Foreclosure News

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Bush Administration Proposes New Foreclosure Plan

The Bush Administration proposed a new foreclosure relief plan today in response to the mortgage crisis. The plan encourages lenders to write down loans and shift risk to the government-backed FHA program.

9Apr2008 | iaff_staff | 4 comments | Continued
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Democrats and Republicans Compromise on Foreclosure Relief Bill

Under pressure from consumer groups and troubled homeowners to prevent further collapse in the housing market, Senate Democrats and Republicans are working together to create a foreclosure relief bill.

2Apr2008 | iaff_staff | 0 comments | Continued
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Hillary Clinton Proposes New Mortgage Bailout Plans

Presidential candidate Hillary Clinton unveiled a new four-part mortgage relief plan at a speech before 150 elected officials and students at the University of Pennsylvania yesterday. The plan calls for immediate action and direct government intervention.

25Mar2008 | iaff_staff | 5 comments | Continued
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Freddie Mac and Fannie Mae to the Rescue

Government regulators eased capital requirements for Freddie Mac and Fannie Mae on Wednesday. The move is meant to ease the housing crisis, but critics say it will cause the two overleveraged firms to hang themselves at the expense of taxpayers.

19Mar2008 | iaff_staff | 0 comments | Continued
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Fed Chairman Urges Banks to Reduce the Amounts Borrowers Owe

Federal Reserve Chairman Ben Bernanke publicly urged lenders yesterday to forgive a portion of the principal owed on loans. Bernanke insists the time has come for banks to consider this tactic if they want to prevent foreclosures. 

5Mar2008 | iaff_staff | 2 comments | Continued
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Project Lifeline: A Lifeline for You or a Lifeline for Banks?

Project Lifeline is the new relief plan that grants a 30-day grace period to homeowners facing foreclosure proceedings. Critics say the plan is for banks, not homeowners.

25Feb2008 | iaff_staff | 3 comments | Continued
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More Struggling Borrowers Decide to Quit Paying Mortgage

As home prices drop and mortgage payments rise, an increasing number of borrowers are handing in the keys to lenders and walking away from their mortgage.

19Feb2008 | iaff_staff | 1 comment | Continued
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Countrywide Announces Historic Subprime Relief Plan

Countrywide Financial Corp. has teamed up with the Association of Community Organizations for Reform Now (ACORN) to help subprime borrowers avoid foreclosure. All of Countrywide’s borrowers with subprime loans will be eligible for relief, according to an announcement made earlier today.

11Feb2008 | iaff_staff | 0 comments | Continued
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Home Equity Loan Defaults on the Rise

Home equity loans and lines of credit are putting lenders in an even bigger pinch as the number of home equity defaults rises to record levels.

5Feb2008 | iaff_staff | 0 comments | Continued
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Stimulus Plan to Include Housing Relief Provisions

Although exact details are lacking on the mortgage relief provisions of the economic stimulus package, we do know policymakers plan to use the FHA, Freddie Mac and Fannie Mae to pump life into the housing market.

28Jan2008 | iaff_staff | 1 comment | Continued
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