Pennsylvania Court Enables Homeowners and Mortgage Lenders to Negotiate Loan Workouts

A Philadelphia judge continues to aid struggling homeowners by encouraging lenders to strike a deal that will prevent foreclosure. As Michelle Miller reports, every Thursday, Judge Annette Rizzo throws out traditional courthouse rules and encourages lending companies and banks to come together for a compromise. Pennsylvania mortgage lenders have gone to great lengths to help new home [...]

Tags:

Financial Stocks Boosted by Mortgage Deal

Democratic lawmakers reached an agreement with Citigroup on a new loss mitigation plan to let bankruptcy judges alter loans in an effort to prevent borrowers from losing their home to foreclosure. Other mortgage lenders are expected to follow suit. The agreement raised hopes that the steep downturn in the housing market that has badly hurt [...]

Tags: , , , ,

Modified Mortgage Loans Not Performing

According to a federal regulator more than half of delinquent borrowers who had their bad credit mortgages modified prior in the year to prevent foreclosure were behind on their new home loan payments after just 6 months.  John C. Dugan, US comptroller of the currency, announced at a housing forum yesterday that data his agency [...]

Tags: , , , ,