Ellen Brown: In his State of the Union, President Obama announced that he would be creating a mortgage crisis unit to investigate wrongdoing related to real estate lending.
Paul Kiel and Olga Pierce: The Obama administration has relied on a voluntary program with few sticks, that simply offers banks incentives to modify mortgages.
Marian Wang: Some consumers have been surprised to see damage to their credit score after requesting information from the banks.
Marian Wang: Though foreclosures continue to speed through courts in some states, in recent months some judges have increasingly questioned banks bringing foreclosure cases in court, forcing them to prove their legal standing to foreclose.
Paul Kiel: The largest servicers have lagged in approving homeowners for modifications. Together, those servicers account for more than 60 percent of the 3.4 million mortgages eligible for the program, but very few homeowners have been approved for lasting modifications. About 425,000 Chase customers are eligible for loan mods, according to the Treasury Department. Only a little more than 7,000 have received permanent modifications.
Every Friday the LA Progressive features a comment that was particularly noteworthy. This week we are featuring a comment submitted by Craig commenting on Lorraine Payette’s The Poor You Shall Have with You Always.” Here’s Craig’s comment: Poor has become a MBA major now. You can learn how to charge the unisured double what insured […]