About 26,147 struggling borrowers received new loan terms as part of President Barack Obama’s much-maligned foreclosure prevention program, the Treasury Department said Friday. Get the full story »
Inside these posts: Loan modifications
Visit our Filed page for categories. To browse by specific topic, see our Inside page. For a list of companies covered on this site, visit our Companies page.
1.76M mortgage loans modified last year
Mortgage loan servicers negotiated 1.76 million permanent loan modifications for homeowners last year, but more than two-thirds of them were completed in-house and not part of the federal government’s Home Affordable Modification Program. Get the full story »
JPMorgan quarterly profit jumps to nearly $5B
JPMorgan Chase & Co reported fourth-quarter earnings jumped, helped by narrowing losses on bad loans.
The bank said earnings climbed to $4.8 billion, or $1.12 a share, from $3.3 billion, or 74 cents a share, a year earlier. Analysts on average expected a profit of $1 a share, according to Thomson Reuters I/B/E/S. Get the full story »
HUD to investigate loan discrimination charges
The U.S. Housing and Urban Development Department said Wednesday it would investigate charges almost two dozen lenders have unfairly denied U.S. government-backed mortgages to qualified loan applicants.
The National Community Reinvestment Coalition filed a fair housing complaint with HUD against 22 lenders that offer loans guaranteed by HUD’s Federal Housing Administration. Get the full story »
Not enough loan mods in Chicago area, report says
Mortgage loan servicers in the Chicago area are not agreeing to enough loan modifications and aren’t committing adequate resources to help troubled homeowners save their homes, concludes a new report issued Tuesday by a Chicago-based housing advocacy group.
Housing Action Illinois found that of 516 loan modification applications submitted between December 2009 and September, 44 percent were approved, 16 percent were denied and 40 percent of the applications were still pending at the end of September. Most of the approvals involved trial payment plans, not permanent loan modifications, the study found. Get the full story »
