Now, with the economy in full retreat and the jobless rate rising, borrowers and lenders in areas with previously marginal foreclosure rates are bracing for the worst. As a result, the banking industry has taken pre-emptive measures to help borrowers. The best example is an initiative, announced this month, to help those who took out [...]
Entries from November 2008
Loan Servicers Get Proactive to Prevent Foreclosures
November 29th, 2008 · No Comments
Tags: "mortgage modification" · Avoiding Foreclosure
The Fed Launches Another Mortgage Bailout Plan
November 25th, 2008 · No Comments
The Federal Reserve threw a massive life-line to consumers on Tuesday with two new programs aimed at making it easier for them to obtain loans for homes, cars and on credit cards. Under the new mortgage program, the Fed will buy up to $100 billion of debt issued by government-sponsored mortgage enterprises Fannie Mae, Freddie [...]
Tags: Government Bailout
FDIC Seizes Downey Savings and Loan, PFF Bank and Trust, Community Bank of Loganville, Ga
November 21st, 2008 · No Comments
Breaking news from WashPost: Federal regulators seized three banks tonight, including Downey Savings and Loan Association, a large California mortgage lender, expanding what is by far the most expensive crop of bank failures in modern American history and indicating that the pace of failures is increasing. The Federal Deposit Insurance Corp., which took control of [...]
Tags: "mortgage modification" · Foreclosure Information · Government Bailout