be extended through December 31, 2015. Earlier this year, Treasury extended the deadline for the Home Affordable Refinance Program (HARP) through the same date. HAMP provides loan modifications through the Making Home Affordable program launched in March 2009. As of March 2013, […]

Posted in: News and Events
By May 29, 2013 2 Comments Read More →

Did You Know? Loan Modifications Are Exempt From Most Federal Disclosure Requirements

When you take out a mortgage on your home, you are handed a stack of paperwork to review including all kinds of notices and disclosures required by the Truth in Lending Act (TILA) and the Real Estate Settlement and Procedures Act (RESPA). Did you know that when a borrower enters into a loan modification agreement […]

By May 28, 2013 0 Comments Read More →

Fitch Warns That Home Price Gains In Some Markets Are Outpacing Fundamentals

Despite the glowing headlines, many marketwatchers are nervously wringing hands as home price gains in some regions seem to defy all reason. Recently, Zillow warned that affordability in some markets, like Portland, Oregon, is the illusory product of interest rates kept artificially low by the Fed. Well-respected economist Robert Shiller warned in March that “we’re […]

Posted in: News and Events
Young v. Wells Fargo: First Circuit Holds That Failure to Timely Convert Trial Modification Gives Rise to Breach of Contract Claim
By May 28, 2013 1 Comments Read More →

Young v. Wells Fargo: First Circuit Holds That Failure to Timely Convert Trial Modification Gives Rise to Breach of Contract Claim

Yet another circuit has held that a servicer may be held liable for failure to timely convert a trial loan modification to a permanent modification. The Sadly Typical Story of Susan K. Young The facts in Young v. Wells Fargo are unfortunately typical but also appalling. Plaintiff Susan Young ‘s income fell in 2008 after […]

Posted in: Cases
By May 28, 2013 0 Comments Read More →

Oops…They Did It Again! Sheila Bair and Barney Frank Warn About A Return To Pre-Crisis Securitization Practices

Outspoken former FDIC Chair Sheila Bair and former Representative Barney Frank warned in an article on CNN’s Money Blog that the mortgage securities market is back to its old tricks. As Bair and Frank explain, one factor that led to the housing market meltdown was the lack of “skin in the game” by banks packaging […]

Posted in: News and Events
Georgia Supreme Court Follows Its Legislative Body And Rejects “The Sensible Approach” To Foreclosure
By May 24, 2013 1 Comments Read More →

Georgia Supreme Court Follows Its Legislative Body And Rejects “The Sensible Approach” To Foreclosure

The Georgia Supreme Court recently answered questions certified to it by a District Court, and the answer is a curious one. The court held that a lender in Georgia may foreclose nonjudicially even if it is not a holder of the note and even though the same lender could not foreclose in court without holding […]

Posted in: Cases
By May 24, 2013 0 Comments Read More →

Did You Know? Fannie and Freddie Now Call Deeds-In-Lieu “Mortgage Releases”

HouseKeeping Report is launching a new series called Did You Know? in which we will highlight, explain, or review a single term, program feature, or other item of interest to foreclosure mediators, housing counselors, attorneys and even homeowners. This week: Did you know that Fannie and Freddie now call deeds-in-lieu of foreclosure “Mortgage Releases”? A […]

Oregon Foreclosure Mediation Bill SB 558 Passes House
By May 22, 2013 0 Comments Read More →

Oregon Foreclosure Mediation Bill SB 558 Passes House

Late this morning the House passed the foreclosure mediation fix bill, SB 558, on a 45-12 vote. The Governor is expected to sign the bill into law. SB 558 closes a gaping loophole in the existing foreclosure mediation program that allowed lenders to ignore the program entirely if they foreclose judicially. One week after the […]

Posted in: Features
By May 22, 2013 0 Comments Read More →

Recommended Reads On Standing: Who Can Foreclose A Mortgage or Trust Deed?

Homeowners and attorneys alike are struggling to figure out who has the legal right to judicially foreclose a trust deed in Oregon. The word most people use is “standing,” a legal doctrine created by courts to limit who can bring an action to those who have a real stake in the matter. Oregon appellate courts […]

Posted in: News and Events
Update on Foreclosure Bills in the 2013 Oregon Legislature (Updated July 7)
By May 22, 2013 1 Comments Read More →

Update on Foreclosure Bills in the 2013 Oregon Legislature (Updated July 7)

The 2013 Oregon Legislature is humming away and foreclosure issues are front and center this session. The legislative session is nearly over and the foreclosure bills introduced all have met their fates. Although much of the attention is was focused on SB 558, the foreclosure mediation bill, and SB 804, the Bankers Bailout Bill, a number of […]

Posted in: Features